Israeli oil firm underlines faith in North Sea after $2bn expansion move

12/11/2019 10:22 Oil Market


Israeli oil firm Delek has underlined its readiness to increase investment in the North Sea after completing a $2 billion (£1.6bn) acquisition in the area.

Delek bought the North Sea portfolio amassed by America’s Chevron, which has decided to focus on the shale fields of its home country.


The deal, which was agreed in May, forms part of a shakeup in the North Sea that is set to continue as Centrica looks to pull out of the area.


The Scottish Gas owner is trying to drum up interest in the North Sea-focused Spirit Energy business it decided in July to offload.


Reuters reported that Centrica has sent details of the Spirit portfolio to prospective buyers.


The portfolio includes stakes in acreage West of Shetland on which Spirit enjoyed a drilling success with Hurricane Energy in September. It also includes assets acquired by Centrica with the Aberdeen-based Venture Production business it bought for £1.3bn in 2009.


Daily (05.12.2019): Oil prices skyrocketed about 4% on Wednesday ahead of the OPEC meeting

05/12/2019 10:41:00

Crude oil prices skyrocketed on Wednesday, buoyed by hopes of deeper production cuts from OPEC and its allies and following a larger-than-expected drop in U.S. stockpiles. Brent crude soared by 3.6% to settle at $63 a barrel. WTI crude gained 4.2%, closing at $58.43 a barrel. It was its third straight day of gains, and its best day since September.


France's EDF extends Cruas 2 nuclear reactor outage to Saturday

05/12/2019 09:13:00

French utility EDF on Wednesday extended the outage at its 900 MW Cruas 2 nuclear reactor by two days until Saturday, adding that resumption of power generation could be delayed by ongoing safety checks following an earthquake.


Total to supply LNG fuel to CMA CGM vessels for 10 years

05/12/2019 09:09:00

French energy major Total and compatriot shipping company CMA CGM have signed an agreement for the supply of approximately 270,000 tonnes of LNG per year over ten years.