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8 Pages

Centrica and Bayerngas merge their upstream businesses


Centrica and Bayerngas merge their upstream businesses

Report summary

Centrica E&P and Bayerngas Norge are merging to form a new mid-cap E&P company. The joint venture will combine Centrica's upstream assets in the UK, Norway and the Netherlands with Bayerngas Norge's assets in the UK, Norway and Denmark. There is overlap between the two portfolios, leaving room to create synergies. The JV will top its peer group rankings in 2018, with production expected to be around 160,000 boe/d. Big deals have transformed the European upstream scene over the last year. A new generation of mid-sized producers has emerged including: Aker BP, Point Resources, Chrysaor, INEOS and Neptune. The aim is to access opportunities in the space left behind by the Majors and other large companies. The scale of the company is important, as smaller companies tend to be able to only access one opportunity at a time. In the case of Centrica and Bayerngas, the message is definitely 'stronger together'.

What's included?

This report includes 1 file(s)

  • Centrica and Bayerngas merge their upstream businesses PDF - 338.52 KB 8 Pages, 5 Tables, 3 Figures

Description

The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Deal Insight report provides an in-depth analysis of this deal. You will also find information about upstream assets and the strategic rationale behind the deal.

For investors and businesses, this deal insight report provides an understanding of the effect this deal will have on the market, including oil and gas pricing and assumptions. Use it to keep up to date with deal announcements, gain expert insights and analyse potential developments that might affect your strategy.

Wood Mackenzie goes beyond company-reported data and announcements to give you an independent and informed view. Our unique valuation metrics are underpinned by our deep understanding of upstream assets and companies. We help you objectively benchmark and evaluate asset and corporate deals so you can compare deal economics around the world.

  • Executive summary
  • Transaction details
  • Upstream assets
    • Overlapping interests
    • Centrica's portfolio
    • UK
    • Norway
    • Netherlands
    • Exploration
    • UK
    • Norway
    • Denmark
    • Exploration
  • Deal analysis
  • Oil & gas pricing and assumptions

In this report there are 8 tables or charts, including:

  • Executive summary
  • Transaction details
  • Upstream assets
    • Annual production split by company and country
    • Upstream assets: Table 1
    • Upstream assets: Table 2
  • Deal analysis
    • 2018 production by company peer group - top ten
    • JV capex and cash flow under base and low price assumptions
    • Deal analysis: Table 1
  • Oil & gas pricing and assumptions
    • Oil & gas pricing and assumptions: Table 1
    • Oil & gas pricing and assumptions: Table 2
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