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Posts Tagged ‘acquisition’

Massive Christmas deal! Harbour Energy acquires LLOG for $3.2 billion.

Posted in Offshore Energy - General, UK, Gulf of Mexico, tagged , , , on December 23, 2025| Leave a Comment »

LLOG’s Salamanca floating production unit, Gulf of America

The UK’s Harbour Energy is acquiring Louisiana’s LLOG Exploration Company for $2.7 billion in cash and $0.5 billion in shares.

Harbour CEO Linda Cook:

“Today’s announcement delivers on Harbour’s long-standing ambition to establish a presence in the deepwater Gulf of America. With LLOG, we found the right combination of high-quality assets and a talented team, providing a strong strategic and cultural fit with our company. The transaction positions us as a leading player in a region with well-established infrastructure, a supportive fiscal and regulatory environment and opportunities for additional growth.”

LLOG was the 6th largest Gulf of America producer of both oil and gas in 2024 with production of 27 million bbls of oil and 34 BCF of gas. LLOG was the high bidder on 11 tracts in the recent BBG1 sale.

Harbour is not currently a Gulf of America leaseholder.

Reuters had reported that Shell was in advanced talks to acquire LLOG. Apparently, either Shell lost interest or Harbour made a more attractive offer.

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Equinor buys 9.8% of Orsted – good counter cyclical investment or irrational pursuit of renewables goal

Posted in climate, energy policy, Norway, Offshore Wind, Uncategorized, tagged , , , , , on October 7, 2024| Leave a Comment »

Equinor, which is 2/3 owned by the Norwegian government, has purchased a nearly 10% stake in offshore wind giant Orsted (50.1% Danish govt ownership).

With bp and Shell reducing their wind energy investments, Equinor’s Orsted acquisition is a contrarian move. Equinor is also the only major oil company that is still in the market for new US offshore wind leases.

While the Orsted acquisition does not appear to have been directed by the Norwegian government, the State’s 2/3 ownership of the company no doubt influences renewable energy targets and broader corporate strategy.

The initial market reaction to the Orsted purchase was negative (see chart below). On a day when most oil companies’ share prices rose in response to the jump in oil prices, Equinor shares opened sharply lower.

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