Linn Energy acquires BP’s Kansas assets for $1.2B

Linn Energy LLC has signed a definitive purchase agreement to acquire Hugoton basin properties located in Kansas from BP for $1.2 billion.


Continue reading for a detailed analysis.

Chariot Oil & Gas Completes BP Farmout

In the last quarter of 2011, Namibia saw an increased activity in trading exploration blocks. The prominent deals include UK listed Chariot Oil & Gas Ltd – British supermajor BP, Canadian listed Eco (Atlantic) Oil & Gas Ltd – British independent Azimuth Ltd and UK independent West Bay Investments Ltd, and Russian based Sintez – Canadian listed EnerGulf Resources. Continue reading here..

US O&G Majors' Presentations in May - June 2011

BP:
China's Energy Future

ConocoPhillips:
Investor Update - June 2011
UBS Energy Conference

Chevron:
Australasia Overview - June 2011

Anadarko:
2011 Energy Capital Markets Energy & Power Conference

Devon Energy:
Annual Meeting - June 2011

Shell:

Credit Suisse European Oil & Gas Conference

Chesapeake:
June 2011 Investor Presentation

2011 Annual Meeting of Shareholders

Occidental Petroleum:
2011 UBS Global Oil & Gas Conference

EUROPE O&G Major's Presentations - 2011

Statoil:
Morgan Stanley Gas Conference 2011

Field development on the Norwegian continental shelf
Market Outlook for Natural Gas

ExxonMobil:
Business Model & Fundamental Strategies 2011
Goldman Sachs Global Energy Conference 2011

Shell:

CREDIT SUISSE EUROPEAN OIL & GAS CONFERENCE
CreditSuisse Brazil Oil Trip 2011

ENI:
2011-2014 Strategy

ConocoPhillips:
Investor Update June 2011
UBS Energy Conference May 2011

2011 Annual Meeting of Stockholders
Investor Update May 2011

BP:
China's Energy Future
BP Energy Outlook 2030

UK O&G Majors' Presentations - 2011

BP:
China’s energy future
2011 Statistical 60 Years Review


Shell:
March 2011 Investor Presentation
Goldman Sachs London 2011
Credit Suisse Energy Summit 2011

ExxonMobil:
2011 Analyst Meeting
2011 Business Model & Fundamental Strategies

ConocoPhillips:
Investor Presentation - June 2011
Investor Update - May 2011
2011 Annual Meeting of Stockholders
UBS Energy Conference 2011


TOTAL:
2010 Results and Outlook

Centrica Plc:
Annual General Meeting 2011

BG:
2011 Strategy Presentation

Nexen:
UBS Oil & Gas Conference
Investor Roadshow - May 2011
2011 Annual General Meeting

Chevron:
Tengiz Field Trip 2011
Eurasia Business Unit Overview
2011 Tengiz Field Trip - Europe, Eurasia and Middle East

ENI:
2011-2014 Strategy Presentation

Investor Presentations of O&G Majors in 2011

Anadarko:

2011 Investor Conference Call

2011 Investor Day Presentation

Apache:

Investor Day - May 2011

2011 Annual Meeting Slides

Sanford Bernstein Strategic Decisions Conference

BHP Billiton:

Citi Global Resources Conference

Howard Weil Energy Conference

BP:

BP 2011 Statistical 60 Years Review

Chesapeake:

February 2011 Investor Presentation

March 2011 Investor Presentation

April 2011 Investor Presentation

May 2011 Investor Presentation

June 2011 Investor Presentation

ConocoPhillips

June 2011 Investor Update

2011 Analyst Meeting

ExxonMobil

Exxonmobil 2011 Business Model & Fundamental Strategies

BP looks for acquisition opportunities in Brazil and Russia.. Plans to spend $20 billion in 2011.

“BP is looking to acquire stakes in Brazilian oil fields to increase the production in South America”, said Guillermo Quintero, president of BP's Brazil division, during a press conference. Guillermo added saying, "We can't reveal the names for strategic reasons, but we have two or three farm-in negotiation processes underway. We didn't come to Brazil just to continue what Devon started, Brazil is strategic for us."

