Sinopec and China Huadian acquire 15% stake in Petronas' Pacific NorthWest LNG project

Sinopec and China Huadian, one of China's largest power companies, have agreed to acquire a 15% stake in Petronas' proposed Pacific NorthWest LNG project, BCThe acquisition also includes the 15% associated interest in Petronas' Montney positionSinopec has also entered into a Heads of Agreement to purchase an additional 3mmtpa of LNG for 20 years sourced primarily from the Pacific NorthWest LNG project Following Petronas' acquisition of Progress Energy in 2012 for CAD5.5bn, the company announced its intention reduce...

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Encana divests more gas assets

On 31 March 2014, Encaca sold its interests in the Jonah Field to TPGOn 29 April 2014, Encana announced the sale of further gas assets in US L48 to an undisclosed buyerEncana has adopted strategy known as "Getting Back to Winning", focusing on liquids-rich opportunities/higher returns at times of weak gas pricingPE buyers continue to pick up gas assets - after low risk, long-lived cash generating assets, potential for cost efficienciesWith absence of shareholder pressure, PE buyers can hold assets and take longer-term view on gas pricesPE can also...

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OMV farms-in to Tullow Madagascar blocks

On 30 April 2014, OMV announced the acquisition of a 35% WI in Block 3109 (Mandabe) and Block 3111 (Berenty) from TullowTullow will retain 65% WI and remain OperatorBlock 3109: 2D to be shot in 2014Block 3111: First well to be spud in Q1 2015The acquisition continues OMV's strategy of "build[ing] up a new exploration business in the region of Sub-Saharan Africa"In August 2013, OMV farmed into a 40% WI in Niko's Grand Prix PSC, offshore Madagascar (Niko 35% WI), EnerMad (25% WI)In December 2013, OMV farmed into Ophir's exploration...

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