Sunday, February 5, 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 Market Africa

Edinburgh oil firm to make big payouts to shareholders after $400m West

July 28, 2020
in Africa
Edinburgh oil firm to make big payouts to shareholders after $400m West
Share on FacebookShare on Twitter


Latest Oil MArket NewsPosts

Construction of Dangote oil refinery Africa’s largest nears completion

Oil tankers are making bizarre trips around the world as diesel glut hits

Uganda’s Ochanda wins global oil award

CAIRN Energy is set to capitalise on opportunities created by the slump in oil and gas prices after agreeing to sell its stake in a giant find it made off Senegal which could be worth up to $400 million (£310m).

The deal agreed with Russia’s Lukoil by Edinburgh-based Cairn will increase its firepower for acquisitions while paving the way for it to make big payouts to shareholders.

Cairn said yesterday it expected to return at least $250m of the deal proceeds to shareholders. News of the transaction sent shares in Cairn surging.

The deal appears to represent a coup for Cairn.

READ MORE: Fresh warning on scale of challenge facing North Sea oil industry amid coronavirus crisis

The company negotiated the sale as oil and gas firms grappled with the most challenging conditions sector players have faced for years.

Commodity prices have tumbled this year in response to the sharp fall in demand that resulted from the imposition of lockdowns.

Chief executive Simon Thomson noted the transaction would put Cairn in a much stronger position to capitalise on the shake up in the industry this is likely to trigger.

He said acquisitions could be on the agenda as Cairn looks at “counter-cyclical opportunities”.

While buyers for oil and gas assets are in short supply, he said Cairn was comfortable with the price Lukoil has agreed to pay.

“What’s more important is the position it has put us in,” he added.

The deal will allow Cairn to reduce its dependence on Senegal while avoiding the hefty costs that would be involved in developing the Sangomar find it made there.

READ MORE: Cairn Energy approves plan to develop bumper field off Senegal

Cain expects to end the year with around $600m net cash at a time when many firms in the sector are labouring under massive debts.

The deal provides vindication for Cairn’s decision to take the risks involved in launching a pioneering hunt for oil and gas off Senegal.

The Sangomar oil field it discovered in 2014 is set to become the first to come into production off Senegal. The development was approved in January. First oil is expected in 2023.

Mr Thomson said the company was proud of what it had achieved in Senegal.

“Our discoveries were the country’s first deep-water wells and opened up a new basin play on the Atlantic Margin,” he said, noting that the Sangomar development will deliver enduring benefits to Senegal’s people.

The company could use proceeds from the Lukoil deal to invest in growing its operations in other areas.

Cairn has developed a big North Sea production business under Mr Thomson’s lead. He noted yesterday the company could increase its exposure to the area, in which it is producing oil for less than $20 per barrel. Brent crude is trading at around $43.50 compared with about $70 in January.

READ MORE: Cairn generates big profits in North Sea as revenues hit $500m

Cairn may invest in diversifying its portfolio, which also includes exploration interests in countries ranging from Mexico to Israel.

…



Read More: Edinburgh oil firm to make big payouts to shareholders after $400m West

Tags: 400mbigEdinburghfirmoilpayoutsshareholdersWest

Related Posts

Construction of Dangote oil refinery Africa’s largest nears completion
Africa

Construction of Dangote oil refinery Africa’s largest nears completion

by Oil Market
July 31, 2020
0

Dangote oil Refinery, which is expected to be Africa’s largest oil refinery and the world’s biggest single-train facility upon...

Read more
Oil tankers are making bizarre trips around the world as diesel glut hits
Africa

Oil tankers are making bizarre trips around the world as diesel glut hits

by Oil Market
July 30, 2020
0

The Monte Toledo oil tanker in Algeciras, Spain, on March 6. Photo: Luke MacGregor | Bloomberg Text Size: ...

Read more
Uganda’s Ochanda wins global oil award
Africa

Uganda’s Ochanda wins global oil award

by Oil Market
July 29, 2020
0

The International Association of Oil & Gas Producers (IOGP) has presented the 2020 Outstanding Young Professional Award (OYPA) to...

Read more
Cairn sells Sangomar stake to Lukoil – News for the Oil and Gas Sector
Africa

Cairn sells Sangomar stake to Lukoil – News for the Oil and Gas Sector

by Oil Market
July 27, 2020
0

Russia’s independent Lukoil has struck a deal to pay $300 million to Cairn Energy for a 40% stake in...

Read more
Nigerian Regulators Trade Blame As Killer Fuels Dominate Country’s Oil
Africa

Nigerian Regulators Trade Blame As Killer Fuels Dominate Country’s Oil

by Oil Market
July 26, 2020
0

While various scientific research results have linked annual deaths of more than 100,000 Nigerians to air pollution, partly caused...

Read more
Oil Musters Weekly Gain With Weak Dollar Outweighing Demand Woes
Africa

Oil Musters Weekly Gain With Weak Dollar Outweighing Demand Woes

by Oil Market
July 25, 2020
0

(Bloomberg) -- Oil edged higher with a weaker dollar overshadowing signs of a slowing global economic recovery. Load Error...

Read more
Next Post
Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

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

Leave a Reply Cancel reply

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

Today Oil Markets

NGO Accuses France of Planting ‘Ticking Climate Bomb’ as Mega Oil Firm

NGO Accuses France of Planting ‘Ticking Climate Bomb’ as Mega Oil Firm

3 years ago
Shell CEO: No V-Shaped Recovery After COVID-19

Shell CEO: No V-Shaped Recovery After COVID-19

3 years ago
Oil Drops As U.S. Oil Production Suddenly Increases

Oil Drops As U.S. Oil Production Suddenly Increases

3 years ago
Renewable energy and natural gas help lower price of electricity as energy

Renewable energy and natural gas help lower price of electricity as energy

3 years ago

3 Oil & Gas Stocks to Add to Your Long-Term Portfolio

3 years ago
Oil companies hold diesel, petrol prices again

Oil companies hold diesel, petrol prices again

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