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...

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OVL to bid for South Azadegan oil development in Iran

Indian oil giant ONGC Videsh Limited ("OVL") will bid for the development rights of the giant South Azadegan in Iran. There is strong competition with the likes of Gazprom, Lukoil, Rosneft, Shell, Total, Eni Petronas, Inpex, Sinopec and CNPC. of Malaysia and Russia’s Gazprom. OVL is one of 34 companies that pre-qualified last year for development of the field which is estimated to contain 6bnboe recoverable and currently produces 80mbbl/d - with the right investment, this could reach 320mbbl/d. The National Iranian Oil Co ("NIOC") will issue a...

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CNPC could take over Total's interests in Iran

CNPC is considering taking over Total's stake in a the giant South Pars development if Total needs to exit Iran to comply with any new U.S. sanctions. In October, President Trump refused to certify Iran's compliance with the nuclear deal leading to a Congressional vote on whether to reimpose sanctions on Iran. The date of the vote has not yet been set , but if sanctions are reimposed they could prohibit companies working in Iran from also operating in the United States. For Total, the stakes are high, where they have much larger operations in...

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In AWE

China Energy Reserve and Chemical Group (“CERCG”) has returned with a second bid for AWE at A$0.73/share, valuing the company at A$463 million. This follows the withdrawal of the earlier offer at A$0.71/share on 4th December. On 30th November, CERCG put out a takeover offer for AWE at A$0.71/share contingent on due diligence, approval by the regulatory authorities and the CERBG board. The offer was at a 30% premium to the share price was deemed insufficient by AWE to grant access for due diligence. The bid was subsequently withdrawn on 4th December. CERCG remains...

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