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Cairn Energy Plc reshuffled its portfolio, selling $460 million of assets in the U.K. North Sea and buying projects in Egypt s Western Desert from Royal Dutch Shell Plc.
(Bloomberg) Cairn Energy Plc reshuffled its portfolio, selling $460 million of assets in the U.K. North Sea and buying projects in Egypt’s Western Desert from Royal Dutch Shell Plc.
Both deals, announced Tuesday and seen completing in the second half of 2021, follow a pickup in oil and gas acquisitions after 2020’s pandemic-driven slump. Cairn’s retreat from the North Sea comes after several other international producers have withdrawn from the aging region. Meanwhile its purchase in Egypt enables Shell to chalk up proceeds in an ongoing divestment program.
Informed observers offer insights on how changes in federal oil and gas leasing could affect activity in the Permian Basin, state waters, and elsewhere.
(The views and opinions expressed in this article are those of the attributed sources and do not necessarily reflect the position of Rigzone or the author.)
Shortly after taking office, President Biden signed an executive order directing the U.S. Department of the Interior to pause issuing new leases for oil and gas development on federal lands and offshore waters. According to a written statement from the Interior Department, the “targeted pause” neither affects existing operations or permits for “valid, existing leases” nor restricts energy activities on private, state, or tribal lands.
The Prax Group has completed its acquisition of Lindsey Oil Refinery and its associated logistic assets in the UK from Total.
The Prax Group has announced that it has completed its acquisition of Lindsey Oil Refinery and its associated logistic assets in the UK from Total.
Prax Group, which has appointed Luc Smets as the general manager of the refinery, signed a deal in July last year to purchase the assets, which include the Finaline pipeline and the Killingholme loading terminal, together with shares in joint venture operations.
The company said the acquisition of the refinery will bring about new investment and underlines its determination to support the local economy and the wider community, while continuing to explore new business opportunities as part of its long-term growth strategy.
Saudi Arabia said some of the world's most protected oil infrastructure came under missile and drone attack in an escalation of regional hostilities that s.
Here is a preview of what to watch in the oil and gas markets this week.
(The views and opinions expressed in this article are those of the attributed sources and do not necessarily reflect the position of Rigzone or the author.)
Fallout from the recent Texas freeze, tight petrochemical feedstocks, and the loosening of coronavirus restrictions in the United States should contribute to a better understanding of natural gas demand in the months to come, according to two of Rigzone’s regular market-watchers. Read on for their explanations, along with other insights, in this installment of what to watch this week in the oil and gas markets.