Bernhard Capital-Backed Delta Utilities Completes Acquisition Of Centerpoint Energy'S Natural Gas Distribution Businesses
oil-gas
03 April 2025
Gas Processing and LNGoil-gas
Apr 03, 2025Gas Processing and LNG
Delta Utilities, a Bernhard Capital Partners portfolio company, has acquired CenterPoint Energy's three regulated natural gas local distribution companies serving communities throughout Louisiana and Mississippi.
The acquisition includes approximately 12,000 miles of main pipeline in Louisiana and Mississippi that serve approximately 380,000 residential and commercial customers. Delta Utilities, based in New Orleans, is a core-focused regulated natural gas utility company.
"We are thrilled to finalize the acquisition of these natural gas utilities, which provide vital energy service to major markets across both Louisiana and Mississippi," said Jeff Jenkins, Founder and Partner at Bernhard Capital. "These are strong companies that exemplify our strategy of investing in regulated utilities and critical infrastructure. We believe natural gas is a key component of building more resilient communities and has a lasting role in our nation's energy portfolio. Delta Utilities will be a catalyst for economic growth while delivering safe, reliable service to the communities within its operational footprint."
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Iran Adds 10 Trillion Ft3 Of Gas To Its ReservesA new discovery in the Pazan gas field in southern Iran has been made with 10 trillion ft3 of natural gas, Oil Minister Mohsen Paknejad said on Monday according to his ministry's news outlet Shana.
Iran holds the world's second largest natural gas reserves, but most of its production is consumed domestically or lost to flaring, and the country faces a gas imbalance during high demand months.
"This field has 10 trillion ft3 of gas, and if we consider a 70% recovery rate we can reach 7 trillion ft3," Paknejad said, adding that the new reserves could help cover Iran's existing imbalances in the coming years.
Paknejad added the new find was made after a pause of 8 years in exploration activities at the field and estimated it would take 40 months before extraction can begin.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/09102025/iran-adds-10-trillion-ft3-of-gas-to-its-reserves/
Vår Energi ASA has announced an increase in both production as well as recoverable volumes from the Gjøa field (PL153), following the start-up of the Gjøa low pressure project.
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10 October 20251 min readIran Adds 10 Trillion Ft3 Of Gas To Its Reserves
Oilfield Technology
10 October 2025
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Pembina Pipeline Among Potential Buyers Of Kkr $7B Stake In Pembina Gas InfrastructureGlobal investment firm KKR is exploring the sale of its 40% stake in Canadian midstream pipeline operator Pembina Gas Infrastructure (PGI), with Pembina Pipeline considered a strong contender to buy KKR’s share, according to recent reports.
Four sources familiar with the matter told Reuters that the holding could be valued at approximately $7 billion.
The New York-based private equity firm has been working with investment bankers at Scotiabank in recent weeks to gauge potential buyer interest for the stake in PGI, which owns and operates natural gas and natural gas liquids infrastructure across western Canada.
However, the sources cautioned that a final sale is not guaranteed and spoke on condition of anonymity to discuss confidential information.
PGI was established in 2022 as a joint venture between KKR and Pembina Pipeline Corp., combining assets originally acquired by KKR in 2015.
The entire division was valued at $11.4 billion at the time of the merger, with private equity funds typically looking to divest holdings after a period of 10 to 12 years.
With KKR evaluating potential buyers, Pembina Pipeline has emerged as a strong contender to acquire KKR’s stake, according to industry sources and analysts, along with institutional investors such as pension funds, The Globe and Mail reported on Sunday, October 5.
RBC Capital Markets analyst Maurice Choy noted that while he would not “preclude the potential of Pembina exploring the purchase,” the company would likely approach the opportunity with an eye toward acquiring it at a price that would immediately boost its cash flow.
PGI holds one of the largest gas networks in the Montney and Duvernay shale formations, with a processing capacity of five billion cubic feet of gas per day.
The company has recently been expanding its footprint, including a $420-million purchase in January of a 50% stake in Whitecap Resources Inc.'s gas processing assets in northwestern Alberta, alongside commitments for further expansion investments. KKR would be liable for its share of this planned spending.
Pembina continues to expand its natural gas operations throughout Western Canada, competing with other pipeline operators as power plant reliance on gas increases.
