LNG

Italian energy company Eni has explained the strategy behind its agreed acquisition for $4.9 billion of UK-based Neptune Energy, which is controlled by equity funds and owns key global LNG stakes and gas field assets in Algeria, Indonesia, Norway, the UK, the Netherlands and Australia.

Varo Energy Group, has acquired control of Dutch company Bio Energy Coevorden BV a leading European producer of biogas made from waste, and aims to double production as it forecasts a 10-fold rise in Bio-LNG demand in Europe by countries like new LNG importer Germany.

March 24 (LNGJ) - Royal Dutch Shell sold its oil and gas fields and infrastructure in the West African state of Gabon to the US Carlyle Group for $870 million in cash and assumed debt as it continued its divestment programme as part of stream-lining after acquiring LNG portfolio player BG. The purchaser will also make additional payments up to a maximum of $150M depending on production performance and commodity prices. The transaction consists of all of Shell’s oil and gas operations and five operated fields as well as the associated infrastructure of the onshore pipeline system. Andy Brown, Shell’s Upstream Director, said: “Shell is very proud of the strong legacy we have built in Gabon over the past 55 years. The decision to divest was not taken lightly, but it is consistent with Shell’s strategy to concentrate on our upstream footprint where we can be most competitive. Shell will continue to pursue opportunities in Sub-Saharan Africa.”