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ExxonMobil to sell Norway upstream operations for US$4.5 billion

EXXONMOBIL has signed an agreement today with Vår Energi AS for the sale of its non-operated upstream assets in Norway for US$4.5 billion as part of its previously announced plans to divest approximately US$15 billion in non-strategic assets by 2021. “Our objective is to have the strongest, most competitive Upstream portfolio in the industry,” said Neil Chapman, senior vice president of ExxonMobil. “We’re achieving that by adding the best set

ExxonMobil reveals plans to offload Bass Strait assets

ExxonMobil has announced plans to sell its Gippsland Basin upstream portfolio as it continues to refine its global portfolio. Wood Mackenzie research director Angus Rodger says this is a major development on the Australian oil and gas front. “ExxonMobil putting its entire Gippsland Basin upstream portfolio up for sale represents big news for the Australian upstream and gas market,” Mr Rodger said. “As a pivotal producer on the east coast,

The Tao (‘DOW’) of transformation

“There is a whole new world coming, and this world of change is coming at an unprecedented rate.” SPEAKING at the recent sponsored William Buck Perth CFO Symposium, this was the key message by leading executive Chris Brown, Director of Corporate Advisory. Chris, one of the stars of last year’s CFO event, once again captured the attention of the packed audience at the Pan Pacific Perth Hotel, continuing on the

MMA Offshore to acquire Neptune Marine Services business for $18.5 million

LEADING Australian marine support company MMA Offshore Limited has entered into an agreement to acquire Perth-based topside and subsea inspection, maintenance and repair specialist Neptune Marine Services Limited. The purchase consideration, which is expected to total approximately A$18.5 million, would comprise $5 million cash with the balance to be issued in MMA shares on completion. “The acquisition of the Neptune business represents an important step in MMA’s strategy to expand

Strike Energy completes $12 million share placement 


STRIKE Energy Limited has completed a share placement raising approximately $12 million. The placement followed the May 29 announcement of the grant of an option to CSBP Limited, a significant Western Australian industrial gas user, for up to 100PJ of gas from West Erregulla contingent on the success of the drilling at West Erregulla in the Perth Basin. CSBP is to pay Strike $5 million for the grant of the

Aker Solutions successfully completes Bond Issue

AKER Solutions ASA has successfully completed a NOK1,000 million senior unsecured bond issue with maturity in June 2024.  The bond issue was considerably oversubscribed. The bonds will have a coupon of 3 month Nibor + 3.00% p.a., and will be applied for listing on the Oslo Stock Exchange. Settlement date will be June 3, 2019. The proceeds from the bond issue will be used to refinance existing debt and for general

APLNG’s acquisition of Origin’s Ironbark project not opposed

THE ACCC will not oppose Australia Pacific LNG’s (APLNG) proposed acquisition of the Ironbark coal seam gas project from Origin Energy. In reaching its decision, the ACCC considered the effect of the acquisition on domestic gas supply and the level of competition between suppliers of domestic gas. “We had regard to the relatively small size of the Ironbark project. We also considered the alternatives available to Origin to either sell

Santos boosts operated position across offshore Northern Australia

SANTOS has reached an agreement to align the company’s interests, under its operatorship, across four exploration permits in the Bonaparte Basin offshore Northern Australia adjacent to a large existing contingent resource. Santos’ position in the Bonaparte Basin already includes an 11.5% interest in the Bayu- Undan gas-condensate field and the Darwin LNG plant, as well as a 25% interest in the Barossa field, which is currently in front end engineering

WoodMac tips Brent crude to average US$65 a barrel in 2019

Global markets were volatile heading into the new year. Oil has been no exception, with Brent trading between $62 per barrel on 7 December 2018 before falling to $51/b on 21 December. Mixed macroeconomic data have driven much of the volatility, with political uncertainty compounding concerns of a sharper than expected economic slowdown. What oil price is justified by the fundamentals? Ann-Louise Hittle, vice president, for macro oils at Wood

Total raises cost overruns issue as it reduces Ichthys LNG stake by 4%

FRNCE’S Total has signed an agreement to divest a 4% interest in the Ichthys LNG project in Australia to operating partner INPEX for an overall consideration of US$1.6 billion. The transaction, which is subject to Australian regulatory approvals, reduces Total’s interest in the asset to 26%. “This transaction is part of our constant portfolio review to optimize our capital allocation,” said Arnaud Breuillac, President, Exploration & Production at Total. “Ichthys