Two bid in Israel's offshore energy licenses tender - GLOBES

15 Jul, 2019 15:50
Amiram Barkat

The Ministry of Energy received only two bids from consortia including from UK companies Cairn and Soco, even though energy majors like ExxonMobil purchased tender documents.

As part of the second round of competitive bids for Israel's offshore natural gas and oil licenses tenders, only two offers have been received from consortia comprising Israeli and international companies.

The two bids were from: a consortium of Israeli company Ratio Oil Exploration (1992) LP (TASE:RATI.L) and two British companies Cairn Energy plc (LSE: CNE) and Soco International plc . (LSE: SIA): and a consortium of Energean Oil & Gas plc (LSE: ENOG; TASE: ENOG) and Israel opportunity.

Minister of National Infrastructure, Energy and Water Resources Yuval Steinitz said, "The arrival of additional European companies to Israel as well as the soon to be connected up Leviathan rig and continued development of the Karish-Tanin fields will lead to the dismantling of the monopoly and strengthening competition in this sector. We are continuing to work to make Israel into a regional energy power."

Oil and gas company SDX Energy confirms talks with BP to buy assets in Egypt - NASDAQ / REUTERS

September 20, 2018, 09:38:00 AM EDT

North African-focused oil and gas company SDX Energy on Thursday confirmed that it was in discussions with BP Plc to buy a package of assets in Egypt.

London-listed SDX said the acquisition would constitute a reverse takeover.

SDX said its shares have been suspended from trading on London's junior market, AIM, with immediate effect and will remain suspended until an admission document has been published or the company confirms that a deal is not proceeding.

Reuters reported earlier in the year, citing banking sources, that BP is seeking buyers for its stake in a 50-year-old oil and gas business in Egypt, then estimated to be worth around $500 million.

It was not immediately clear which assets SDX was in talks with BP over.

Earlier in the day, oil and gas explorer and producer SOCO International said it signed a deal to buy privately-owned Merlon Petroleum El Fayum Company for about $215 million. Merlon holds the operated working interest onshore El Fayum in Egypt.

Kuwait Energy looks to spin-off Egyptian assets - ENTERPRISE

Monday, 21 May 2018

Kuwait Energy looks to spin-off Egyptian assets: Kuwait Energy has hired investment bank Perella Weinberg Partners to advise on possibly divesting its stakes in Egypt and Iraq, sources close to the matter tell Reuters. Plans include spinning off Egypt assets that include interests in four oil and gas fields, including the Abu Sennan concession. Kuwait Energy had reduced its stake in that field to 25% last year. In Iraq, the company is looking to sell part or all of its Block 9 field. The move comes as the company is looking for liquidity to pay back shareholders and creditors. Talks for a possible merger with the UK’s SOCO International earlier this year had reportedly had fallen apart. The firm, which lost its CEO and saw a credit downgrade last year, owes USD 290 mn due next year, and should start repayments of a convertible loan of around USD 150 mn this year to an entity controlled by private equity group Abraaj.