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Oil Explorer News

29 Apr 2019

Anadarko Bidding War Heats Up

American multinational energy corporation Chevron is working on integrating the hydrocarbon exploration company Anadarko Petroleum, even as it faces a higher rival takeover bid for the oil explorer from Occidental Petroleum Corp, said a report in Bloomberg.However, it is becoming increasingly difficult for Anadarko to justify sticking with Chevron's$30.9 billion takeover as its shares gain following Occidental Petroleum higher offer."The bidding war is breaking out over Anadarko, together using Occidental making an offer it says is about a 20% premium into Chevron’s deal announced earlier this month, some rare movement not often seen from the U.S.

04 Jun 2015

Cairn Energy Drops Ibiza Oil Drilling Plans

Oil explorer Cairn Energy  has dropped plans to drill near Spanish holiday island Ibiza, the company said, as it wants to focus on developing potentially huge reserves offshore Senegal. Cairn was set to carry out seismic testing on four offshore blocks in the Gulf of Valencia but has now decided its money will be better spent in Senegal where it said its oilfields could hold more than a billion barrels of oil. "Cairn has informed the Spanish Ministry of Industry, Tourism and Commerce that it intends to withdraw from four exploration permits in the Gulf of Valencia," a spokesman said. The company will maintain other projects in Spain, including applications for new licences offshore the Gulf of Lion and the Bay of Biscay, he added.

13 Aug 2014

Private Equity Firms Double down on Venari's Offshore Drilling

Gulf of Mexico deepwater oil explorer Venari Resources LLC said on Wednesday it had raised $1.3 billion from original backers Warburg Pincus LLC, Kelso & Co, the Jordan Company and Temasek Holdings, as well as new investors. GIC, Singapore's sovereign wealth fund, and BlackRock Inc's private equity arm participated in the new round of equity commitments, joining private equity firms Warburg Pincus, Kelso and Jordan, as well as Singapore state-owned investment firm Temasek. The four original investors formed Venari in 2012 with $1.1 billion in equity commitments. The new funds will be used to help develop assets Venari has discovered since 2012, as well as bolster the company's exploration program, Venari Chief Executive Brian Reinsborough said in an interview.

01 May 2014

Gulf Keystone Denies Report On CEO's Ouster

Oil explorer Gulf Keystone on Thursday denied a media report that its board and investors planned to call for the resignation of founder and Chief Executive Todd Kozel within months. British broadcaster Sky News reported that several Gulf Keystone directors had held talks this week about Kozel's departure, prompted by a series of rows over executive pay and shareholder returns. Gulf Keystone spokesman Terence Franklin denied the report and told Reuters there was no substance to these "rumours". Franklin confirmed the meetings but said he did not know what had been discussed. Sky, citing sources, said some board members wanted an announcement about a succession plan before the company's annual meeting, typically held in July.

03 Mar 2014

Norway Confirms Small Arctic Oil Find

Norwegian oil explorer Det norske made a small oil discovery in the Arctic Barents Sea with a gross oil column of about 30 metres and much poorer reservoir quality than expected, the Norwegian Petroleum Directorate said on Monday. Det norske earlier said it found some oil in the prospect but initial volumes did not justify development. Det norske operates the licence and holds a 20 percent stake. Other shareholders include Sweden's Lundin Petroleum (20 percent), Tullow (15 percent), Rocksource (5 percent), Norwegian state holding firm Petoro (30 percent) and Atlantic Petroleum (10 percent).

27 Jul 2007

DG Shipping Recalls 27 ONGC Supply Vessels

The Directorate General of Shipping (DG, Shipping) has asked India’s biggest oil explorer Oil and Natural Gas Corporation (ONGC) to recall 27 of its 46 supply ships for undergoing safety audits immediately. The DG Shipping directive, which could lead to the disruption in oil production, has come within days after an ONGC-chartered ship, Samudrika-10, sunk off the Mumbai coast, killing five people on board. In a notice dated July 11 to ONGC, the DG Shipping ordered around 27 OSVs (offshore supply vessels) to be recalled to the base for undergoing safety management tests before resuming duty at Bombay High. ONGC operates 46 offshore supply vessels which help in production and maintenance of India’s largest oil field, Bombay High, situated 160 kilometers north west of Mumbai.