Mitsui Oil Exploration Co. Ltd., a subsidiary of Mitsui & Co. Ltd., has agreed to acquire a 20% stake each in Kaikias and Circius fields located in the Mississippi Canyon of Gulf of Mexico, from Shell Offshore Inc.

The Kaikias field lies in MC-768, MC-811, MC-812 blocks, while Circius field lies in MC-767 block. The blocks hold recoverable resources of approximately 100 million metric barrels of oil equivalent (mmboe).

Shell currently holds 100% interest in the fields and the deal will allow Mitsui to expand its oil and gas assets portfolio in the Gulf of Mexico.

"The amount raised from the issue is intended to be used by the company to invest in foreign projects."

Rosneft Oil Company has announced its plans to raise $9.39bn through the issue of bonds in a public offering.

The amount raised from the issue is intended to be used by the company to invest in foreign projects.

John Wood Group PLC and Heerema Fabrication Group SE have signed a memorandum of understanding (MoU) to form a partnership.

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By GlobalData

The collaboration will enable the two companies to offer cost-efficient wellhead platform development solutions to customers on the Norwegian Continental Shelf (NCS).

South Atlantic Petroleum Limited (SAPETRO) has signed a letter of intent (LoI) with Hyperdynamics Corporation (HDYN) to buy 20% participating interest in oil and gas concession located offshore Republic of Guinea.

SAPETRO will be responsible to pay 40% of the costs of the upcoming Fatala well, with up to $50m cap of predicted total well costs.

Hyperdynamics currently holds 100% stake in the concession covering an area of approximately 5,000km².

Upon completion of the transaction, the concession will be owned by Hyperdynamics (80%, operator) and SAPETRO (20%).

Origin Energy Limited plans to dispose its conventional upstream business in Australia and New Zealand.

The company intends to form a new company (NewCo) to sell its upstream business through an initial public offering (IPO).

NewCo’s assets are expected to hold proven plus probable (2P) reserves of approximately 948PJ (PetaJoules).

Origin Energy has appointed Macquarie Capital Group Limited and UBS AG, Australia Branch as financial advisors for the transaction.

The divestiture will allow Origin Energy to reduce its indebtedness and to concentrate on energy markets and the LNG business.