Latest news with #Baleine
Yahoo
19-05-2025
- Business
- Yahoo
Oman LNG inks term sale and purchase agreement with Vitol to supply LNG
Oman LNG has entered a term sale and purchase agreement (SPA) with Vitol, an energy and commodities company. Starting from January 2026, Oman LNG will supply 800,000 tonnes per annum (tpa) of liquefied natural gas (LNG) to Vitol on a DES Flexible basis. Oman LNG chief executive officer Hamed Al Naamany said: 'This agreement with Vitol reflects our agility and continuous adaptation to market dynamics. We are pleased to see continued positive market response to Oman's strategy in gas and LNG. "Vitol is a key portfolio trader and a trusted partner, and we are pleased to extend our cooperation through this deal, which supports our long-term growth and value delivery.' The partnership with Oman LNG is evidence of Vitol's commitment to securing diverse energy sources for its international clientele. Vitol head of LNG Pablo Galante Escobar added: 'Vitol has a decades-long partnership with the Sultanate of Oman on crude and products. It is an honour to extend this relationship to a term deal with Oman LNG. "The Sultanate of Oman and Oman LNG are critical to ensuring the stable supply of affordable energy to global markets and we are delighted to be working with them.' In March, Vitol made a strategic move to expand its portfolio by agreeing to purchase stakes in assets owned by Eni in Cote d'Ivoire and the Republic of Congo. The deal, valued at $1.65bn (SFr1.38bn) and effective as of 1 January 2024, includes standard cash adjustments upon completion. Vitol will acquire a 30% participating interest in the Baleine project in Cote d'Ivoire, complementing Eni's 77.25% stake in the venture. "Oman LNG inks term sale and purchase agreement with Vitol to supply LNG" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
29-03-2025
- Business
- Yahoo
Vitol weighs $3bn sale of US shale producer VTX Energy Partners
Global commodities trader Vitol is considering the sale of its VTX Energy Partners division, a US shale oil and gas producer, reported Reuters, citing sources. The transaction, valuing the business at up to $3bn including debt, seeks to capitalise on VTX's position as one of the few remaining privately owned operators in the Permian Basin, a prime US oilfield. Vitol's decision comes after a wave of acquisitions in the Permian Basin over the past two years, where many unlisted energy producers were acquired by listed companies aiming to expand their scale. This scarcity value of the business may enable Vitol to secure a significant return on its investment in VTX, having committed $1bn in 2022 to establish the company. Vitol is collaborating with investment bankers at Jefferies to gauge buyer interest in VTX's assets in the Permian Basin's southern Delaware region. These deliberations are at an early stage and a deal is not guaranteed, the report said. VTX Energy Partners produces approximately 46,000 barrels of oil equivalent per day from around 46,000 net acres (186km²) across two counties in Texas. A water treatment business owned by the company is also part of the sale effort. Vitol and Jefferies have not yet responded to requests for comment. This venture marks Vitol's second US shale initiative, following the launch of Vencer Energy in July 2020 to acquire assets at reduced valuations during the Covid-19 pandemic. Vitol has recently agreed to acquire interests in assets owned by Eni in Cote d'Ivoire and the Republic of Congo, valued at $1.65bn as of 1 January 2024. The acquisition involves oil and gas assets, with Vitol gaining a 30% participating interest in the Baleine project in Cote d'Ivoire, where Eni holds a 77.25% ownership interest. "Vitol weighs $3bn sale of US shale producer VTX Energy Partners" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Reuters
19-03-2025
- Business
- Reuters
Eni agrees to sell Vitol stakes in Ivory Coast, Congo upstream assets
MILAN, March 19 (Reuters) - Italian energy group Eni ( opens new tab has agreed to sell stakes in assets in Ivory Coast and the Republic of Congo to global energy trader Vitol for an aggregate value of $1.65 billion at January 1 2024, with cash adjustment at closing. Vitol will acquire an interest in oil and gas producing assets and blocks undergoing exploration, appraisal and development, Eni said in a statement on Wednesday. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. The deal includes the Baleine project in Ivory Coast, where Eni has a 77,25% ownership interest and Vitol will acquire a 30% stake, and the Congo LNG project in the Republic of Congo, where Eni has a 65% stake and Vitol will acquire a 25% participating interest.
