Strathcona, controlled by former investment banker Adam Waterous, is now offering 0.8 of a share for each share of MEG. That would value the Calgary-based target at around C$7.8 billion ($5.7 billion), based on Friday’s close. The new price is about 10% higher than Strathcona’s original takeover bid and tops the price Cenovus agreed last month to pay for MEG.
Cheiron Petroleum Corporation was awarded the North Sitra and East Sidi Barani blocks and will drill four exploration wells. Apache Corporation received West Kanayis-K to support ongoing developments in the Western Desert. Pharos Energy secured South Abu Sennan, committing to three wells. IPR Energy Group will drill three wells at South Wadi El Rayan. A consortium of NPC and GHP will target mature fields G and HNW, planning seven wells to boost production.
Libyan officials have revealed key details of the country’s first oil and gas exploration licensing round in nearly two decades, with 22 blocks on offer under revamped production-sharing agreements designed to attract foreign capital and accelerate upstream growth.
The bid round plans were first announced last month.
Mozambique has finalized agreements with Chinese oil company the China National Offshore Oil Corporation (CNOOC) for the exploration and production of five offshore blocks. These blocks, located in both shallow and deep waters, were awarded as part of the country’s sixth licensing round initiated by the Mineral Resources and Energy ministry.
Bangladesh on Sunday announced an international bid round for the exploration of oil and natural gas in 24 blocks in the Bay of Bengal under a new Production Sharing Contract (PSC) to enhance energy production.