September 2, 2014
SapKen, haha, snort.
Dateline 2014-06-26, The Star:
SapuraKencana Petroleum Bhd expects to see the first production of gas from the assets it acquired from Newfield Malaysia in the first quarter of 2017, said president and group chief executive officer Tan Sri Shahril Shamsuddin.
Last October, SapuraKencana paid RM2.85bil for the Malaysian oil and gas fields that Newfield sold via a bidding process. These assets are now called SapuraKencana Energy Malaysia Inc (SKEM).
March 18, 2014
Dateline 2014-02-11, Rigzone:
SapuraKencana Petroleum Berhad, Malaysia’s oil and gas services and solutions provider, announced Tuesday that the company has successfully completed the Share Purchase Agreement (SPA) for the acquisition of Newfield International Holdings Inc.’s entire equity interest in Newfield Malaysia Holding Inc. for $895.9 million.
The acquisition cost is below the $898 million purchase price previously reported as the price was subjected to adjustments as set out in the SPA, SapuraKencana said in a press release.
Following completion of the acquisition, SapuraKencana Energy Inc. (SKEI), a newly incorporated wholly owned upstream subsidiary of SapuraKencana, now holds equity interest in 8 Production Sharing Contracts (PSCs) and one alliance contract in Peninsular Malaysia, Sabah and Sarawak.
December 21, 2013
Old news, yes.
Dateline 2013-10-22, Rigzone:
Newfield Exploration Company plans to sell its equity interests in Newfield Malaysia Holdings to SapuraKencana Petroleum Berhad for $898 million. The deal is expected to close early next year.
“We have enjoyed significant success in Malaysia and had a great business partnership with Petronas in the region,” commented Lee K. Boothby, Newfield Chairman, President and CEO, in a press release. “In early 2013, however, we announced our intent to exit our international businesses and focus our investments on domestic resource plays.”
In April 2013, Newfield made a large natural gas discovery off the coast of Malaysia in its B-14 well, which encountered 1,585 feet of net natural gas in about 250 feet of water 50 miles offshore. The company estimated there are 1.5- to 3 trillion cubic feet of gas initially-in-place after its discovery.
November 24, 2013
Oldie but goldie.
Dateline 2013-10-14, Malaysia Chronicle:
Hibiscus Petroleum Bhd and Ho Hup Construction Co Bhd seem to be getting more than their fair share of interest from the stock-buying public.
Hibiscus, which counts billionaires Tan Sri Quek Leng Chan and Tan Sri A.P. Arumugam as its shareholders, is seen to be slowly moving away from operating as a special purpose acquisition
Hibiscus was the country’s first SPAC to be listed on the stock exchange, but ironically some of its recent moves seem to suggest the company plans to aquire quantifiable assets to back up its resume.
This can be seen from its move to acquire Newfield Exploration Co’s oil and gas assets in Malaysia and China.
October 22, 2013
Now, since the head of PETROFAC is in charge of Vestigo, any ideas who’s the winner among the contenders?
Dateline 2013-08-26, The Star:
SapuraKencana Petroleum Bhd, Talisman and Petrofac have been shortlisted for the second round of Newfield Exploration Co’s oil and gas assets in Malaysia and China, said sources close to the deal.
Last week, Hibiscus Petroleum Bhd confirmed that it had been shortlisted for this two-round bidding process, where the second-round bids are expected to be submitted by Sept 26. The source added that the results for the winning bidder should be known by year-end. Goldman Sachs Group Inc is the investment banker mandated to manage this bidding process. It would appear that only a handful of companies out of the 65 companies that had initially expressed interest for Newfield’s assets worth some US$1.7bil have been selected for the second round.
October 10, 2013
From SPAC to PSC in one fell swoop? This is how you break into the O&G big bucks.
Malaysia’s first special purpose acquisition company (SPAC), has been short-listed for the second round of bidding for Newfield Exploration Co’s Malaysian and Chinese oil and gas fields valued at about US$1.2 billion (RM3.94 billion).
“It was only a handful of companies that made it to the second round from the 65 companies initially expressed interest, and we are one of them,” said Hibiscus MD Dr Kenneth Pereira.
Newfield, the fourth-largest oil producer in Malaysia, has an interest in about 3.3 million net acres offshore Malaysia and about 290,000 net acres offshore China but intends to sell these assets to focus on its North American operations.
October 2, 2013
Dateline 2013-08-15, Reuters:
Energy majors Exxon Mobil Corp and Royal Dutch Shell are among the suitors advancing to the next round of bidding for Newfield Exploration Co’s Malaysian and Chinese oil and gas fields valued at about $1.2 billion, people familiar with the matter said.