Milestone.’s Post

Seems like a season of Mergers and Acquisitions among multinational oil and gas operators. What are the implications for the global energy market, talent pool across the countries involved and opportunities for contractors (service providers, OEMs, vendors, engineering companies, technology developers, consultancies, etc.)?

Cepsa Upstream Exit Progress! The Spanish company has almost completed its strategic exit from the upstream sector. Small-cap independent PetroTal Corp. is to acquire the Lote 131 asset in Peru for US$5MM, CEPSA's sole position in the country. This follows its earlier divestment in Colombia, where it sold its producing portfolio to SierraCol Energy. Last year, the company sold its UAE portfolio to TotalEnergies. Cepsa has exited positions in Malaysia/Thailand in recent years, albeit before its strategic shift. This is all part of the company's "Positive Motion" agenda, central to which is a move away from fossil fuels to focus on new energies. While some traditional E&Ps, notably the Euro Majors, have slowed their "transition" in that direction, Cepsa appears to be ahead of schedule - the company's sole remaining presence in the upstream is in Algeria, and it can only be a matter of time before that is offloaded.

TotalEnergies, a French multinational integrated energy and petroleum company, completed the acquisition of a 50% stake in SapuraOMV Upstream (Sarawak) Inc., an oil and gas firm, from OMV Petrom, an Austrian multinational integrated oil, gas and petrochemical company, for $903m. You can submit deals you were involved with here: https://lnkd.in/d_Firwmh “Following the transaction with OMV announced two months ago and this new transaction with Sapura Upstream Assets, TotalEnergies will have full ownership of SapuraOMV and become a significant gas operator in Malaysia. The SapuraOMV assets are fully in line with our strategy to grow our gas production to meet demand growth, focusing our portfolio on low-cost and low-emission assets. We look forward to strengthening our global partnership with Petronas in Malaysia, a country where we see further development opportunities for our Company,” Patrick Pouyanné, TotalEnergies Chairman and CEO. SapuraOMV (led by Muhammad Zamri Jusoh) was advised by Datasite. TotalEnergies (led by Patrick Pouyanné and Jean-Pierre Sbraire) was advised by White & Case LLP. OMV (led by Datuk Mohd Anuar Taib) was advised by J.P. Morgan and Ashurst. #MergersAcquisitionsDivestitures #Energy #OilandGas

International oil companies have long had affiliates, joint ventures or equity stakes that contribute to cash flow and profits. But the “satellite” business model being pursued by Eni and, to a lesser extent, Repsol, is very different. While we see near-term promise for the proposition, significant questions remain about the long-term profile of companies organized around satellite units and their appeal to investors. Read our take >> https://bit.ly/3A1tyYF * Full article, no subscription needed #OurTake #corporatestrategy #manda #competitiveintelligence

TotalEnergies is set to acquire the remaining 50% interest in SapuraOMV from Sapura Upstream Assets for $530m (€496.14m). This follows TotalEnergies' previous deal in January 2024, where it agreed to purchase OMV's 50% stake in SapuraOMV for $903m. These transactions, subject to regulatory approvals, are expected to be completed in the second half of 2024, allowing TotalEnergies to own 100% of SapuraOMV. WRS - Worldwide Recruitment Solutions #WeAreWRS #WRSRecruits

TotalEnergies has completed a major acquisition in #Malaysia with the $957 million purchase of SapuraOMV Upstream (Sarawak) Inc., a 50:50 joint venture between Austria’s OMV and Malaysia’s Sapura Energy Berhad.

SK Innovation and SK E&S announce merger to create $72bn asset energy company This move is said to position the combined entity as the largest private energy company in the Asia-Pacific region.  It is a response to the external business environment including economic downturns, sector uncertainty and the electric vehicle market gap. In addition to external expansion, the merger seeks to create synergies in three main areas: improving portfolio competitiveness, bolstering financial and profit frameworks, and ensuring sustained growth momentum. SK Innovation, established in 1962, has grown from being South Korea’s first oil refining company to a diversified entity in petrochemicals, lubricants, oil exploration and future energy sectors.  For the full article click the link below: https://lnkd.in/eaaYaqrU #merger #oilgas #oilandgas #offshore #technology #EV #electric #oil

Why Angola? Angola’s long history with leading IOCs & service providers offers renewed opportunities for partnership and collaboration for potential investors. IOCs have expanded the Angolan oil market through world-class discoveries and the development of upstream projects. As IOCs divest some of their large-scale assets, opportunities have arisen for junior and independent players to enter the market (Energy Capital & Power). Afentra is seizing this opportunity, making acquisitions in order to build a diverse portfolio of mid-life producing assets.

Etu Energias acquires Galp Energia’s stakes in Angola’s offshore blocks! 🇦🇴 Etu Energias has purchased 5% of Block 32, 9% of Block 14, and 4.5% of Block 14K from Galp Energia, marking a significant expansion in their deepwater oil production capabilities. 🌊💼 Block 32, situated 260 km offshore Luanda, has been a major producer since 2018, while Blocks 14 and 14K have yielded substantial outputs of medium-light crude oil since 1999. These acquisitions reinforce their standing as Angola’s largest private oil and gas company, reinforcing their commitment to sustainable growth. 📈 To learn more about this, click the link in the comments below! ⬇️ #EtuEnergias #OilAndGas #Angola #EnergyNews #OffshoreDrilling #DeepwaterExploration #SustainableGrowth 🌍🔋✨

Eni has announced a €8 billion divestment program for 2024-27. As part of this program, the company has recently merged its UK offshore operations with UK-focused Ithaca Energy and recently divested its 100% interest in Nikaitchuq and Oooguruk fields in Alaska to Hilcorp Energy, showcasing Eni's commitment to optimizing its portfolio and focusing on core business areas. Eni's divestment opportunities in the upstream sector include assets in Indonesia, Cyprus, Republic of Congo, and Côte d'Ivoire, all under its successful dual exploration model. Additionally, Eni is planning to divest its stake in certain non-upstream assets. Stay ahead of the game by keeping up with Eni's dynamic growth strategy! For more details on Eni's strategy and divestment program, check out our latest report "Divestment Tracker — Eni SpA". Feel free to reach out to Padmanav Sahoo (padmanav.sahoo@spglobal.com) and Kallol Saha (kallol.saha@spglobal.com) to know more. Let's connect and explore the exciting opportunities together! #MandA #upstream #midstream #refining #lowcarbon