The company is also co-developing the $5.9-billion Cedar LNG project in British Columbia and is entering Alberta’s data center market with natural gas-powered initiatives.
Pipeline Technology Journal
oil & gas
08 October 20252 min readPembina Pipeline Among Potential Buyers Of Kkr $7B Stake In Pembina Gas Infrastructure
Pipeline Technology Journal
08 October 2025
oil-gas
Ojulari: Nigeria Lost Over 600,000 Barrels Of Oil To Pengassan’S 3-Day StrikeThe Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Bayo Ojulari, disclosed that Nigeria lost over 600,000 barrels of oil due to a three-day strike by the Petroleum and Natural Gas Senior Staff Association (PENGASSAN). The strike, prompted by a dispute over the dismissal of 800 workers at Dangote Refineries, significantly impacted the oil industry's production capacity, leading to a rise in cooking gas prices attributed to the disruption. Despite the setback, Nigeria achieved a production of 1.68 million barrels per day in September 2025 and recorded gas output of 7 billion cubic feet per day, the highest in recent times.
*Gas output of 7bcf/day, highest in recent
•Attributes hike in LPG price to recent oil workers’ strike
•NNPC raises petrol price to N905 on union’s supply disruption
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Bayo Ojulari, has disclosed that Nigeria lost 200,000 barrels per day of crude oil to the recent strike action embarked upon by the nation’s oil workers, culminating in a total of over 600,000 barrels during the three-day supply disruption.
The Petroleum and Natural Gas Senior Staff Association (PENGASSAN) had last month directed its members to embark on strike in the wake of a face off with the management of Dangote Refineries over the reported sack of 800 workers.
Reacting to the effect of the three-day strike action on the oil industry, Ojulari stated that the industrial action had a telling effect on the production capacity of the NNPC.
The GCEO who spoke with newsmen after meeting with President Bola Tinubu in Lagos while describing the strike action as unfortunate stated that Nigeria has recently achieved a 7 Billion Cubic Feet (BCF) of gas.
“I think it was unfortunate that the Dangote and PENGASSAN issue led to strike and whenever there is strike and critical staff manning critical facilities are not available and optimum production is almost impossible. In this particular case, we actually lost significant production of over 200,000 bpd that was deferred.
“We also have gas production that was deferred, we also have power generation that was impacted by about 1.2 megawatts of power that was affected by that strike,” he said.
He, however, expressed happiness that the crisis had been resolved through the timely intervention of the federal government via the Federal Ministry of Labour and the Office of the National Security Adviser (NSA).
Ojulari added: “I’m very pleased that the federal government through the leadership of the Minister of Labour and full support of the National Security Adviser was able to put together everyone into a dialogue and brought everybody to the table and now there has been a communiqué that has been agreed on the way forward.
“We are all very hopeful that everyone will abide by the communique, since then we have been able to return production back to status quo, there has been one or two areas that we are still trying to catch up with. Overall, we have gradually gone back to restore lost production and the deferment that we have as of today,” he added.
Ojulari further stated that Nigeria has been able to step up crude oil production with effect from last month, saying 1.68 million barrels per day were produced in September, 2025 while 7 billion cubic feet of gas was also produced per day during the same period.
“We are making good progress. As you know, we recorded 1.68mbpd of oil production last month which was very good. That was the first in about five years. In terms of milestones, we also recorded the highest gas production above 7 Billion Cubic Feet per day which is also the highest in recent times.
“What we are also expecting is that with some Turnaround Maintenance we have done in August and September and all of those are meant to come back this month, we are hoping that by the end of the year we should at least be clocking 1.8mbpd,” the NNPC chief executive stated.
He attributed the current hike in price of cooking gas to the artificial scarcity caused by the recent PENGASSAN strike, but expressed hope that the price will stabilise before long with the resolution of the crisis.
“The increase you saw was relatively artificial because for the period of the strike, movement and loading were delayed for about two to three days and because of that you see that impact and as things return to normal it takes sometimes for distribution to fully return and you see with that delay some of the people that have existing resources in reserves had to put up the price.
“My expectation is that now that things are back to normal prices it should return to what they were before the strike,” Ojulari added.
