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International Deals | PLS November 9, 2016 • Volume 08, No. 16 INTERNATIONALDEALS Serving the marketplace with news, analysis and business opportunities Siccar Point buys OMV’s UK North Sea business for $875MM Total signs Iran deal to lead Integrated Austrian oil and gas company OMV made its largest yet in a series of South Pars 11 gas project recent divestments, selling its UK North Sea business to privately held Siccar Point Returning to Iran after a six-year Energy for up to US$875 million. This is the second acquisition for Siccar Point, absence, Total has signed an HOA with which launched in Aberdeen two years ago with a $500 million initial state-owned NIOC to develop Phase 11 commitment from Blackstone Energy Partners, Blue Water Energy of the giant South Pars gas field. The and Singaporean sovereign wealth fund GIC and bought a minority stake French supermajor will take in the Greater Mariner area this summer. an operated 50.1% stake in OMV UK’s key assets are Near-term output & growth potential for Blackstone & Bluewater-backed firm. the offshore project alongside concentrated in the prolific West China’s CNPC (30% WI) and NIOC of Shetlands area of the UK Continental Shelf, where it owns multiple operated subsidiary Petropars (19.9%) under a discoveries, 11.8% WI in the BP-operated Schiehallion redevelopment, and 20% 20-year agreement. This mark’s Iran’s WI in the Chevron-operated Rosebank project. A new FPSO with 130,000 bo/d and first oil and gas deal with a Western 220 MMcf/d capacity is being commissioned at Schiehallion and slated to startup company since a nuclear deal with world in 1H17, and the 50,000 boe/d Rosebank project is in the FEED stage and expected powers took effect in January. online after 2020. Continues On Pg 4 Will operate with 50.1% WI for 20 Chevron’s 738 MMcfe/d Bangladeshi gas attracts suitors years with 1.8 Bcf/d startup in 2020. As part of a US$5-10 billion divestment program for 2016 and 2017, Chevron said it is in commercial talks to sell its gas properties in Bangladesh. The supermajor owns South Pars 11 will be developed in 100% WI in three operated fields in the country’s northeast that produced 738 MMcfe/d two stages, the first of which is expected (5% condensate) last year, supplying more than half of Bangladeshi to cost US$2 billion and involve 30 wells, demand. India’s ONGC and Hong Kong-listed United Energy Group and two wellhead platforms and two subsea Brightoil Petroleum are reportedly vying for the assets, and Bangladeshi pipelines connected to existing onshore officials say state-owned Petrobangla is treatment facilities. Startup is expected considering a bid as well. Supermajor’s three fields supply more in 2020 with production capacity of 1.8 than half of Bangladesh’s gas demand. The Jalalabad, Bibiyana and Moulavi Bcf/d, which will supply Iran’s domestic Bazar gas fields were discovered by Unocal in 1989, 1998 and 1999 and came online gas network. A second investment stage in 1999, 2009 and 2005, respectively. Since its acquisition of Unocal’s upstream involving construction of offshore business in 2005, Chevron has increased production tenfold to meet Bangladesh’s compression facilities will be launched growing demand. In 2014 it began production from a 324 MMcfe/d expansion project to maintain reservoir pressure and could Continues On Pg 11 at Bibiyana, the largest of the fields. Continues On Pg 8 cost up to $4 billion. Rosneft & Trafigura in $13B deal for India’s Essar Oil DEALS FOR SALE Rosneft signed a definitive agreement to acquire 49% of Indian refiner Essar AUSTRALIA OPPORTUNITY Oil from the billionaire Ruia brothers’ Essar Group. Commodities trader Trafigura 1-Permit. >600,000-Acres. teamed up with Russian fund United Capital Partners to buy Essar Group’s remaining COOPER BASIN 49% stake in the refiner. The remaining 2% will be retained by public shareholders Known Structural Prospects & Leads. that did not participate in Essar 2D & 3D Seismic Data Available. PP SEEKING JV PARTNER Oil’s December 2015 delisting. Downstream purchase marks largest direct foreign investment ever in India. Production Rates: 500-1,000 BOPD SEEKING The deal, which has an Cum Prod: 80+ MMBO From Surrounding JV enterprise value of INR861 billion ($12.9 billion), consists of INR728 billion for Or Nearby Fields the combined 98% Essar Oil stake plus INR133 billion for supporting infrastructure Potential Recoverable Oil: 50 MMBO including the Vadinar port. At a press briefing, Essar Group director Prashant Ruia PP 1097DV said the equity valuation for Essar Oil comes to ~$5.8 billion—roughly equivalent SOUTHEAST ASIA GAS RESERVES to the INR380 billion market cap at which the refiner delisted just 10 months ago. 8-Wells. Essar plans to expand capacity at the Vadinar refinery, which is India’s second