RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2017-09-18 12:15:00

BP ARGENTINIAN TANGO

BP ARGENTINIAN TANGO

PENNENERGY - BP has agreed with Bridas Corporation to form a new integrated energy company by combining their interests in the oil and gas producer Pan American Energy and the refiner and marketer Axion Energy in a cash-free transaction. The new company, Pan American Energy Group, will be the largest privately-owned integrated energy company operating in Argentina.

PAEG will be owned equally by BP and Bridas Corporation, itself a 50:50 joint venture of Bridas Energy Holdings of Argentina and CNOOC Limited of China. PAE is currently owned 60% by BP and 40% by Bridas, while Axion is wholly-owned by Bridas. There will be no payments for the equity exchange.

The combination of PAE and Axion under unified ownership will align the PAEG shareholders' interests across the upstream and downstream value chains in Argentina, Uruguay and Paraguay. PAEG is expected to benefit from BP's global upstream technical and downstream marketing experience as well as Bridas' deep operating knowledge. The combination may also offer further integration synergies; the Axion refinery is already the primary customer for PAE's Argentine crude oil production.

PAE is Argentina's second largest producer of oil and gas. It had daily production in 2016 of around 262,000 barrels of oil equivalent (boe), equivalent to approximately 18% of Argentina's total oil and gas production. It has interests in Argentina's four main hydrocarbon basins, including operating Cerro Dragon, Argentina's largest oil field, and interests in the prospective Vaca Muerta shale. PAE also operates the Hokchi block in the shallow water Mexican Gulf of Mexico.

Axion Energy owns and operates the 90,000 barrels of oil a day (b/d) refining capacity Campana refinery north of Buenos Aires, has over 750 retail sites in Argentina, Uruguay and Paraguay, and also has material lubricant and aviation fuels businesses.

PAEG's board of eight will comprise four directors from each shareholder and the shareholders will share nomination rights for key senior executives for the company. PAEG will be self-funded.

The transaction is subject to regulatory filing or approval in several jurisdictions. Completion of the agreement is anticipated in early 2018.

-----

Earlier:

 

BP: 

   

 ARGENTINA:

 

BP PROFIT $553 MLN

 
2017-08-03
     

ARGENTINA NEED INVESTMENT: $14 BLN

ARGENTINA NEED INVESTMENT: $14 BLN ARGENTINA NEED INVESTMENT: $14 BLN Specifically, a plan to boost wind and solar energy capacity in coming years was likely to bring in $13 billion in investment, Procaccini said. There also is potential for $30 bill ...
2017-04-12
 

BP: EXCELLENCE, SUSTAINABILITY, COLLABORATION

 
2017-07-14
     

ARGENTINA & UK OIL

ARGENTINA & UK OIL ARGENTINA & UK OIL The governments of Argentina and the UK have agreed to work toward removal of restrictions on oil and gas work offshore the Falkland Islands. The governments of Argentina and the UK have agreed to work toward rem ...
2016-09-15
 

BP ENERGY REVIEW

 
2017-06-21
     

EXXON & ARGENTINA INVESTMENT: $10 BLN

EXXON & ARGENTINA INVESTMENT: $10 BLN EXXON & ARGENTINA INVESTMENT: $10 BLN Exxon Mobil Corp. may invest more than $10 billion in Argentina’s Vaca Muerta shale formation in the next decades, Chairman and Chief Executive Officer Rex Tillerson said Thu ...
2016-06-03
 

BP'S PROFIT $1.5 BLN

 
2017-05-02
     

CHINA, ARGENTINA SHALE

CHINA, ARGENTINA SHALE CHINA, ARGENTINA SHALE Argentina and China have respectively drilled more than 275 and 200 wells targeting shale plays over the past 2 years, providing each country with the potential to significantly increase production of sha ...
2015-06-29
 

BP'S GROWTH

 
2017-03-02
     

ARGENTINA'S CHANGES

ARGENTINAS CHANGES ARGENTINAS CHANGES YPF seeks foreign partners to tap Argentina’s shale YPF seeks foreign partners to tap Argentina’s shale
2014-11-03
 

BP ENERGY OUTLOOK 2035

 
2017-02-28
     

ARGENTINE TANGO

... и совместных проектов в газовой сфере Gazprom and Argentina address potential of joint gas projects
2014-10-09
 

BP LOSS $999 MLN

 
2017-02-07
     

ARGENTINA NEED MONEY

ARGENTINA NEED MONEY ARGENTINA NEED MONEY Argentina says many creditors want to swap into local law debt Argentina says many creditors want to swap into local law debt
2014-09-08

 

 

Tags: BP, ARGENTINIA, BRIDAS, PAEG