Asked the purpose of his visit to the President, Ojulari said it was a routine visit to update him about developments in the oil sector, especially the task given to him to attract investors.
“It is quite an important opportunity to update the president on the progress in NNPC particularly in terms of production performance, in terms of progress we are making in terms of attracting investment.
“As you recall, the President gave us a clear mandate which is to grow production to at least 2 million bpd by 2027 and up to 3 million bpd by 2030 as well as grow gas production as well. So, how are we progressing this year and how are we preparing for next year in terms of ensuring we deliver this growth? So, that was one of my updates to the President,” the engineer noted.
Meanwhile, the NNPC has once again raised the pump price of Premium Motor Spirit (PMS), popularly known as petrol, at its retail outlets, as light queues returned following the PENGASSAN and Dangote
It was learnt that NNPC stations in Abuja, especially in Wuse Zone 6 and Zone 4 areas had adjusted their pump price from N890 to N905 per litre, representing a N15 increase, or roughly 1.7 per cent upward review.
The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, attributed the latest price hike to recent supply disruptions caused by the standoff between PENGASSAN and the Dangote Refinery.
He said: “It is due to PENGASSAN’s strike disruption. However, our members are still selling between N885 and N895 per litre,” the IPMAN chief said.
Gulf Oil and Gas
oil & gas
08 October 20256 min readOjulari: Nigeria Lost Over 600,000 Barrels Of Oil To Pengassan’S 3-Day Strike
Gulf Oil and Gas
08 October 2025
oil-gas
Poland Commits $5.5B To Link National Fuel Network To Strategic Nato Pipeline SystemPoland announced Friday that it plans to spend 20 billion zlotys ($5.5 billion) to connect its national fuel network to the NATO Central Europe Pipeline System (CEPS), a critical project designed to enhance the security and supply of allied troops in the event of a conflict.
The country's defense ministry and Polish pipeline operator PERN signed a preliminary agreement earlier in the day to proceed with the extension, with Deputy Defence Minister Cezary Tomczyk calling the initiative "one of the largest investments in the security of the Polish state in the last 30 years."
The plan involves the construction of approximately 300 kilometres of new pipelines to tie into the CEPS, an extensive, Cold War-era network that currently transports military-grade fuels across Belgium, France, Germany, Luxembourg, and the Netherlands.
For Poland, an eastern flank NATO member, the urgency of linking to the CEPS has intensified significantly since Russia's full-scale invasion of Ukraine in February 2022 and subsequent drone incursions near its border.
Poland has long sought this connection to better integrate its supply capabilities with NATO's collective defense structure.
The ambitious project, which is expected to take several years to complete, has already received some initial backing from the alliance. NATO has allocated 60 million zlotys to Poland to support the initial planning and design phases of the investment.
"At the NATO level, the decision regarding the planning and design of this investment has been made," Tomczyk confirmed. The full $5.5 billion commitment underscores Poland's increasing focus on hardening its military infrastructure and bolstering its logistical readiness against regional threats.
Pipeline Technology Journal
oil & gas
07 October 20252 min readPoland Commits $5.5B To Link National Fuel Network To Strategic Nato Pipeline System
Pipeline Technology Journal
07 October 2025
oil-gas
Ukraine: Naftogaz Secures €300 Million Loan From The European Investment Bank For Gas PurchasesNaftogaz Group has signed a landmark €300 million loan agreement with the European Investment Bank (EIB). The financing will be used to purchase gas to build long-term gas reserves and to ensure stable winter supplies for Ukrainians, following damage to the country’s infrastructure caused by Russia’s ongoing attacks.
EIB Group President Nadia Calviño said: 'This new financing from the EIB will help reinforce Ukraine’s energy security during the winter, providing vital support to communities and businesses.'
'This loan combines rapid crisis response with a long-term view. It supports the country’s shift to cleaner, more sustainable energy – a cornerstone of the country’s recovery and EU integration,' added EIB Vice-President Teresa Czerwinska, who oversees the bank’s operations in Ukraine.
The financing is part of the EIB’s Ukraine Energy Rescue Plan, with the European Commission backing the loan through the EU’s Ukraine Investment Framework (UIF) guarantee.
