Darren
Barbee
Oil and Gas Investor
Energy A&D Transactions from the Week of March 29, 2023
Here’s a snapshot of recent energy deals, including Brookfield Renewable Partner's $10.3 billion deal to acquire Origin Energy's Australian assets and Crescent Energy Partners' $1.28 billion acquisition of Montney assets.
Marketed: Maverick Natural Resources Permian Basin Opportunity
Maverick Natural Resources LLC retained EnergyNet for a Permian Basin opportunity of Turner Gregory Unit and Ellett A-6 (Operations and ORRI) plus 3,292.09 Net HBP in Mitchell County, Texas.
Brookfield, EIG Consortium to Acquire Australia’s Origin Energy in Deal Worth $10.3 Billion
Brookfield plans to invest at least AUD$20 billion more during the next decade to construct renewable generation and storage facilities in Australia.
ConocoPhillips to Raise Stake in Australia’s APLNG
ConocoPhillips currently holds a 47.5% stake in APLNG, one of the largest suppliers of natural gas to Australia’s East Coast. Origin and China’s Sinopec hold the remaining shares in APLNG.
Oil, Gas Price Volatility Slows Upstream M&A Market
A flurry of oil deals kicked off a strong start to 2023, but upstream dealmaking has slowed to a crawl in recent weeks due to low commodity prices and a banking liquidity crisis.
Crescent Point to Buy Montney Assets in $1.28 Billion Deal
Crescent Point Energy said it would purchase Spartan Delta Corp.’s Montney assets in Alberta, Canada, including average production of 38,000 boe/d for CA$1.7 billion (US$1.28 billion) in cash.
Salamander JV to Demonstrate Commercial-scale 100-MW Offshore Wind Project
A joint venture between Ørsted, Simply Blue Group and Subsea7, the Salamander Project is one of 13 projects selected and has a proposed capacity of 100 MW.
Energy Transfer to Acquire Permian’s Lotus Midstream for $1.45 Billion
Energy Transfer’s acquisition of Lotus Midstream’s infrastructure includes the Centurion Pipeline and adds about 3,000 miles of crude gathering and transportation pipelines that extend from New Mexico across the Permian Basin of West Texas to Cushing, Oklahoma.
ACEN Acquires Eight Operating Wind Projects in Texas from GlidePath
ACEN’s UPC Power Solutions is acquiring eight wind assets in Texas from GlidePath with a total energy capacity of 136 megawatts.
By Hook, Crook and Bolt-on, E&Ps Scramble to Add Inventory
Operators are adding inventory, largely through M&A, as some E&Ps see well productivity plateauing.