Hashtag: #OilAndEnergy
‘Outperform’ Rating For Energy XXI
Bermuda’s Energy XXI was upgraded by equities research analysts at Zacks Investment Research from a “neutral” rating to an “outperform” rating in a research note issued to investors today [Dec. 21]. Energy XXI is an independent oil and natural gas exploration and production company with operations focused in the United States Gulf Coast... Read more of this article
S&P Lowers Ship Finance Outlook
Standard & Poors today [Dec.21] lowered its outlook for Bermuda’s Ship Finance International Ltd. after the Hamilton company agreed to amend its long-term chartering agreements with locally-based oil tanker operator Frontline Ltd. S&P said the move will reduce income from Frontline as of 2012, in exchange for a one-time $106 million cash... Read more of this article
Gulf Keystone Denies Exxon Report
Bermuda’s Gulf Keystone oil exploration company yesterday [Dec. 19] denied a weekend report in a British newspaper that Exxon was considering buying the firm for $10.8 billion. The UK’s “Independent On Sunday” had suggested the Texas-based petroleum giant had started talks with Gulf Keystone with a view to acquiring the Bermuda... Read more of this article
Bermuda’s Alliance In Russian Venture
Bermuda-based Alliance Oil Co. Ltd., with operations in Russia and Kazakhstan, today [Dec. 20] said it has agreed to form a joint venture with Spanish oil and gas giant Repsol YPF SA for exploration and production growth in Russia. Alliance and Repsol will own 51 percent and 49 percent stake in the JV respectively. The joint venture will have a total... Read more of this article
Exxon Mulls Gulf Keystone Bid
The world’s largest oil company Exxon Mobil Corp, is mulling a $10.9-billion takeover of Bermuda’s Gulf Keystone Petroleum, which concentrates on oil exoloration in Iraq’s Kurdistan region, a British newspaper reported yesterday [Dec.18]. A report in the UK’s “Independent On Sunday” said Texas-based Exxon is planning... Read more of this article
Northern Offshore’s Vietnam Contract
Bermuda’s Northern Offshore, Ltd. this week announced that the Joint Operating Company Vietgazprom [VGP], a joint venture between Petrovietnam and Gazprom, has selected the drillship “Energy Searcher” [pictured] for an upcoming drilling programme off the Vietnam coast. The duration is for a four-well programme expected to last approximately... Read more of this article
Bermuda-Flagged Oil Tanker In Distress
A Bermuda-registered oil tanker that got into difficulties off the coast of Ireland is making its way to Belfast, the BBC reports today [Dec.16]. The Irish coastguard said the captain of the “Genmar Companion” [pictured] reported cracks in its deck but there has been no leaks. The vessel, which was en route from Rotterdam to New York, is... Read more of this article
Socius Share Placing For Xcite Energy
British oil exploration and development company Xcite Energy has secured access to £85.8 million in new capital, with £25.8 million of the money being raised through a share placing arranged by a subsidiary of the Bermuda-based Socius Capital Group. The remaining £60 million will be made available through an equity credit line facility. Based in... Read more of this article
Frontline 2012 Shares Launched
Bermuda oil-tanker operator Frontline — which announced a major restructuring plan earlier this month — said a new company it intends to form completed a private sale of shares which raised $285 million. Frontline, based in Hamilton, Bermuda, rose almost 11 percent to 21.88 kroner on the Oslo bourse today [Dec. 16] after the company said... Read more of this article
Nabors Sells Subsidiary’s Assets For $72M
Bermuda-headquartered Nabors Industries has finished selling assets from its subsidiary, Ramshorn Investments Inc., for about $72 million in cash. Ramshorn Investments sold all of its interest in certain oil and gas properties in California. According to terms of the sale, the purchaser will continue to use Nabors’ rigs. Tony Petrello, Nabors’ president... Read more of this article
Drop In Bermuda Fuel Prices
In what amounts to an early Christmas gift for Bermuda consumers, the Finance Ministry has announced a drop in fuel prices for December. Effective today [Dec. 16] the maximum prices of petroleum products in Bermuda change as follows; Gasoline: -2.6 cents/litre Diesel: -6.3 cents/litre Kerosene: -6.7 cents/litre As a consequence, the maximum retail... Read more of this article
Seadrill Mulls Brazilian Venture
Bermuda’s Seadrill Limited is contemplating expanding its product range with an ambition to offer a wider range of oilfield services in Brazil. The company announced today [Dec. 14] that such expansion could include a joint investment with SapuraCrest Petroleum Bhd, or SapuraCrest, which recently, through a wholly owned subsidiary, entered into... Read more of this article
