Next edition of Offshore Technology International
The next edition of Offshore Technology International is due out in March 2015. The edition will be distributed to 5,000 key decision makers within the industry as well as at major industry events. Want to know more? The media pack is below.
Latest Articles On The Site:
Venari Resources LLC, a deepwater oil exploration and production company in the Gulf of Mexico, have announced a very large oil discovery at its Anchor prospect in Green Canyon Block 807.
Chinese national offshore oil corporation CNOOC Ltd has successfully made a new independent deepwater natural gas discovery at the Lingshui 25-1 well in the northern South China Sea.
Repsol has entered into an agreement to acquire 100% of Canadian oil company Talisman Energy worth US$8.3bn (EU6.64bn) plus debt, the largest international deal by a Spanish company for five years.
The deal will transform Repsol into one of the largest energy groups worldwide, increasing its presence in politically-stable OECD countries and reinforcing its upstream business, which has become the company’s growth engine. The combined company will be among the 15 largest privately-owned oil and gas companies in the world.
Talisman will contribute first-class producing and exploration assets in North America (Canada and US), South-East Asia (Indonesia, Malaysia and Vietnam) as well as Colombia and Norway, amongst others. Calgary in Canada will become one of its largest corporate centres outside Spain.
Repsol will increase its output 76% to 680,000 barrels of oil equivalent per day and will boost reserves by 55% to more than 2.3bn barrels of oil equivalent.
The purchase will reinforce Repsol’s upstream unit by diversifying and improving the quality of its assets and increasing its growth potential.
Once the transaction is complete, North America’s weight in the resulting company will increase to almost 50% of capital employed in exploration. Latin America will represent 22%.
Canada and US currently make up 10% of Repsol production, and the resulting company will allocate 30% of its capital employed to the region, totalling approximately US$15bn.
Repsol’s well-established presence in Canadian communities in which it operates high quality oil and gas assets and existing infrastructure will provide a strong base from which to continue planned growth in Canada. Repsol has been actively investing in Canada with exploration activity offshore East Coast and is a major partner in the Canaport LNG facility in New Brunswick.
The acquisition will be financed with cash essentially obtained from the recovery of value from YPF following its expropriation (US$6.3bn) as well as other sources of liquidity available to the company.
Total employed capital will increase 50%.
The transaction will be completed with a Plan of Arrangement, and is subject to the approval of the Canadian courts and Talisman shareholders. The transaction is expected to be complete in mid-2015.
Antonio Brufau, chairman of Repsol: “This is a transformative and exciting deal which will make us one of the world’s most significant players and which will allow us to grow as a company and reinforce Repsol as a solid and competitive integrated player.”
Repsol’s chief executive officer, Josu Jon Imaz, added: “The agreement with Talisman is the result of an exhaustive analysis of more than 100 companies and assets worldwide. In every area, Talisman has always been the best option, because of the excellent quality of its complementary global assets, including its talent. With Repsol’s ability to support growth of these assets there is much value to be realized - it is a win-win situation and will transform Repsol.”
Chuck Williamson, chairman of Talisman Energy said: “The deal underscores Repsol’s belief in the strong set of assets Talisman has worked hard to develop. Repsol is a world-class operator with a solid track record and the resources to continue the development of these assets within their international portfolio.”
Spanish oil company Repsol has entered into an agreement to acquire 100% of Canadian oil company Talisman Energy worth US$8.3bn. Repsol is a major partner in the Canaport LNG facility in New Brunswick. Photo: Repsol.
Aker Solutions has secured a contract from Daewoo Shipbuilding and Marine Engineering to provide engineering, construction and commissioning services for the hook-up phase of the Mariner oilfield development in the UK North Sea.
Offshore Technology International Vol:1 2014
Latest on Offshore Technology International
- Venari announce very large oil discovery in Gulf of Mexico
- CNOOC makes second deepwater discovery in China Sea
- Repsol buys out Talisman Energy
- Aker Solutions gains second contract for Mariner oilfield
- BP streamlines group at a cost of US$1bn
- Literary prospects for 2016 oil drilling identified off Ireland
- Jack and St.Malo fields offshore Louisiana start production
- UK Chancellor announces help for North Sea oil and gas industry
- Report calls for urgent tax reform to boost North Sea oil and gas activity
- Halliburton buys Baker Hughes for US$34.6bn
- Coal find under Firth of Forth first step to UK’s first Underground Coal Gasification plant
- Andy Samuel to lead the UK’s new Oil & Gas Authority
- Chinese oil demand hits 15-month high
- Total chairman and CEO dies in plane crash
- UK Offshore Safety Directive Regulator launched