The collapse in oil prices to 21-year lows has led potential buyers of oil and gas fields to try and renegotiate deals already agreed at higher prices, with the first examples emerging of sellers having their hand forced.
FILE PHOTO: The logo of BP is seen at a petrol station in Kloten, Switzerland October 3, 2017. REUTERS/Arnd Wiegmann/File Photo
“The oil industry is revisiting its ‘before coronavirus’ bids, and we envisage announcements from other firms as they re-price or repackage previously announced deals,” said Royal Bank of Canada oil and gas equity analyst Al Stanton. Among deals currently on the table, private equity group Blackstone with its North Sea vehicle Siccar Point, was already disagreeing with another private equity firm, Chrysaor, over price even before the slump in March, sources said.
“It is my view that all deals... in general will be a mixture of initial payments that are suitable for the current market and earn out or commodity price payments that allow sellers to get good deals as the volatility subsides,” HitecVision Senior Partner John Knight said. HitecVision said it is on the prowl for more acquisitions in the British North Sea. In Norway, Aker BP and Lundin may be on the lookout for cheap assets, while OKEA and DNO, which took control of UK’s Faroe Petroleum last year, are also looking to grow.
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