News on Friday regarding further investment in offshore resources where the vendor is in somewhat of a fire-sale environment.
http://www.bloomberg.com/news/artic...bras-gets-2-5-billion-from-statoil-field-sale
Interesting points from the article:
1). Production estimated to start in the mid 20's
2). Cost of acquisition stated around USD $2 to USD $3 per barrel.
3). An analyst at DNB ASA estimates the deal is estimated to be neutral to Statoil at an oil price of USD $60.
Takeaways
1). Despite the low oil price environment, majors continue to invest.
2). Statoil is prepared to pay up to USD $3 for a project with an estimated breakeven of USD $60 - makes the WPL acquisition price look even better value particularly as first oil many years after estimated first SNE oil.
3). For the right opportunity (e.g. operatorship, access to a world class asset) deals will continue to occur and majors continue to be willing to fund.
Interesting few weeks indeed.
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