A major US$ 31.9bn liquefied natural gas (LNG) project in Canada has received the go-ahead from its partners. The project is a joint venture between Royal Dutch Shell, Malaysia's Petronas, PetroChina, Korea Gas Corporation, and Japan's Mitsubishi Corporation. It is the single largest private sector investment project in Canada's history.
Brazil’s Raizen Combustiveis SA agreed to buy downstream assets in Argentina from Royal Dutch Shell for US$ 950 million, according to a securities filing on Tuesday. Raízen Combustiveis, a joint venture between Brazil´s Cosan SA Indústria e Comércio and Shell, will have a 20% market share in fuel distribution in Argentina.
By Nick Cunningham of Oilprice.com - On a historic auction for deepwater oil assets in Brazil, the oil majors showed up on October 27 and bought several offshore blocks, indicating a high level of interest in the country after a major policy overhaul allowed private investment.
Argentina's state-run oil company YPF is among the bidders for Royal Dutch Shell Plc's refinery and network of gasoline stations in Argentina. Other nationally owned oil companies are interested in the assets but YPF is seen as having an edge because of its strong position in Argentina, the reliable industry sources said.
Argentina's state-run oil company YPF said it reached a preliminary deal with Royal Dutch Shell Plc to develop oil and gas assets in the Vaca Muerta shale field, involving a US$300 million investment from Shell.
Royal Dutch Shell is considering investing billions in Brazil, set to become a focal point after the planned acquisition of BG Group, even as it prepares to sell huge chunks of its business to pay for the $70bn deal.
Oil companies have eyed the Arctic for years. With an estimated 90 billion barrels of oil lying north of the Arctic Circle, the circumpolar north is arguably the last corner of the globe that is still almost entirely unexplored.
Brazil’s Petrobras is selling its 20% stake in the Gila prospect in the US Gulf of Mexico as part of its ongoing divestment program. The state-owned company said it had signed a sale and purchase agreement for the sale of its equity in exploration blocks KC 49, 50, 92, 93, 94 and 138, which make up the BP-operated asset.
Royal Dutch Shell has said that it will suspend its offshore drilling program in the Arctic for the rest of 2013 in order to give time to ensure safety. The decision to pause drilling for oil in the Chukchi and Beaufort Seas off Alaska was widely expected, following a catalogue of problems last year.
Spanish energy giant Repsol SA said Tuesday that it agreed to sell a package of liquefied natural gas assets to Royal Dutch Shell Plc in a transaction valued at 6.65 billion dollars. Shell will pay 4.4bn in cash and assume 2.25bn in debt, Repsol said in a regulatory filing.