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Capital of $20 billion set for 2011

BP plans to spend $20 billion to expand its operations around the world in 2011 and is looking to new areas including Brazil and Russia to increase the oil production. BP's assets in Brazil include 10 blocks. Only one of them is in production phase with output of around 25,000 bpd. Guillermo said BP's production in Brazil could reach 100,000 bpd, but did not offer a clear time frame for this.

Also, BP has plans to participate in Brazil's 11th bidding round to be held in September 2011, which will not include blocks in the coveted deep-water region known as the subsalt that is home to the country's largest oil discoveries.

Status of M&A activity in BRAZIL

Recently, BP received the final approval to complete the purchase of ten exploration and production blocks in Brazil from Devon Energy. In 2010, the Chinese were active acquiring assets in Brazil. In addition, Brazil's Mines and Energy Ministry is planning to include frontier areas in north and northeast Brazil in the highly anticipated round 11 for new oil and natural gas blocks. The round is also expected to include onshore and deepwater areas in mature basins, in addition to equatorial margin basins in the northeastern and northern regions.

The map shows the major 2010 deals in Brazil.

Source: Global E&P Transactions 2010 Review

Opportunities available in Brazil

Derrick Petroleum has aggregated all publicly announced properties for sale. Derrick’ Deals in Play is the most comprehensive data set of its kind in the industry. The following table shows the prolific opportunities available in Brazil.

Source: Derrick Petroleum E&P Transactions Database 

Though 2010 was a disaster for BP due to Macondo oil spill, 2011 seems like a progressive year for BP that has clinched the $7.2 billion alliance with Reliance and announced $20 billion capex for acquisitions in 2011. The following graph shows 2010 production and capex of BP compared with its peers.

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BP acquires interest in four new CBM PSCs in the Barito Basin, South Kalimantan

BP has acquired 44% interest in Tanjung IV CBM PSC along with Pertamina holding the remaining 56% and 45% in the Kapuas I, II and III CBM PSCs Sugico holding the remaining 55%. Together, the four PSCs cover an area of approx. 4,800 sq kms. These awards mark BP's first CBM access in Indonesia outside its joint venture with ENI, VICO, which in late 2009 was awarded the Sanga Sanga CBM PSC near the Bontang LNG plant in East Kalimantan.

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BP's future exploration focus

BP's current exploration projects

Source: Derrick Petroleum Planned Exploration Wells Database

Uncertainty on Rosneft and BP share swap continues...........Will this impact BP's joint projects with Rosneft???

Uncertainty about a strategic alliance between Rosneft and BP, blocked by the BP's partners in the TNK-BP joint venture, will not affect BP's investment projects in Russia.

Exisitng joint developments

BP's joint projects with Rosneft on Sakhalin are still an investment priority for BP in Russia.

BP and Rosneft are jointly developing deposits off Russia's Pacific Island of Sakhalin. The companies are implementing the Sakhalin-V project, which initially envisaged the exploration and development of the Vostochno-Shmidtovsky deposit with estimated recoverable reserves of 411 mln tons (3 bln barrels) and 255 bln cubic meters of gas, and the Kaigansky-Vasyukansky deposit whose recoverable oil reserves are estimated at 1.2 billion tons (8.6 bln barrels).

In 2009 the partners abandoned exploratory drilling at the Vostochno-Shmidtovsky field and returned the license to the government.

Uncertainty due to suspension of the deal by British Court

BP and Rosneft agreed in mid-January to form a strategic alliance to explore the Arctic seabed in a share swap deal but BP's partners in TNK-BP objected to the move, saying all of BP's new business opportunities in Russia and Ukraine must be pursued through the Russian-British joint oil venture. The JV's Russian billionaire shareholders won a preliminary order in a British court to suspend the deal.

Uncertainty to continue

Willfully ignoring the provisions of the shareholder agreement was a serious misjudgment by BP that has severely damaged the relationship between the TNK-BP shareholders; it has also harmed BP’s reputation in Russia.

AAR Group(BP’s partners) has now put itself in a very strong position to have either a more active role for TNK-BP in the deal or to get compensation.
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