View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. News
November 24, 2017

Deals this week: Total, Ineos UK Sns, ONGC Videsh

Total SA and Canadian Natural Resources Limited (CNRL) have agreed to sell a 10% stake in Block 11B/12B in the Outeniqua Basin, offshore South Africa, to Main Street 1549 Proprietary Limited, a part of Africa Energy Corp.

Total SA and Canadian Natural Resources Limited (CNRL) have agreed to sell a 10% stake in Block 11B/12B in the Outeniqua Basin, offshore South Africa, to Main Street 1549 Proprietary Limited, a part of Africa Energy Corp.

The transaction involves the sale of 5% interest owned by each company.

The purchase consideration will be funded by Africa Energy through either cash in hand or from third-party sources.

Located 175km off the southern coast of South Africa, the Block 11B/12B lies in water depths ranging between 200m and 2,000m.

The block is currently owned by Total (50%) and CNRL (50%). Upon completion of the transaction, the ownership of the block will be held by Total (45%), CNRL (45%), and Main Street 1549 Proprietary (10%).

Ineos UK Sns Ltd has agreed to acquire a 66.666% interest each in P.1854 and P.1935 deep-water exploration licences located in West of Shetlands area, offshore UK North Sea, from Siccar Point Energy E&P Ltd.

Located 150km north of the Shetland Islands, the P.1854 and P.1935 licences lie in a water depth of approximately 1,600m.

“The gross prospective resources of the block are estimated to be 882Mboe.”

The partners in the licences will be Siccar Point (33.334%, operator) and Ineos (66.666%), upon completion of the transaction.

ONGC Videsh Ltd has agreed to acquire a 15% stake in licence PEL 0030, located offshore Namibia, from Tullow Namibia Limited.

Extending over an area of 5,800km², the PEL 0030 licence contains Block 2012A with a water depth of up to 500m. The gross prospective resources of the block are estimated to be 882Mboe.

The licence will be owned by Eco (Atlantic) (32.5%, operator), Azinam (32.5%), NAMCOR (10%), Tullow Oil (10%) and ONGC Videsh (15%), upon completion of the transaction.

The transaction will allow ONGC Videsh to extend its operations offshore Namibia.

Serica Energy Plc has agreed to a $396.9m acquisition of certain oil and gas assets located in UK North Sea from BP Plc.

The transaction will involve the transfer a 36% interest in Bruce field, a 34.84% stake in Keith field, and a 50% interest in Rhum field located in the North Sea.

Serica Energy has appointed Lambert Energy Advisory Limited as the financial advisor for the transaction.

Scheduled for completion in the third quarter of 2018, the transaction will allow Serica Energy to expand its oil and gas assets portfolio.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Offshore Technology