Anadarko close to Mozambique Area 1 FID and raising USD12 billion debt financing

On 26th April, Anadarko had "in principle" secured sufficient offtake to enable FID of the first phase of Mozambique LNG on Area 1 offshore Mozambique. The huge resource of 75 tcf is planned to be initially developed via two trains with capacity of 12.88 mtpa. In time, this could eventually be expanded to eight trains producing 50 mtpa. Since the announcement, Anadarko has also made clear that it expects to debt finance ~USD12 billion of the...

Read More

RockRose acquires Dyas' Netherlands portfolio for €107 million

RockRose has announced the acquisition of Dyas' Dutch portfolio for €107 million. Press release follows: RockRose Energy plc is pleased to announce that it has signed a Sale and Purchase Agreement to acquire the entire issued and to be issued share capital of Dyas B.V. (the "Acquisition"), which owns the non-operated, Netherlands gas and condensate producing assets of the Dyas group of companies, for a total consideration of EUR €107 million....

Read More

Kurdistan uncertainty: imposing higher export charges

All’s well in western Kurdistan DNO export payments Kurdistan operators received payment for January crude exports in April. The increasing oil price should feed through into the payments over the next few months as operators get paid for sales made in Q1 2018. However just as the improving oil price is about to kick in, it appears that Kurdistan is looking to reap some of the benefits back from the operators. In April 2018, DNO disclosed that...

Read More

Aphrodite gas: lover's quarrel

Aphrodite is owned by Noble (35% operator), Delek Drilling (30%) and Shell (35%). The field lies in Block 12, offshore Cyprus and was discovered in 2011. BG Group farmed into 35% from Noble Energy in November 2015 for USD165 million following declaration that the field was commercial in June 2015. As reported earlier, Shell intends to use Aphrodite gas to supply ELNG, but this has now faced a new hurdle. Cyprus and Israel are arguing...

Read More

Santos rejects Harbour and goes alone

Santos has rejected Harbour Energy's upped bid of US$5.21/share (A$6.86) - we expect Habour has given up on Santos for now having made a number of failed approaches and putting forward fairly full bids. Harbour re-approached in April 2018 with a bid of US$4.98 (A$6.50) subject to due diligence, funding and unanimous recommendation from the Santos board. This bid was at a 28% premium to the prevailing share price and a 43% improvement to the...

Read More

Cameroon FLNG: Hilli Episeyo ships first FLNG cargo

The Hilli Episeyo FLNG project has exported its first LNG cargo, destined for China, and is on the way to producing its second cargo. It is the first FLNG project to take off in Africa and could pave the way for future projects in Equatorial Guinea (Ophir's Fortuna project) and Mauritania (BP/Kosmos). FLNG technology was been pursued by Golar after the cost of land based LNG projects soared. Golar has been converting old LNG tankers into...

Read More

Iranian sanctions supports Chinese cause for the Petro-Yuan

Iran is not short of heavyweight supporters following the decision to re-impose strong sanctions on the country by the US. Although Europe works to salvage what it can of the JCPOA, most likely going down the ex-US route, President Trump’s decision on 12 May will still likely cause a retrenchment of European investment into Iran given the far reaching implications for any company (US or not) with a connection to the country. The Chinese and Indians...

Read More

Total to pull out of Iranian mega gas project if sanction waivers not granted

Total has warned that it will pull out of the giant South Pars development offshore Iran if it is unable to secure sanction waivers. The imposition of sanctions would be crippling for Total as it would completely lock it out of any US related activity including the ability to access the capital markets. Should Total pull out, partner CNPC will take over Total’s 50.1% stake and operatorship of the project under a previous agreement...

Read More