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The board of directors of the US oil and gas producer Anadarko has determined that the revised acquisition proposal from Occidental Petroleum constitutes a «Superior Proposal» as defined in Anadarko’s previously announced merger agreement with Chevron. Consequently, Anadarko will terminate the Chevron Merger Agreement, will pay Chevron the US$1bn termination fee, and will enter into a definitive merger agreement with Occidental. Chevron will have until 10 May 2019 to propose revisions to the merger agreement or to submit another proposal.

In April 2019, Chevron and Anadarko entered into a merger agreement, under the terms of which Chevron would acquire all Anadarko’s outstanding shares for US$33bn, or US$65 per share ($16.25 in cash and 0.3869 share of Chevron common stock per share of Anadarko common stock). However, in late April 2019, Occidental Petroleum offered US$76 per share of Anadarko, valuing the group at US$38bn (US$38 in cash and 0.6094 of a share of Occidental common stock) to take over Anadarko. In early May 2019, Occidental Petroleum revised the cash and stock ratio to improve its proposal, offering US$76 per share, including US$59 per share in cash and 0.2934 shares of Occidental common stock per share of Anadarko common stock. The group also committed financing for the entire cash portion of the aggregate transaction consideration.

Anadarko is an independent oil and gas exploration and production company, with 1.47 Gboe of proved reserves at the end of 2018. The group has upstream and midstream operations in the United States, interests in deepwater exploration blocks offshore Colombia, Guyana and Peru, oil production activities in Algeria and Ghana, exploration activities in South Africa and gas resources in Mozambique. Anadarko is taking part (26.5% stake) to the Mozambique LNG (MLNG) export project, which would tap estimated recoverable gas reserves of 75 Tcf (2,120 bcm) and would include two liquefaction trains with a combined capacity of 12.88 Mt/year (expected in 2022-2023). If Occidental takes over Anardarko, it will sell Anadarko’s assets in Algeria, Ghana, Mozambique and South Africa to Total for US$8.8bn.

Japanese groups JERA – the fuel purchasing and thermal power generation joint venture of TEPCO and Chubu Electric – and Toyota Tsusho have decided to sell their shares in the 875 MW Goreway CCGT power plant in Ontario (Canada) to Capital Power Corporation for around JPY 32bn (US$289m).

Egypt has succeeded in cutting fuel subsidies, spending EGP 60bn (US$3.5bn) in the first nine months of the 2018-2019 financial year (July 2018-June 2019), i.e. over the July 2018-March 2019 period. This is 28% less than over the same period of 2017-2018. …

The Ministry of Mines and Energy of Brazil expects to collect at least US$47bn in signing bonuses from three offshore oil auctions to be held on 10 October 2019, 27 October 2019 and 7 November 2019. The 27 October sale of production rights in offshore transfer-of-rights areas could raise up to BRL106bn (US$27bn) in signing bonuses, while the other bidding rounds could raise BRL 80bn (US$20bn). …

A consortium led by South Korean group Enspire KSB Energy is considering investing BRL 6bn (US$1.5bn) in the construction of a 600 MW solar PV project in Anaurilândia, in the Mato Grosso do Sul state in Brazil. The land for the project would be donated by the municipality. Construction would start in 2020 and would last 48 months. …

German power transmission system operator TenneT has selected a consortium of Aibel and Keppel FELS to develop central elements of the DolWin5 offshore grid connection project in the German part of the North Sea; the consortium will build the offshore platform and the converter station ashore.  …

United Arab Emirates’ state-owned Abu Dhabi National Oil Company (ADNOC) and ExxonMobil are considering investing up to US$8bn in the Upper Zakum offshore oil field to raise its production capacity to 1 mb/d by 2024. …