Long awaited deal finally announced: NEO acquires ExxonMobil UK

NEO Energy and HitecVision have announced the signing of a transaction that puts NEO Energy among the top five oil and gas companies in the UK.NEO Energy is acquiring a major portfolio of non-operated oil and gas assets in the Central and Northern North Sea from ExxonMobil. Following completion, NEO’s expected proforma 2021 production will be circa 70,000 barrels of oil equivalent per day (boepd), growing organically to more than 80,000 boepd in...

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ExxonMobil scores big this week

ExxonMobil has made two significant announcements this week: the sanction of the USD10+ billion Golden Pass LNG project and further exploration success in Guyana. Golden Pass LNG On Tuesday, ExxonMobil and Qatar Petroleum sanctioned the Golden Pass LNG project in Texas. It will have a cost of USD10+ billion and deliver capacity of 16mtpa from 2024. Golden Pass was originally a LNG import facility but will be converted over the next five years. The...

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ExxonMobil makes 10th oil discovery offshore Guyana; resource increased to 5+ bnboe

ExxonMobil announced its tenth discovery offshore Guyana and its sixth discovery on the Stabroek Block in the past year. The Pluma-1 well encountered c.121 feet of high-quality, oil-bearing sandstone reservoir and is located c.17 miles southwest of the Turbot-1 well and follows previous discoveries on the Stabroek Block at Liza, Liza Deep, Payara, Snoek, Turbot, Ranger, Pacora, Longtail and Hammerhead. The discovery adds to ExxonMobil's previous...

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Papua New Guinea LNG force majeure a week after expansion plans announced

ExxonMobil has declared force majeure on PNG LNG after Papua New Guinea was hit by a 7.5 magnitude earthquake on Monday. The partners in the plant, which exported 7.8 million tonnes last year, are ExxonMobil (33.2% operator), Oil Search (29%), State of Papua New Guinea (16.8%), Santos (13.5%), JX Nippon (4.7%) and Mineral Resources Development Company of Papua New Guinea (2.8%). Latest reports are that the pipeline and liquefaction plant...

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Norway awards record 75 exploration licences in 2017 APA

Norway has awarded a record number of 75 exploration licences in the APA 2017 licensing round to 34 companies. The licences comprised 45 in the Norwegian North Sea, 22 in the Norwegian Sea and 8 in the Barents Sea. Statoil was the biggest winnder with 31 awards. Supermajors ConocoPhillips, ExxonMobil, Shell and Total also picked up licences. Of the E&Ps: Aker BP was the winner with 23 licences (14 as operator) Lundin has been awarded 14 licences (5 as operator) DNO has been awarded in 10 licences Faroe Petroleum has been awarded 8 licences...

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Point Resources acquires ExxonMobil's Norwegian operated assets

On 29th March 2017, Point Resources announced its acquisition of ExxonMobil's operated upstream business in Norway for an undisclosed amount (estimated valuation of c.USD1bn). The deal transforms Point Resources into a top 10 producer on the Norwegian Continental shelf and increases production c.10-fold to 48mboepd while adding 128mmboe of oil-weighted reserves. The transaction adds significant technical capability with the transfer of 300...

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ExxonMobil - finding a needle in a haystack

We met with ExxonMobil in the first week of December to catch up on what they have been up in 2015 on the M&A front. The low oil price has certainly prompted an internal flurry of screening for targets and the teams have been looking at “a lot of opportunities” with billions of dollars ready to be spent on acquisitions. Despite a desire to do something, finding the right opportunity is still like “finding a needle in a haystack”. ExxonMobil’s...

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