Centrica plc and Bayerngas Norge AS have agreed to form a joint venture (JV) to accelerate and increase existing cost-saving programmes, while optimising the joint portfolio.
Under the agreement, Centrica will contribute the whole of its European exploration and production (E&P) business and approximately $445.55m by 2022, in exchange for a 69% share in the JV.
Existing shareholders of Bayerngas Norge will contribute 100% of the shares in Bayerngas Norge in exchange for the remaining stake in the JV, held through Bayerngas HoldCo.
The JV will own and operate Centrica’s assets in the UK, Netherlands and Norway, and Bayerngas Norge’s assets in the UK, Norway, and Denmark.
The transaction is scheduled for completion in the fourth quarter of 2017.
YPF SA intends to raise $500m through the issue of bonds due 21 July 2027 in a public offering.
JPMorgan Chase & Co and Credit Suisse AG are underwriters to the company for the offering, which is scheduled for completion on 21 July 2017.
Proceeds from the offering are intended to be used by the company for general corporate purposes.
ExxonMobil Exploration and Production Suriname BV has signed a production sharing contract (PSC) with Staatsolie Maatschappij Suriname to acquire Block 59, offshore Suriname.
Exxon Mobil with partners Hess and Statoil will begin exploration activities, including acquisition and analysis of seismic data.
In depths ranging between 2,000m and 3,600m, the deepwater block is located approximately 305km off the coast of Suriname’s capital city, Paramaribo.