Upstream Oil and Gas Deals Values Were Down 66% Year-on-Year in October 2017, says GlobalData

A year-on-year comparison shows a substantial decrease of 66 percent in upstream oil and gas deal value in October 2017, when compared to October 2016's value of $23.3bn, according to GlobalData, a leading data and analytics company.

Aker BP's agreement to acquire Hess Norge, from Hess, for a cash consideration of $2bn, was one of the top deals registered in October 2017.

Hess Norge owns a 64.05 percent interest in the Valhall field and a 62.5 percent interest in the Hod field, both located in the Norwegian North Sea. The fields have a net production of approximately 24,000 boed (85 percent liquids), during the first nine months of 2017.

IMAGE FOR PUBLICATION: PLEASE CLICK HERE: ‘Monthly upstream deals review: October 2017'

The transaction will enable Aker BP to strengthen its production and resource base in Norway. Hess intends to use the proceeds from the sale to repay its existing debt.

The transaction implies values of $83,333.3 per barrel of oil equivalent (boe) of daily production, $13.33 per boe of 2P reserves, and $10.26 per boe of contingent resources.

As of December 31, 2016, the assets have net proved and probable (2P) reserves of 150 mmboe (85 percent liquids), and net proved and probable contingent resources of 195 mmboe (85 percent liquids). Following the completion of the transaction, Aker BP will hold 100 percent interest in both Valhall and Hod.

The Europe Middle East and Africa (EMEA) registered nine deals or 17 percent of the total, of a combined value of $2.7bn; while Asia-Pacific recorded two deals, or 4 percent of the total, with a value of $370m in October 2017.

New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Visit source site

upstreamBPHess Norge

More items from oilvoice

Cyber Security Experts Unite to Protect Europe’s Critical Industries

CS4CA Summit Returns to London this October Staying abreast of fast-paced industry developments is crucial for cyber security professionals. And while one can learn a lot from publications and social media, it's hard to beat the value of insights gained first-hand from peers. This is why 150+ IT ...

OilVoice Press - OilVoice

Posted 8 months agoPress > cybereurope

Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice

Posted 1 year agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice

Posted 1 year agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice

Posted 1 year agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice

Posted 1 year agoPress > CNOOCChina National Offshore Oil CorporationChevron +11
All posts from oilvoice