Tag Archives: M & A

Ineos Acquires Forties Pipeline System from BP

Ineos confirmed it acquired the 575,000 bpd Forties Pipeline System (FPS) from BP in a $250 million deal. The move makes Ineos responsible for a strategic U.K. asset that delivers almost 40% of the nation’s North Sea oil and gas. “The acquisition reunites North Sea and Grangemouth assets under Ineos ownership. Ineos is now the only U.K. company with refinery and petrochemical assets directly integrated into the North Sea,” said Jim Ratcliffe, chairman and founder of Ineos.   The 235-mile pipeline links 85 North Sea oil and gas assets to the U.K. mainland and the […]

Cenovus Buying Most of ConocoPhillips’ Canadian Assets

CALGARY, Alberta (AP) — Cenovus Energy will pay $17.7 billion Canadian (US$13.2 billion) for most of ConocoPhillips’ Canadian assets, making the company the  the latest to reduce exposure to Canada’s oil sands – the world’s third-largest oil reserves. Cenovus CEO Brian Ferguson called it a ‘transformational acquisition’ for the Calgary-based company. The deal includes ConocoPhillips’s 50% interest in FCCL Partnership, an oil sands venture between the two companies in northern Alberta, as well as the majority of ConocoPhillips’s Deep Basin conventional assets in Alberta and British Columbia. The combined assets have forecast 2017 production of […]

Shell Finalizes BG Group Deal at Bad Time in LNG Market

April 2016, Vol. 243, No. 4

Shell completed its acquisition on Feb. 15 of BG Group, a British company formed in 1997 from the privatization and breakup of state-owned British Gas. The Group has sites in over 20 countries and draws 75% of its LNG customers from Asia. BG delivered 17.9 million metric tons of LNG in 2015, up 63% from the previous year. Shell is experienced in developing gas fields and distributing the product. Adding BG will boost its reselling and other trading operations. Shell now has capacity to liquefy 33 million tons annually, compared to No. 2 player ExxonMobil’s […]