€300 million from the EIB is substantial and practical support that will help us guarantee the country’s energy resilience ahead of the winter. I sincerely thank the President of Ukraine, the Ukrainian Government, and the Prime Minister for their support, as well as our European partners for their trust and solidarity,' said Sergii Koretskyi, Chief Executive Officer of Naftogaz.
Prime Minister Yuliia Svyrydenko welcomed the agreement and highlighted its importance for Ukraine’s energy resilience: 'The €300 million agreement between the EIB and Naftogaz demonstrates the tangible results of Ukraine’s partnership with the European Union’s bank. Thanks to this financing, Ukraine will be able to secure gas reserves and ensure a stable supply of heat this winter for hundreds of thousands of households, even amid ongoing enemy attacks. This agreement also continues Naftogaz’s transition towards renewable energy and decarbonisation. It is an important step towards building a modern energy system and advancing Ukraine’s integration into the European Union,' said Ukrainian Prime Minister Yuliia Svyrydenko.
The agreement was signed in the presence of Minister of Economy, Environment and Agriculture Oleksii Sobolev and European Commissioner for Enlargement Marta Kos during her visit to Kyiv.
'This agreement between the EIB and Naftogaz is an important contribution to Ukraine’s energy and economic stability. Reliable energy supply is essential for businesses to operate, for jobs to be preserved, and for investment to continue flowing into our economy. At the same time, this partnership supports Ukraine’s long-term goal of building a resilient, sustainable and European-integrated energy sector,' said Oleksii Sobolev, Minister of Economy, Environment and Agriculture of Ukraine.
As part of the agreement, Naftogaz pledges to reinvest an amount equivalent to the EIB loan into renewable energy and decarbonisation projects.
European Commissioner for Enlargement Marta Kos said: 'This loan helps prepare Ukraine for another difficult winter. It will help households and businesses keep the lights and the heating on. It will advance Ukraine’s integration into the EU energy market.'
European Commissioner for Economy and Productivity, Implementation and Simplification Valdis Dombrovskis commented: 'Russia has relentlessly targeted Ukraine’s energy infrastructure in its brutal attacks. As Ukrainians face a fourth winter since Russia launched its full-scale invasion, this timely €300 million loan agreement, supported by the EU budget, will help reinforce Ukraine’s energy resilience, ensuring reliable energy supplies for households and businesses. The EU remains Ukraine’s largest donor and supporter. Today’s agreement is yet another demonstration of the EU’s unwavering commitment to Ukraine and its people.'
Original announcement link
Source: Naftogaz
Energypedia News
oil & gas
06 October 20253 min readUkraine: Naftogaz Secures €300 Million Loan From The European Investment Bank For Gas Purchases
Energypedia News
06 October 2025
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Nigerian Oil Mogul Expands To Liberia With $800M Investment In 4 Oil BlocksNigerian billionaire Arthur Eze has secured four offshore exploration blocks in Liberia through his company, Atlas Oranto Petroleum Limited with plans to invest over $800m. This followed the agreement between the Liberia Petroleum Regulatory Authority (LPRA) and Atlas Oranto Petroleum International Ltd. The contracts, sealed under the Petroleum (Exploration and Production) Law of Liberia, will take effect once ratified by the National Legislature and approved by Liberian President Joseph N. Boakai.
Nigerian billionaire Arthur Eze has secured four offshore exploration blocks in Liberia through his company, Atlas Oranto Petroleum Limited with plans to invest over $800m.
This followed the agreement between the Liberia Petroleum Regulatory Authority (LPRA) and Atlas Oranto Petroleum International Ltd.
Four Production Sharing Contracts (PSCs) in Paris, representing Liberia’s first major upstream oil agreements in more than a decade were signed.
The contracts, sealed under the Petroleum (Exploration and Production) Law of Liberia, will take effect once ratified by the National Legislature and approved by Liberian President Joseph N. Boakai.
They cover offshore Blocks LB-15, LB-16, LB-22 and LB-24 in the Liberian Basin and include a $12 million signature bonus, alongside planned investments of over $200 million per block.
LPRA Director General Marilyn T. Logan described the deal as a “turning point” for Liberia’s petroleum industry.
“Atlas Oranto’s entry into Liberia is a testament to the country’s hydrocarbon potential and commitment to ensuring African companies play a leading role in our upstream programme,” she said, adding that the contracts would help deliver wider economic benefits through employment opportunities, capacity building and the transfer of technical expertise.
