1. Us shale gas M & A has created a new giant worth US $7 billion
Centennial resource development and Colgate energy partners III, LLC said on Thursday that the two sides agreed to merge at a scale of US $7 billion to establish the largest pure exploration and production company in the Permian Delaware basin. The combined company will be the largest pure exploration and production company in the Delaware basin, with about 180000 net lease acres and 40000 net concession acres. At present, the total production is about 135000 barrels of oil equivalent / day.
2. Eni oil plans to invest 2.5 billion euros in the UK within four years
Italian energy giant Eni group (Eni) plans to invest 2.5 billion euros in the UK in the next four years because the British authorities require oil and gas companies to significantly increase their investment in the country’s energy system, otherwise huge profits tax may be levied. The company said it would spend 80 per cent of its funds on carbon capture and renewable energy projects and the remaining 20 per cent on oil and gas production.
It is understood that before Eni oil announced the investment plan, several of its competitors have announced to increase investment in the UK. Among them, harbour energy has promised the UK to invest £ 6 billion in upstream business in the next three years; Shell said it would invest 20 billion to 25 billion pounds in the UK energy system over the next decade, while BP has pledged to invest 18 billion pounds by the end of 2030.
3. Chevron and total energy will invest in the ballymore project in the Gulf of Mexico
Chevron and total energy have approved the ballymore project in the deep water area of the Gulf of Mexico, which will involve an investment of about $1.6 billion.
The field was discovered in 2018 and will be developed by drilling three production wells. These will be connected to the existing blind faith platform operated by Chevron through a 4.8km long oil outlet pipeline.
The first oil of ballymore project is expected to be extracted in 2025. Chevron said it could extract more than 150 million barrels of oil equivalent from the field.
4. Woodside shareholders voted for a merger with BHP Billiton’s oil and gas assets
The shareholders of Australia’s Woodside petroleum approved the merger of the company with BHP. US’s oil department on Thursday. After the merger, the newly established company Woodside energy will become one of the world’s top ten independent energy companies and have a large-scale production, development and exploration asset portfolio.
As the world’s largest mining company, BHP Billiton is divesting its oil and gas business in a strategic adjustment aimed at focusing more on raw materials with access to clean energy and population growth, including potash and battery metals. With BHP Billiton’s assets, Woodside is expected to become one of the world’s five largest LNG producers and increase oil production and emissions.
5. ExxonMobil sold shale gas assets for $750 million
ExxonMobil announced on Thursday that it had signed an agreement with a subsidiary of BKV Corporation to sell its operating and non operating Barnett shale gas assets in Texas for $750 million. In addition, whether there is additional payment will be determined according to the future natural gas price. The sale is expected to be completed in the second quarter of this year.
This is ExxonMobil’s strategy of focusing on advantageous asset investment again. Earlier this month, ExxonMobil revealed that it had reached an agreement with Romanian gas company to sell its upstream subsidiary ExxonMobil exploration and production Romania to Romanian gas company (romgaz) for more than US $1 billion. The agreement has yet to be approved by Romanian authorities.
Post time: May-26-2022