A Barrel Fulll Archive

2013-12-19 LOTOS Exploration & Production Norge, which had entered into an agreement with Centrica Norge on the acquisition of the Heimdal assets on the Norwegian Continental Shelf, has received clearance from the Norwegian authorities to finalise the transaction. All conditions precedent of the agreement have now been met.  On November 5th 2013, LOTOS Norge, a subsidiary of LOTOS Petrobaltic, reported that it had executed an agreement to acquire interests in 14 licence areas located on the Norwegian Continental Shelf. The annual production attributable to LOTOS's interests in the Norwegian assets is approximately 240 thousand toe (5 thousand boe/d), of which 70% is natural gas and 30% is condensate (light crude). For LOTOS, the agreement is a major step forward in the implementation of its upstream segment's development strategy, and radically changes the Company's situation in terms of diversification of its production assets. As a matter of strategy, LOTOS intends...

05.01.2021 The Norwegian petroleum authority has issued formal approvals for PGNiG Upstream Norway to acquire interests in licences covering the Kvitebjørn and Valemon fields in the North Sea. Having brought up the number of licences in which the company holds interests to 32, the new acquisitions will contribute to a substantial increase in the PGNiG Group’s gas production volume on the Norwegian Continental Shelf already in 2021. The interests in four licences covering the producing fields Kvitebjørn and Valemon were acquired by PGNiG Upstream Norway, a wholly-owned subsidiary of PGNiG SA, in September 2020 under an agreement with Norske Shell. Both newly acquired fields contain predominantly natural gas. “We are beginning 2021 on a high note. Thanks to our experience and capabilities, we have been able to develop our operations on the Norwegian Continental Shelf despite the pandemic-related headwinds. As the approved acquisitions involve already producing fields, they will immedia...

05/31/2023 Vertex Energy, Inc. (NASDAQ: VTNR) ("Vertex" or the "Company"), a leading specialty refiner and marketer of high-quality refined products, today announced the successful completion of the startup procedures for its renewable diesel conversion project at its Mobile, Alabama, refining facility . Additionally, the Company announced that it has entered into a new working capital facility with existing liquidity provider, Macquarie Group’s Commodities and Global Markets business (“Macquarie”), to supply the necessary liquidity for securing feedstock for renewable diesel production. Commercial Production of Renewable Diesel Now Underway After a two-week period of downtime related to the previously disclosed repairs on the feedstock pumping system, repair and reinstallation operations have been successfully completed. Startup procedures were completed last week and the Company is pleased to report that the renewable diesel facility has achieved initial productio...

Apr 01, 2022 Equilon Enterprises LLC d/b/a Shell Oil Products US, Shell USA, Inc., and Shell Chemical LP, subsidiaries of Shell plc (Shell), has completed the sale of its Chemical LP Refinery in Mobile, Alabama , to Vertex Energy Operating LLC (Vertex Energy), for $75 million in cash plus the value of the hydrocarbon inventory and other closing adjustments and accrued liabilities. The agreement covers the sale of the Mobile refinery and associated co-located logistics infrastructure, including product racks, an associated dock, and the Blakeley Island Terminal. As part of its Powering Progress strategy, Shell plans to consolidate its refining footprint to five core Energy and Chemicals parks globally. These locations, including Norco in the U.S. Gulf Coast, will maximize the integration benefits of conventional fuels and chemicals production while also offering new low carbon fuels and performance chemicals. They also offer future potential hubs for sequestration. Shell has been provid...

27 April 2021 Reabold, the investor in upstream oil and gas projects, is pleased to announce that it has conditionally offered to acquire additional Corallian Energy Limited ("Corallian") shares from existing Corallian shareholders, in exchange for Reabold shares, at a ratio of 474 Reabold shares for 1 Corallian share (the "Offer"), potentially increasing Reabold's shareholding in Corallian to a maximum of 49.99%. Highlights: Share offer to acquire up to 13.12% of Corallian Energy shares at a ratio of 474 Reabold shares per Corallian share The Offer could significantly increase Reabold's position in the low-risk, high potential Victory Gas Discovery to up to 49.99% Draft Field Development Plan anticipated to be submitted by year end Planned 3-year gas production plateau from Victory, at a rate of 70 mmscf/d (11,666 boepd) from Q4 2024, delivering over 25 BCF of gas per year Victory is located near existing infrastructure and in particular the Total-operate...

15 September 2022 Reabold, the AIM quoted investing company with a portfolio of upstream oil and gas projects, is pleased to announce that, further to its announcements of 4 May 2022 and 14 September 2022, it has completed the acquisition of Corallian Energy Limited's ("Corallian") working interest in all the non-Victory (P2596) licences within the Corallian portfolio, being: P2396, P2464, P2493, P2504 and P2605 (all at 100% working interest) and P2478 (36% working interest).

September 30, 2005 LUKOIL Overseas Holding Ltd., a 100% subsidiary of LUKOIL has made an offer to acquire 100% of the share capital of Nelson Resources Limited for US$2 billion. In addition, LUKOIL now reached an agreement with the shareholders of Nelson Resources Limited, holding in aggregate approximately 65% of the outstanding shares of Nelson Resources Limited, to purchase their shares at the offer price. This price represents a premium of 27.5% to the six-month average trading price of Nelson Resources Limited. In order to treat all shareholders equally, LUKOIL has entered into negotiations with Nelson with a view to extending the offer to minority shareholders at the same price. LUKOIL intends to immediately start to work closely with the Kazakh authorities to secure all necessary approvals to consummate this transaction. LUKOIL’s President, Vagit Alekperov said: “We are satisfied with the agreement with Nelson’s principal shareholders to acquire the controlling block of shares. ...