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2016-10-21 18:35:00

SHELL SELLS CANADA: $1 BLN

SHELL SELLS CANADA: $1 BLN

According to FT, Royal Dutch Shell has cashed in on buoyant investor demand for North American shale oil and gas by selling some of its Canadian reserves for $1bn.

The proposed sale to Tourmaline Oil of Canada represents the first big disposal of upstream exploration and production assets under Shell's drive to contain rising debts after its takeover this year of BG Group by offloading $30bn of assets.

The Anglo-Dutch group has faced questions over its ability to meet the disposals target by the end of 2018 at a time when valuations for most upstream assets are under pressure from weak oil prices and buyers are relatively scarce.

However, North American shale oil and gas assets — seen as relatively low-cost resources — have been an exception to the otherwise gloomy dealmaking landscape and transaction activity has picked up in recent weeks as oil prices have rebounded above $50 a barrel.

The Shell deal involves 206,000 acres of developed and undeveloped land in the Gundy area of north-east British Columbia and the Deep Basin area of west central Alberta. Tourmaline, an independent oil explorer, will pay Shell $758m in cash plus shares valued at $279m.

Biraj Borkhataria, analyst at RBC Capital Markets, said the transaction was positive given concerns about Shell's rising debts and the scepticism among some investors about its ability to hit the $30bn disposals target.

Shell's net debt has more than doubled to $75bn since its £35bn takeover of BG Group was completed in February.

This has pushed Shell's debt-to-equity ratio close to the group's self-imposed limit of 30 per cent, and raised questions about the sustainability of its prized dividend — the biggest in the oil industry — which has not been cut since the second world war.

Analysts said Shell's willingness to accept shares from Tourmaline as part-payment reflected the difficulty of the mergers and acquisitions market and the need for the Anglo-Dutch group to get deals done.

Shell had completed only $1.5bn of disposals at the end of June, with a further $1.6bn agreed.

This has left it facing a challenge to strike deals at a rate of about $1bn a month to meet the $30bn goal by the end of 2018.

Andy Brown, head of Shell's upstream business, said this week that sales processes are under way for 16 assets each worth at least $500m.

These are known to include a package of assets in the UK North Sea, valued at about $2bn, which has attracted interest from Ineos, the privately held UK petrochemicals group, and Siccar Point Energy, owned by private equity firms Blackstone and Blue Water Energy, according to people with knowledge of the situation.

Mr Brown said the deal with Tourmaline did not signal a full-scale retreat by Shell from Canada, where the group has further shale assets in the Montney and Duvernay fields. Those sold to Tourmaline were non-core parts of the portfolio which did not fit Shell's near-term development plans, he added.

Shell will be handing over 25,000 barrels of oil equivalent per day of production to Tourmaline, 85 per cent of it in natural gas.

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Earlier:

SHELL: 

THE FIRST KASHAGAN'S OIL 

IRAQ RESTART INVESTMENT 

MAJORS SELL ASSETS 

MAJORS DEBT: $138 BLN 

SHELL PROFIT DOWN 72%

 

CANADA: 

WORLDWIDE RIG COUNT UP 37 

MALAYSIAN - CANADIAN LNG: $27 BLN 

SUNCOR WANTS TO CUT 

ENBRIGE & SPECTRA: $127 BLN 

SUNCOR NET LOSS $735 MLN

 

 

Tags: OIL, GAS, SHELL, CANADA, SHALE,

Chronicle:

SHELL SELLS CANADA: $1 BLN
2017, December, 15, 12:50:00

LUKOIL'S PLAN: $50

LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.

SHELL SELLS CANADA: $1 BLN
2017, December, 15, 12:45:00

BP INVESTS TO SOLAR

BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.

SHELL SELLS CANADA: $1 BLN
2017, December, 13, 12:40:00

OIL PRICE: ABOVE $64 YET

REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.

SHELL SELLS CANADA: $1 BLN
2017, December, 13, 12:35:00

RUSSIAN-TURKISH NUCLEAR

ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.

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