It’s hard to look past BP (LON:BP.) for the biggest story of the week as the oil giant closed the ledger on its legal settlements and compensation in the US, following the 2010 spill in the Gulf of Mexico.
BP, on Monday, revealed a US$20.8bn settlement with the American government. The cash will be paid over the next eighteen years. It means that BP has now set aside US$54bn.
Analysts had, by Tuesday, decided that the dividend was most likely safe despite the huge legal outlay.
On Thursday, Tullow Oil (LON:TLW) told investors that it can achieve its full year production target of 66,000 to 70,000 boepd, after agreeing an extension to a licence in Gabon. It regained its 7.5% in the project following a number months negotiating with the country’s government.
The asset accounts for 2,000 of the 15,000 barrels of daily production Tullow generates from Gabon.
Tethys Petroleum (LON:TPL) on Wednesday called off its proposed acquisition by Nostrum, after the AIM quoted firm’s largest shareholder snubbed the offer and a new recapitalisation – at a premium – was put on the table. The takeover saga continues.
Mosman Oil & Gas (LON:MSMN) moved closer to its ‘transformative’ M&A business after Origin Energy confirmed it was satisfied that the ambitious junior could get together sufficient funds to close the deal.
Nostra Terra (LON:NTOG) and Independent Resources (LON:IRG) this week unveiled their own ambitious deal, acquire a 50% non-operated stake in producing assets in Egypt.
The pair of AIM oil companies, which set up a joint venture last month, will acquire a non-operated 50% stake in the East Ghazalat concession for US$3.5mln. It gives the JV some 440 barrels of oil production and just over 1mln barrels of proved and probable (2P) reserves – meaning they’ll each have 220 bopd and about 500,000 barrels of reserves.