Energy Voice

Seplat eyes expansion after London listing

Nigerian oil firm Seplat has launched onto the London Stock Exchange with a value of more than A?1.1billion after offering more than a quarter of its shares to investors.

The firm, which also launched onto the stock market in Lagos, is the first Nigerian company to be listed in both countries as it looks to raise more than A?300million. Ai??It has offeredAi??26.4 percent of its shares in the combined listing.

Revenue from the listing will be used to snap up more assets in Nigeria as the independent, which has almost quadrupled its output in four years, looks to muscle in where majors are selling off their interests.
April 9, 2014

Kentz secures $570million Ichthys LNG deal

Engineering group Kentz has landed a $570million (A?343.2million) contract for electrical and instrumentation (E&I) construction packages at the Ichthys LNG project in Australia.

The gas field, discovered in 2000 offshore Western Australia, holds an estimated 12.8trillion cubic feet of gas and 527million barrels of condensate, and is expected to produce for more than 40 years.

Click here to read more about the history of the Ichthys LNG project
April 7, 2014

Good year for Good Energy as profits rise 42%

Renewable energy provider Good Energy Group has recorded a 43% increase in revenues in 2013 due to rising consumer demand, the firm said in a year-end statement.

According to the company’s figures, Good Energy’s electricity customer base had grown by a quarter to 40,000 while its gas customer base jumped by 76% to 15,000 last year.

Successful project development, including recent investment in the Hampole windfarm, also contributed to the company’s 42% rise in gross profits to A?13.6million compared from A?9.6million a year earlier.
April 7, 2014

EON looking to double Turkey trading amid decreasing demand in Europe

EON plans to more than double its power trading in Turkey this year, helping to offset falling profits from buying and selling in shrinking western European markets.

The trading arm of EONai??i??s Turkish joint venture Enerjisa will probably boost activity by 150% to about 30% of the nationai??i??s total, according to Benedikt Messner, Istanbul- based managing director at the Enerjisa unit.

EON is seeking to make money in Turkey to offset losses in Europe, where falling demand and power prices are hurting the companyai??i??s profits. The Dusseldorf-based company said last month that it expects its profit to decline by one-third this year as consumption in Europe may slide further.
April 4, 2014

Gazprom set to stop marketing to US and Europe amid Crimea crisis

Russiaai??i??s largest company Gazprom will stop marketing to US and European investors after the Crimea crisis and work to increase bond and shareholders from the Middle East, Latin America and Asia, especially China.

Senior managers at Russiaai??i??s gas-export monopoly, which has a market value of $90billion (A?54.3billion) and $37 billion of outstanding bonds, told investor relations staff to find more shareholders in Asia and other emerging markets after completing investor meetings in New York and London in early March, two people with knowledge of the matter said, asking not to be named because the policy is private.

The shift shows how the worst crisis in Russian relations with the US and Europe since the Cold War is feeding into financial and economic relationships. China was the only country not to vote against Russiaai??i??s action in Ukraine at the United Nations Security Council and President Vladimir Putin travels to Beijing in May hoping to sign a 30-year gas-supply deal.
April 4, 2014

Anadarko settles Kerr-McGee cleanup lawsuit for $5.15bn

Anadarko Petroleum agreed to pay $5.15billion (A?3.10billion) to settle a US claim for $25billion to clean up 85 years worth of pollution its Kerr-McGee unit left behind across the country.

The US Justice Department said it represents the largest recovery for environmental cleanup ever. The government said the settlement made sure that the polluters were held responsible, instead of taxpayers.

ai???Kerr-McGeeai??i??s businesses all over this country left significant, lasting environmental damage,ai??? Deputy Attorney General James Cole said.
April 4, 2014
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$300bn of oil assets currently up for grabs, say analysts

Major oil companies are selling more than $300billion of assets, according to investment analysts Carlyle International Energy Partners.

Private-equity companies, commodity traders and sovereign-wealth funds will probably buy more energy infrastructure from oil companies shifting to expensive exploration and production projects, Managing Director Marcel van Poecke said.

Carlyle sees opportunities to buy assets outside of North America as companies look to divest their non-core operations around the world.
April 2, 2014

Gazprom hikes up Ukraine gas price by 44%

Global natural gas giant Gazprom raised prices for Ukraine 44% after a discount deal expired, heaping financial pressure on the government in Kiev as it negotiates international bailouts.

Russiaai??i??s natural-gas export monopoly said in a statement the increase was necessary because Ukraine owes $1.7billion (A?1billion) for gas it has bought since the start of 2013.

The government of ousted president Viktor Yanukovych had negotiated a discounted price last year as he grappled with protests after he dropped an association agreement with the European Union.
April 1, 2014
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Crude edges towards all-time high on back of Ukraine crisis

Oil prices are edging towards a 2014 high as tensions continue to mount between Russia and the West.

Brent crude oil traded near a two-week high around $108 a barrel on Monday ai??i?? just a few dollars away from the $111 high reached in February.

US Secretary of State John Kerry and Russian Foreign Minister Sergei Lavrov held talks on Sunday about ways to defuse the crisis over Ukraine, with Kerry telling Moscow progress depended on a Russian troop pullback from Ukraineai??i??s borders.
April 1, 2014

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