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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.


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upstreamBPHess Norge

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