Sale Of Norwegian Business
Premier is pleased to announce that it has agreed to sell Premier Oil Norge AS (“PONAS”) which comprises all its Norwegian assets, to Det norske oljeselskap ASA (“Det norske”) for a cash consideration of $120 million. The proceeds will be used to pay down the Company’s debt and represents another step in Premier’s previously stated programme of portfolio management. The transaction is subject to the receipt of government approval and is expected to complete by year-end.
Rosneft agreed to sell 8.99% interest in Saras S.p.A.
Rosneft JV Projects S.A. (Luxembourg), an indirect subsidiary of Rosneft Oil Company, has agreed to sell to institutional investors 85,481,816 ordinary shares in Saras S.p.A., representing approximately 8.99% of the total share capital in Saras S.p.A., at a price of EUR 1.90 per share, through an accelerated bookbuilt offering (the Offering). The share sale was closed at a premium of over 38% to the initial purchase price and is an example of efficient portfolio management and optimization program of Rosneft.
Finngulf terminal and Balticconnector pipeline not commercially viable
Gasum has conducted thorough studies on the feasibility of constructing a regional LNG terminal in Southern Finland and the Balticconnector offshore pipeline between Finland and Estonia. As Gasum has already stated earlier, implementation of the projects require them to be commercially viable. On the basis of the studies Gasum has conducted the Finngulf and Balticconnector projects are not regarded as commercially viable and there is not sufficient demand for them in the Finnish market. Therefore Gasum will give up the implementation of both projects.
Troll oil for 20 years
This week it is 20 years since the start of oil production from the Troll field. The 20 year-old can look back on enormous wealth, with 1.56 billion barrels produced so far and NOK 460 billion in income.