Atlas Oranto, one of Africa’s largest privately owned oil and gas firms, operates in more than 20 countries. Its Executive Chairman, Prince Arthur Eze, framed the Liberian deal as a long-term partnership.
“We are proud to join Liberia at this historic moment. We see Liberia not just as an investment destination but as a partner for success,” he stated.
Liberia’s long-stalled ambition to develop its offshore oil reserves has received a boost with the entry of Nigerian firm Atlas Oranto Petroleum, which signed four production sharing contracts with the government last week.
The agreements, valued at a $12 million signature bonus, are seen as a potential turning point for a sector hindered for years by political uncertainty and global oil price volatility. Liberian Officials say the deal could help diversify an economy still reliant on iron ore, rubber and gold.
At the signing ceremony in Paris, President Boakai said: “Our goal is to ensure that Liberia’s resources are managed with transparency and responsibility. These contracts will be implemented with strict standards of environmental protection, strong local participation, and clear accountability so that Liberians benefit directly from the opportunities created.”
Atlas Oranto operates in 22 countries, including Equatorial Guinea, Senegal, South Sudan, Uganda, São Tomé and Príncipe, and Zambia.
In 2010, the Nigerian billionaire was awarded three oil blocks in Liberia for US $200,000 each and later sold them to Chevron the same year for over US $250 million, marking a significant early profit in his West African operations.
Arthur Eze is a philanthropist, politician, and the CEO of Atlas Oranto Petroleum, the largest privately held Nigerian exploration and production group.
Atlas Oranto Petroleum was founded by Arthur Eze in 1991. The company currently has 22 oil and gas licences in 12 jurisdictions across Africa. It has assets in Nigeria, Equatorial Guinea, and several Atlas Oranto operated blocks.
To date, the company is the largest holder of oil exploration blocks in Africa.
With its latest contracts in Liberia, Executive Chairman Arthur Eze strengthens the company’s African footprint while extending Atlas Oranto’s reach into global frontier energy markets.
Gulf Oil and Gas
oil & gas
04 October 20254 min readNigerian Oil Mogul Expands To Liberia With $800M Investment In 4 Oil Blocks
Gulf Oil and Gas
04 October 2025
oil-gas
Rwe Quits $10B Namibia Hydrogen ProjectGerman utility RWE announced its withdrawal from Namibia’s $10 billion Hyphen green ammonia project, dealing a setback to Namibia’s ambition of becoming a leading hydrogen hub in southern Africa.
The exit reflects a broader trend of companies reconsidering investments in hydrogen technology, which remains costly to develop.
In 2022, RWE signed a preliminary non-binding memorandum of understanding with Hyphen to purchase about 300,000 tonnes of ammonia annually from 2027.
Producers typically make ammonia using natural gas, but decarbonising production requires substituting gas with hydrogen generated from water through renewable energy.
RWE stated that it would not pursue further projects in Namibia, explaining that slower-than-expected demand in Europe for hydrogen and its derivatives like ammonia prompted the review.
Hyphen spokesperson Ricardo Goagoseb clarified that RWE had only signed an exploratory memorandum of understanding, not a binding offtake agreement.
In April, indigenous rights groups wrote to RWE, arguing that the concession fell within a national park and encroached on ancestral Nama lands.
Andrea Pietrafesa, legal advisor at the European Centre for Constitutional and Human Rights, alongside the Nama Traditional Leaders Association, welcomed RWE’s decision not to purchase products linked to indigenous rights violations.
RWE emphasized that its decision was unrelated to the complaints raised by indigenous groups.
Gulf Oil and Gas
oil & gas
03 October 20252 min readRwe Quits $10B Namibia Hydrogen Project
Gulf Oil and Gas
03 October 2025
oil-gas
Australia: Tamboran To Acquire Falcon Oil & Gas To Create ~2.9-Million-Acre Beetaloo Basin LeaderHighlights
Tamboran Resources Corporation Chairman and Interim CEO, Richard Stoneburner, said:
'The transaction between Tamboran and Falcon is a logical consolidation of two of the Beetaloo Basin’s most active companies. The transaction will also strengthen Tamboran’s acreage position across the majority of the Beetaloo depocenter following the checkerboarding process with DWE.
