BP Divests North Sea Assets, New Cnooc/Nexen Nuggets: Merger and Acquisitions Update
BP (NYSE:BP) said Wednesday that it will divest its interests in several central North Sea oil and gas fields to Abu Dhabi’s national energy company TAQA at a price of 1.058 billion dollars along with future payments which depend upon oil price and output that BP expects to exceed 250 million dollars. The assets include the company’s interests in the BP-operated Maclure, Harding and Devenick fields and non-operated interests in the Brae complex of fields and the Braemar field.
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Kirby Corporation (NYSE:KEX) will purchase Penn Maritime Inc. and Maritime Investments which operates tank barges and tugboats involved in the coastal transportation of mostly black oil products in the United States, according to a press release. The total value of the acquisition is around $295 million and will consist of cash, Kirby common stock and the retirement of Penn’s debt.
The government of Canada is still considering two proposed foreign takeovers of its domestic energy firms. Regulators say that they will introduce new policy guidelines on foreign investment around the same time that they announce rulings on the now-famous bid by Cnooc Limited (NYSE:CEO) for Nexen (NYSE:NXY) and the offer by Petronas for Progress Energy Resources Corp. (PRQNF.PK). The deadline for the Cnooc/Nexen decision is the 10th of December, but Industry Minister Christian Paradis says that officials have thus far not finished their work.
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