Anadarko had 3-4 offers from Oxy & the board refused them (including the last one on Apr12 for USD76/sh) in favour of the USD65/sh offered by Chevron so much so the board agreed to pay a break-fee of USD1bil to Oxy. Offer up from CVX's USD 33bil to Oxy's USD 38bil excludes Debt of apprx USD15bil. Buyer inherits that & will sell some of the junk assets to reduce this debt.
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And in regional news...
1) Same story albiet on a smaller scale getting played out at Ophir. They knocked back offers from 40p/sh from Coro, 48.5p from Soco, 55p/sh from Medco Energi in Jan'19. Medco Energi came back with a higher offer of 57.6p/sh or 408.4m GBP for the 2P-70.1 mmboe, 2C-596.6mmboe resources in SE Asia including the Vietnam assets sold by Santos to Ophir last year in May (USD 205m for 2P-20 mmboe).
2) Murphy Oil exited from Malaysia. They sold the Assets to PTTEP for USD 2.127 bil, apprx 1P-129 mmboe.
3) STO raking in the revenue after the USD1.93b (post adjustments) paid for 2P-220 mmboe Quadrant acqusition finalised on 27th Nov 2018. Still waiting on the farmout of their 80% equity in Dorado to someone from a long list of suitors mentioned by Kevin Gallagher. Barossa FID planned
4) Beach currently in the process of completing its 40% sale for AUD 344mil sale in Otway (Thylacine etc) to Eyal Ofer (apprx 2P-30 mmboe, 2C-17mmboe).
5) Shell & Conoco sold their interests in Sunrise to Timorese govt for combined value of USD 650 mil, combined 56.56% (apprx 2C- 637 mmboe resource). WPL retains their 33.4% equity for 2C-376.7 mmboe resource & Osaka holds the remaining 10%.
6) Woodside progressing towards FID for Scarborough in 2020 & hopefully look at farming down their current 75% equity in the project. Net 2C resource is apprx 1126.5 mmboe.
7) Shell-Seven-Osaka handed out FEED contracts to KBR & Wood for developing Crux field in the Browse. Possible gas shortfall at Prelude is my guess as the field is draining the same reservoir as Inpex. Crux should b one of the key LNG projects that comes off in the next decade alongwith Barossa, Scarborough & WPL's Browse LNG. Plenty of time.