HIGH IMPACT OPPORTUNITY DS largest, contributing 9% of national output, from 405,000 bo/d to 500,000 bo/d and Some Land & Title Issue - build a petrochemical plant. -- To Resolve. BANKRUPTCY NONOPERATED WI POSITION Commissioned in 2008, the Gujarat plant processes more than 75 varieties of DS 1013 crude including tough ultra-heavy and sour oils. Continues On Pg 10 All Standard Disclaimers & Seller Rights Apply. INTERNATIONALDEALS 2 November 9, 2016 Asia Global Marketplace Petrobras sells Okinawa downstream to Taiyo for $129MM PLS engages with buyers & A mothballed Okinawa refinery is the latest asset shed by Petrobras as it nears sellers at Africa expo a US$15.1 billion divestment goal for the year. The company’s board has approved In Cape Town last week, PLS attended a $129.3 million sale of subsidiary Nansei Seikyu to privately held Japanese refiner the annual Africa Oil Week conference Taiyo Oil. Nansei Seikyu wound down crude processing at its 100,000 bo/d refinery hosted by Global Pacific & Partners. in 1H15 but continues to provide maritime terminal services serving half of This year’s show highlighted Okinawa’s market. both the steady stream of Taiyo, which has its own Refinery shut down in 2015, terminal business supplies half Okinawa’s needs. independent E&P firms into refinery and petrochemical business in Africa and the growing role of indigenous Japan, plans to operate Nansei Seikyu terminal business to supply its existing products companies. Besides insight from 130 to Okinawa. Besides the refinery, Nansei Seikyu has 36 tanks with 9.5 MMbbl of oil speakers, the show allowed us to engage and products storage capacity as well as port facilities. Petrobras bought an initial with ~100 exhibitor companies and more 87.5% stake in Nansei Seikyu from than 1,000 senior executive delegates on Petrobras bought 87.5% of Nansei ExxonMobil for ~$50 million in 2007 both buy-side and sell-side opportunities Seikyu from Exxon in 2007 for ~$50MM. and the remainder in 2010. The following for our clients. year it began exploring a potential sale. Petrobras said the deal with Taiyo followed a PLS Energy Advisory Group is competitive process with the price appraised by three financial institutions. Closing is handling opportunities in South America, planned for December. Including Nansei Seikyu, Petrobras is about two-thirds of the Australia, the Atlantic Margin and way to its $15.1 billion divestment target. Southeast Asia, leveraging our expertise Talks underway to sell LPG unit Liquigas, sugarcane firm Guarani— in straight divestments and more complex Back home in Brazil, Petrobras said it is in advanced negotiations for the sale transactions. Another long-standing focus of LPG unit Liquigas Distribuidora to fuel distribution rival Ultrapar. Petrobras is bringing North American opportunities to initiated a competitive process in June for Liquigas, which has 23% market share buyers around the world. For example, we via a network of 4,800 authorized resellers. It is also in talks to sell its 45.9% stake are currently marketing US and Canadian in sugarcane company Guarani to French sugar and ethanol producer Tereos as projects for Kerogen Exploration. For part of a planned exit from the biofuel more info on this opportunity email sector. Petrobras is hiring Banco Itau to Also closes $52MM reacquisition of two [email protected]. former Petrobras Argentina properties. advise it on the sale. Petrobras also completed the final step in its $892 million sale of its 67% stake in ABOUT PLS Buenos Aires-listed Petrobras Argentina to power company Pampa Energia, which closed in late July. As agreed in that deal, Petrobras reacquired two strategic assets that InternationalDeals is published every were part of the Argentine unit for $52 million, plus $4 million in closing adjustments: three weeks by PLS Inc. 33.6% WI in Argentina’s Rio Neuquen block and 100% WI in Bolivia’s Colpa Carranda PLS InternationalDeals covers the active field. Petrobras, Pampa and Argentina’s state-owned YPF plan to jointly invest $450 global asset marketplace with mergers, million in unconventional gas development to triple Rio Neuquen’s 2015 production divestitures, transaction, analyst comments, of 60.1 MMcfe/d (10% oil). deals in play and deal metrics. To obtain additional PLS product details, Latin America drill www.plsx.com/publications. Pacific transfers frontier blocks to QGEP to exit Brazil PLS Inc. Brazilian conglomerate Queiroz Galvao’s E&P arm QGEP is acquiring Pacific One Riverway, Ste 2500 E&P’s stakes in three of its operated frontier licenses in Brazil’s equatorial margin. Houston, Texas 77056 Pacific’s 70% WI in PAMA-M-265 and 50% WI in PAMA-M-337 in the Para-Maranhao +1 713-650-1212 (Main) Basin will boost QGEP’s ownership to 100%, facilitating future farmouts.
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