Thursday, February 9, 2023
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA
Oil Market News Today
Advertisement
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
Oil Market News Today
No Result
View All Result
Home Oil Price

Oil War Helps Santos Complete Purchase of ConocoPhillips Assets At A

July 2, 2020
in Oil Price
Oil War Helps Santos Complete Purchase of ConocoPhillips Assets At A
Share on FacebookShare on Twitter


Latest Oil MArket NewsPosts

DAILY OIL PRICE: July 30

U.S. shale investors shamed by oil price crash, posts worst quarter since

DAILY OIL PRICE: July 28

The COVID-19 pandemic’s impact on demand for oil and gas, on top of the destabilising price war in March and April and the slump in global prices, has come to the aid of Santos.

The lower prices and uncertain outlook for oil demand has helped Santos get a small discount on the announced purchase price for ConocoPhillips’s Northern Australia and Timor-Leste assets

Santos will now pay $US1.265 billion, a discount to the $US1.39 billion price announced last October.

The trade-off is a higher contingent payment of $US200 million (before it was just $US75 million), subject to Santos’ final investment decision on the Barossa gas field development. Work on the final investment decision (FID) for Barossa has been deferred as a cost-saving.

The net settlement amount of $US655 million at completion is also lower than Santos’ prior guidance of $US800 million, mainly due to the lower up-front payment and the net out of accumulated cash in the business over the 17 months from the start of 2019.

Santos’ purchase will be funded from available cash and a new $US750 million two-year acquisition debt facility.

Santos said in yesterday’s statement to the ASX that “The acquisition delivers operatorship and control of a high-quality portfolio of low-cost, long-life natural gas assets and strategic LNG infrastructure.”

“Santos’ interest in Bayu-Undan and Darwin LNG increases to 68.4% at completion and will provide a significant boost to 2020 production and cash flows. Santos’ interest in the Barossa project to backfill Darwin LNG increases to 62.5%.

CEO Kevin Gallagher said in the statement he was pleased to complete the acquisition which is fully-aligned with Santos’ strategy to build on existing infrastructure positions around Santos’ core assets.

“As a foundation partner in Bayu-Undan and Darwin LNG, and an existing partner in Barossa, we know these assets well. We are delighted to assume operatorship and continue to progress the Barossa project so that a final investment decision can be made when market conditions permit,” he said.

Santos has previously announced an agreement to sell a 25% interest in Darwin LNG and Bayu-Undan to SK E&S for US$390 million and the signing of a letter of intent to sell a 12.5% interest in Barossa to JERA.

“Santos continues to build alignment between the Darwin LNG and Barossa joint ventures. Following completion of the previously announced sell-downs to SK E&S and JERA, Santos will hold a 43.4% interest in Darwin LNG and a 50% interest in Barossa,” Mr. Gallagher said.

“We are continuing to advance discussions with other parties for the sale of further equity in the Barossa project in line with our previously stated target ownership level of around 40% to achieve increased partner alignment and prudent future allocation of growth capital. We are also in discussions with buyers for Barossa LNG volumes.”

Santos shares fell 3.2% to $5.44 after world oil prices eased overnight Wednesday and into Thursday.



Read More: Oil War Helps Santos Complete Purchase of ConocoPhillips Assets At A

Tags: AssetscompleteConocoPhillipsHelpsoilPurchaseSantoswar

Related Posts

DAILY OIL PRICE: July 28
Oil Price

DAILY OIL PRICE: July 30

by Oil Market
July 31, 2020
0

Oil Barrels Posted: Thursday, July 30, 2020 2:00 pm DAILY OIL PRICE: July 30 Odessa American oanews@oaoa.com Odessa American...

Read more
U.S. shale investors shamed by oil price crash, posts worst quarter since
Oil Price

U.S. shale investors shamed by oil price crash, posts worst quarter since

by Oil Market
July 30, 2020
0

HOUSTON  – U.S. shale oil producers, whose weak returns in recent years had them out of favor with investors...

Read more
DAILY OIL PRICE: July 28
Oil Price

DAILY OIL PRICE: July 28

by Oil Market
July 29, 2020
0

Oil Barrels Posted: Tuesday, July 28, 2020 2:00 pm DAILY OIL PRICE: July 28 Odessa American oanews@oaoa.com Odessa American...

Read more
DAILY OIL PRICE: July 28
Oil Price

DAILY OIL PRICE: July 28

by Oil Market
July 29, 2020
0

Oil Barrels Posted: Tuesday, July 28, 2020 2:00 pm DAILY OIL PRICE: July 28 Odessa American oanews@oaoa.com Odessa American...

Read more
Saudi Arabia and Russia end their oil-price war with output cut agreement
Oil Price

Saudi Arabia and Russia end their oil-price war with output cut agreement

by Oil Market
July 28, 2020
0

By Javier Blas, Salma El Wardany and Grant Smith on 4/9/2020 LONDON (Bloomberg) - Saudi...

Read more
How Oil Prices Went Subzero: Explaining the COVID-19 Oil Crash
Oil Price

How Oil Prices Went Subzero: Explaining the COVID-19 Oil Crash

by Oil Market
July 27, 2020
0

2020 hasn’t been kind to the energy sector, and a growing wave of energy bankruptcies has started to build....

Read more
Next Post
Houston’s Hilcorp completes purchase of BP’s oil, gas operations in Alaska

Houston's Hilcorp completes purchase of BP's oil, gas operations in Alaska

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Today Oil Markets

Global Crude Oil Refinery Market Research Report: Know Market Dynamics,

Global Crude Oil Refinery Market Research Report: Know Market Dynamics,

3 years ago
Oil companies hold diesel, petrol prices for 3 consecutive days – ET Auto

Oil companies hold diesel, petrol prices for 3 consecutive days – ET Auto

3 years ago
Eni to Pay $185M to Settle Transocean Drilling Rig Dispute

Eni to Pay $185M to Settle Transocean Drilling Rig Dispute

3 years ago
Oil and Gas Wells Drilling Services Market Have High Growth But May Foresee

Oil and Gas Wells Drilling Services Market Have High Growth But May Foresee

3 years ago
SGX Nifty down 45 points; here’s what changed for market while you were

SGX Nifty down 45 points; here’s what changed for market while you were

3 years ago
Norway Seeks More Details from Equinor on International Ops

Norway Seeks More Details from Equinor on International Ops

3 years ago

Oil Market

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Construction of Dangote oil refinery Africa’s largest nears completion

Construction of Dangote oil refinery Africa’s largest nears completion

July 31, 2020

Russia Oil Market

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

July 29, 2020
Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

July 28, 2020

Europe Oil Market

Oil rises further from 3-week lows, but headwinds loom amid pandemic

Oil rises further from 3-week lows, but headwinds loom amid pandemic

July 31, 2020
Shell posts $18billion loss in second quarter – News for the Oil and Gas

Shell posts $18billion loss in second quarter – News for the Oil and Gas

July 30, 2020
Path to net zero: European oil majors outpace US companies on climate goals

Path to net zero: European oil majors outpace US companies on climate goals

July 29, 2020
Oil price holds near four-month high amid bearish signals – News for the

Oil price holds near four-month high amid bearish signals – News for the

July 28, 2020
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA

© 2020 MarketFor Oil.com

No Result
View All Result
  • Home
  • Market
    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas

© 2020 MarketFor Oil.com