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Perenco to Acquire Southern Gas Assets in UK North Sea from BP for $400 Million - Expand its Operations in North Sea Region by Acquiring Matured Assets
GlobalData, April 2012, Pages: 8
Perenco to Acquire Southern Gas Assets in UK North Sea from BP for $400 Million - Expand its Operations in North Sea Region by Acquiring Matured Assets - Deal analysi form GlobalData
Summary
Perenco UK Ltd (Perenco) agreed to acquire Southern Gas Assets (SGA) in the UK North Sea, from BP p.l.c (BP) for a purchase consideration of $400m in cash. The SGA assets include the Cleeton stream fields (including Wollaston, Whittle, Ravenspurn North, and Ravenspurn South), the West Sole stream fields (including West Sole, Hyde, Hoton, Newsham), the Amethyst field, Dimlington terminal and Hessle office. Current net BP production from the SGA assets is approximately 25,000 barrels of oil equivalent a day (boed).
Under the terms of the agreement, Perenco made an initial payment of $100m in cash and will pay the remaining $300m on completion of the transaction. Perenco also agreed to pay another $10m in the future contingent on the prevailing gas prices.
The acquisition will enable Perenco to strengthen its position in the UK North Sea. The transaction is expected to be completed by the end of 2012, subject to a number of third party and regulatory approvals.
The transaction implies a deal value of $16,000 per boe of daily production.
Scope
- Rationale behind Perenco acquiring SGAs from BP
- Stratigic benefits for the companies involved in the transaction
- Geography covered - UK
Reasons to buy
- Develop a sound understanding of the major M&A's, Partnerships, and Joint Ventures undertaken by Perenco and BP . Rationale behind selling SGAs by BP to Perenco
- Plan to acquire assets and to capitalise opportunites taking place in the E&P market
- Identify the reason behind Perenco's plan to acquire SGAs from BP
Keywords
Perenco, BP, SGA, North Sea, Dimlington terminal, Oil Spill, Gulf of Mexico
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1
1.1 List of Tables
1.2 List of Figures
2 Perenco to Acquire Southern Gas Assets in UK North Sea from BP for $400 Million
2.1 Deal Overview
2.2 Deal in Brief
2.3 The Acquisition will Allow Perenco to Strengthen its Operations in the North Sea Region
2.4 BP Plans to Divest SGAs to Fund its Oil Spill Disposal Program in the Gulf of Mexico
2.5 Deal Financials and Valuations
3 Appendix
3.1 Methodology
3.2 Contact Us
3.3 Disclaimer
1.1 List of Tables
Table 1: UK, Perenco, Major Oil and Gas Assets in the North Sea Region, 2012
Table 2: UK, North Sea, Major Southern Gas Assets of BP, Fall in Production from their Peak levels, 2011
Table 3: Perenco, Major Acquisitions, 2010 – March 30, 2012
Table 4: BP, Major Divestments, 2010–March 27, 2012
Table 5: Companies Involved
Table 6: Financials of the Deal
Table 7: Target Information
Table 8: Target’s Production and Reserves Information
Table 9: Company Valuation Multiples
Table 10: Commodity Prices in $, Last Close
Table 11: Acquirer Information
Table 12: Vendor Information
1.2 List of Figures
Figure 1: Perenco, Location of Assets in the North Sea Region, 2012
Figure 2: North Sea, Location of Dimlington Terminal in the Map, 2012
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