Cheniere: Innovative deal structuring on Corpus Christi

This year saw one of the first innovative upstream gas supply deals for a US Gulf Coast liquefaction plant. In June, Cheniere had signed a long term gas supply agreement with Apache for its Corpus Christi Stage III trains. The Corpus Christi Stage III project is being developed to include up to seven midscale liquefaction trains with a total expected nominal production capacity of approximately 9.5mtpa. The supply agreement will be for gas volumes of 15mmbtu/day, delivered to Corpus Christi, and more importantly Apache will receive a gas price...

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Forties Pipeline System reopens in time for the New Year

On 11th December, INEOS the owner of the Forties Pipeline System, had discovered a hairline crack in the pipeline at Red Moss near Netherley. The crack continued to grow upon monitoring and the entire system was subsequently shutdown. INEOS announced this morning that the repairs are "mechanically" complete with the system being restarted - export rates should resume to previous levels around the new year. The system carries c.450mbbl/d of production from the North Sea to the Kinneil processing facility in Scotland. The 235 mile pipeline links...

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Premier Oil exits Norway

Premier Oil Norwegian operation Source: Premier Oil On 16 November 2015, Premier Oil announced that it had agreed to sell its Norwegian business to Det Norske for USD120 million. The Norwegian business consists of the Premier Oil Norges subsidiary and includes the Vette development, adjacent Mackerel and Herring discoveries, a non-operated stake in Froy and seven exploration licences. The transaction is expected to close before year end and...

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The Apache Egypt treasure map

Source: Houston Geological Society, HGS Apache is a significant acreage holder onshore Egypt with an extensive infrastructure network which allows new discoveries to be brought onstream quickly and at relatively low cost. Its acreage can be broadly split into four areas, the most significant of these is the Western Desert Gas area which underpins the portfolio’s gas reserves and is a key supplier of gas to the domestic market. Source: OGInsights  The...

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Apache exits LNG business through sale to Woodside

Source: OGInsights On 15 December 2014, Apache announced the sale of its interests in the Wheatstone and Kitimat LNG projects to Woodside for USD2.75bn. The move was widely anticipated with Apache announcing in its Q2 2014 results its intention to completely exit LNG; this message was reinforced in the company’s Q3 results on 7 November 2014....

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Apache's Egyptian Jewel

Apache entered Egypt in 1994 and has since built up a dominant onshore position through a series of acquisitions and an aggressive exploration campaign. It is the largest acreage holder in the Western Desert and operates 24 licences. In 2010, Apache expanded its position through the acquisition of BP’s entire Western Desert portfolio as part of a wider transaction involving BP’s North American assets. In 2013, Apache divested 33.3% of its Egyptian...

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Apache divesting international assets? A hard one!

On 31 July 2014, Apache announced its Q2 2014 resultsApache said it was looking to exit its Canadian LNG positions and was considering options around its international assetsThis comes amidst Jana Partners, a hedge fund which recently picked up c.USD1bn of shares in Apache, wrote to investors arguing that Apache should focus its efforts on the North American onshoreReasoning behind this is that over the last few years, a number of North American...

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