Saudi Arabia - joining the dots

A series of blog entries exploring Saudi Arabia's role in the oil markets with a brief look at the history of the royal family and politics that dictate and influence the Kingdom's oil policy

AIM - Assets In Market

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Iran negotiations - is the end nigh?

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Yemen: The Islamic Chessboard?

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Acquisition Criteria

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Valuation Series

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Showing posts with label Repsol. Show all posts
Showing posts with label Repsol. Show all posts

Friday 11 December 2015

Repsol and Statoil announce asset swap

Alfa Sentral platform in the North Sea
On 11th December, Statoil and Repsol announced that they had entered into number of asset swaps as part of a packaged deal:
  • In the North Sea, Statoil farms down a 15% WI in Gudrun (Norway), whilst retaining operatorship and will acquire a 31% WI in Alfa Sentral (UK portion), a field which spans the UK-Norway border
  • In the US, Statoil acquires a 13% WI in the Eagle Ford JV and becomes operator, taking its interest to 63%; Repsol’s interest reduces to 37%
  • In the Brazil Campos Basin, Repsol-Sinopec will transfer operatorship of the BM-C-33 licence to Statoil

Summary of asset swaps

From Statoil's perspective, sole-operatorship on the Eagle Ford JV will allow the company to have more control of the project going forward and improve efficiency of the operations. The JV was previously jointly operated with Repsol operating one-half of the acreage and Statoil operating the other half, leading to sub-optimal development. In the North Sea, Statoil will remain the largest partner in Gudrun and will consolidate its position in Alfa Sentral. Statoil increased its interest in the Norwegian part of Alfa Sentral to 62% in October 2015 (from First Oil) and the 60mmboe gas condensate field is a priority project for Statoil and will be developed as a tie-back to the Sleipner Area. The assumption of operatorship in Brazil will further Statoil’s strategy of growing in the country and enable the company to build on its deepwater experience.
Alfa Sentral tie-back to Sleipner

For Repsol, the key swap is the reduced interest in the Eagleford, alongside acquiring a producing asset in the form of Gudrun. The transaction will support Repsol’s financial position and stretched balance sheet with cash flows expected to improve by €500m in the period 2015-17. Furthermore, the transfer of operatorship in Brazil is consistent with Repsol’s focus on three themes (onshore, shallow offshore and unconventionals) as outlined in its 2016-2020 strategic plan.



Tuesday 16 December 2014

Repsol makes US$8.3bn offer for Talisman Energy

Repsol makes US$8.3bn offer for Talisman Energy @ US$8/share




86% premium to 12 December closing price


...but not that big in the context of the recent share price fall