This week’s biggest deal happened in Washington, DC, where the House and Senate finally reached an agreement to reopen the US government and raise the debt ceiling. But there were also several energy-specific transactions and pending transactions that merited notice: Mexico’s state-controlled oil and gas company Pemex has voided a tender for the second phase… Keep reading →
National oil companies have popped up in a significant number of mergers and acquisitions in the oil patch in recent years, and have led in joint venture partnerships.Flush with cash and in search of resources, Chinese companies have consistently remained in the headlines, but the biggest deal last year involved Russia’s Rosneft.
“In 2012, National Oil Companies (NOCs) were involved as buyers in the two largest deals in the oil and gas industry. Both deals came in the fourth quarter and helped push the total value of all oil and gas deals in 2012 to more than $402 billion, a 19% increase on the total a year earlier,” Dale Nijoka, Ernst & Young Global Oil & Gas Leader wrote in “National Oil Company Monitor Q4 2012,” a corporate publication. The largest deal was Rosneft’s $61 billion cash and shares acquisition of TNK-BP and the second biggest deal was China National Offshore Oil Company’s $15.1 billion Nexen takeover. Keep reading →
With global LNG demand projected to exceed supply by a wide margin, the prospects for North American exports of liquefied natural gas are exceptionally strong. But an unexpected development has raised a question about Canadian participation in this emerging export opportunity.
The question is: Will the Canadian government decide to block any of the pending acquisitions of its E&P players by foreign energy majors? Keep reading →
Prime Minister Stephen Harper (L) of Canada welcomes US President Barack Obama to the G8 Summit at Deerhurst Resort in Huntsville, Ontario, on June 25, 2010.
The recently announced high-profile oil and gas acquisitions by Chinese state-controlled companies highlight the numerous opportunities for the US and Canada to both partner and compete in global energy markets. Keep reading →
Citic, CLSA, CNOOC, Nexen, Sinopec and Talisman: China’s Multi-Billion Dollar Week in the Energy MarketsBy Peter Gardett
The bureaucrats in Beijing and the businessmen in Shanghai have been busy in recent weeks, negotiating a series of headline deals that sync into broader themes of Chinese access to global energy and commodities markets.
Bankers at Wall Street and City of London banks have spent much of the past week telling financial reporters that the impending sale of the remaining 80% of the Asian arm of French bank Credit Agricole represented an old finance industry meme: an out-of-towner overpaying for access to the premier league of global banking. Keep reading →
CNOOC buys Nexen in largest ever Chinese overseas takeover. Assets in UK, Gulf of Mexico, W Africa, CanadaBy Peter Gardett
CNOOC buys Nexen in largest ever Chinese overseas takeover. Assets in UK, Gulf of Mexico, W Africa, Canada ajwsmall
Canada’s oil sands industry has taken a major leap toward greening their operations and their image. The 12 largest producers – accounting for 80% of oil sands production – have come together to form Canada’s Oil Sands Innovation Alliance, which has committed to accelerating the pace of environmental improvement, COSIA CEO Dan Wicklum told Breaking Energy recently.
Numerous environmental oversight organizations sprung up organically over time to ensure oil companies were honoring their commitment to the environment. While these ad hoc sustainability initiatives made positive strides, the public wanted more. As a result, COSIA was formed and the chief executives of each member company signed a charter on March 1st committing them to specific activities and behavior. Keep reading →