'Tamboran will have approximately 2.9 million net prospective acres across the Beetaloo Basin, including 22.5% non-operating interest in all DWE checkers.
'Strategically, we believe this transaction will strengthen our ownership over the Phase 2 Development Area, where we are currently undertaking a farmout process with RBC Capital Markets. This will allow us to sell down a larger position to a new partner while maintaining a material working interest over acreage.
'We recognize Philip and the Falcon shareholders for their work in identifying the opportunity of the Beetaloo Basin and bringing in key historic partners including Hess Corporation and Origin Energy to help de-risk the play.'
Falcon Oil & Gas Ltd. Chief Executive Officer, Philip O'Quigley, said:
'This transaction brings Falcon’s shareholders’ interests in the Beetaloo directly to the centre of operations and provides our shareholders with greater exposure to all activities carried out by Tamboran.
'Upon closing of the transaction, Falcon shareholders will benefit from the increased exposure to the critically important pilot development currently underway in the Beetaloo. In addition, this transaction will remove any uncertainty around Falcon’s participation in the farmout of the Phase 2 Development Area, as previously announced by Tamboran.
It has been a pleasure to work with Dick Stoneburner and his team in bringing this transaction to our shareholders.'
Transaction
The transaction will be structured as a Plan of Arrangement under the Business Corporations Act (British Columbia), whereby Tamboran will acquire the equity interests of each of the subsidiaries of Falcon in exchange for 6,537,503 shares of Tamboran NYSE Common Stock and a cash consideration of US$23.7 million.
Following completion of the transaction, Falcon shareholders are expected to own ~26.8% of the pro forma business. Following completion of the transaction, eligible common shareholders of Falcon will be entitled to receive shares of Tamboran NYSE Common Stock that are distributed by Falcon based on an exchange ratio of 0.00687 shares of Tamboran Common Stock for each Falcon Common Stock.
Further details regarding the process for Falcon shareholders to receive their consideration will be provided in the information circular and proxy statement to be delivered by Falcon in connection with the solicitation of proxies to obtain Falcon shareholder approval of the proposed transaction.
The transaction has been unanimously approved by the Board of Directors of Tamboran and Falcon and is expected to close in the first quarter of 2026, subject to satisfaction of closing conditions, including the approval by Falcon shareholders of the transaction and the approval by Tamboran stockholders of the issuance of the Tamboran NYSE Common Stock.
The closing is also subject to shareholder approval by the 1.9% owners of Falcon Oil & Gas Australia Ltd (Falcon Australia), which is a public unlisted company in which Falcon owns 98.1% of the issued share capital. The approval is required under Item 7, Section 611 of the Corporations Act of Australia.
On completion, Dick Stoneburner will remain Chairman and Interim CEO and no changes to the Board of Directors of Tamboran are planned.
See also: Presentation: Tamboran to acquire Falcon Oil & Gas creating the leading Beetaloo Basin E&P with 2.9 million net prospective acres
Original announcement link
Source: Tamboran Resources
Energypedia News
oil & gas
01 October 20253 min readAustralia: Tamboran To Acquire Falcon Oil & Gas To Create ~2.9-Million-Acre Beetaloo Basin Leader
Energypedia News
01 October 2025
oil-gas
Tamboran To Acquire Falcon Oil & Gas, Creating 2.9-Million-Acre Beetaloo Basin LeaderTamboran Resources has entered into a definitive agreement to acquire Falcon Oil & Gas Ltd., creating one of the largest acreage holders in Australia’s Beetaloo basin with roughly 2.9 million net prospective acres.
Under the transaction, Tamboran will acquire all Falcon subsidiaries in exchange for 6.5 million shares of Tamboran common stock and $23.7 million in cash. The deal values Falcon at about $172 million and will give Falcon shareholders a 26.8% stake in the combined company. Tamboran shareholders will hold the remaining 73.2%. The transaction has been unanimously approved by both companies’ boards and is expected to close in the first quarter of 2026, pending shareholder approval.
The acquisition strengthens Tamboran’s position in the Beetaloo depocenter and boosts its working interest in the Phase 2 Development Area to more than 80%. That acreage is currently the focus of a farmout process led by RBC Capital Markets, which aims to attract a new development partner while allowing Tamboran to maintain a material stake.
Tamboran Chairman and interim CEO Richard Stoneburner said the deal represents a “logical consolidation” of two of the basin’s most active operators, enabling Tamboran to expand its scale and maintain flexibility in future farmout negotiations.
Falcon CEO Philip O’Quigley noted that the transaction removes uncertainty around Falcon’s participation in the Phase 2 farmout and provides shareholders with direct exposure to Tamboran’s ongoing pilot development activities in the Beetaloo.
The Beetaloo basin is regarded as one of Australia’s most prospective shale gas plays. By consolidating operations, Tamboran aims to enhance efficiency, streamline decision-making, and accelerate development across its expanded footprint. The company said the transaction is accretive to its shareholders, with the implied acreage value representing a slight discount to Tamboran’s current valuation.
Upon completion, Tamboran will hold approximately 2.9 million net prospective acres in the basin, including non-operating interests in Daly Waters Energy acreage. The company expects the enlarged position to better support future development, capital efficiency, and long-term production growth.
World Oil
oil & gas
01 October 20252 min readTamboran To Acquire Falcon Oil & Gas, Creating 2.9-Million-Acre Beetaloo Basin Leader
World Oil
01 October 2025
oil-gas
Tamboran To Acquire Falcon Oil & Gas Ltd. To Create ~2.9-Million-Acre Beetaloo Basin BusinessHighlights
Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) (Falcon) and Tamboran Resources Corporation (NYSE: TBN, ASX: TBN) (Tamboran) have entered into a definitive agreement to create an ~2.9 million net prospective acre business across the majority of the Beetaloo depocenter (Transaction).
The combination of Tamboran and Falcon is a logical consolidation of two leading Beetaloo Basin businesses and creates a company with a pro forma market capitalization of >US$500 million.
Under the Transaction, Tamboran will acquire Falcon via the acquisition of all its subsidiaries in exchange for 6,537,503 shares of Tamboran NYSE Common Stock and cash consideration of US$23.7 million.
On completion, Falcon will distribute Tamboran shares to eligible shareholders at an exchange ratio of 0.00687 shares of Tamboran NYSE Common Stock for each Falcon Common Stock. These shareholders are expected to own ~26.8% of the pro forma business.
The Transaction values Falcon’s subsidiaries at C$239 million (Stg£128 million), at an implied offer price of C$0.2154 (Stg£0.1152) per share. This reflects a 19.7% premium of the closing price of Falcon on the TSX on September 29, 2025 and a 53.2% premium to the 90-day traded VWAP.
The Transaction aims to strengthen Tamboran’s working interest in the Phase 2 Development Area to 80.62% ahead of the previously announced farmout process and creates further alignment with Daly Waters Energy, LP (DWE) across the entire EP 76, 98 and 117 acreage following completion of the previously announced checkerboard process.
The Transaction has been unanimously approved by the Board of Directors of Tamboran and Falcon.
The Transaction is expected to close by the first quarter of 2026, subject to satisfaction of closing conditions, including the approval by Falcon shareholders of the Transaction pursuant to Rule 15 of the AIM Rules for Companies and applicable Canadian corporate and securities laws and the approval by Tamboran stockholders of the issuance of the Tamboran Common Stock.
The Transaction will on completion result in Falcon ceasing to own all of its assets and business; accordingly, Falcon also intends to seek shareholder approval for the cancellation of its shares from trading on the AIM market of the London Stock Exchange and the TSX Venture Exchange (Cancellation), conditional on closing of the Transaction. Further details will be announced in due course.
The entities being acquired pursuant to the Transaction are Falcon’s wholly owned subsidiaries TXM Oil and Gas Exploration Kft., a Hungarian limited liability company; Falcon Oil & Gas Ireland Ltd., an Irish limited liability company; Falcon Oil & Gas Holdings Ireland Ltd., an Irish limited liability company; Falcon Exploration and Production South Africa (Pty) Ltd., a South African limited liability company and Falcon’s 98.1% majority owned subsidiary, Falcon Oil & Gas Australia Limited, an Australian limited liability company (the Subsidiaries). In the twelve months to 31 December 2024, the subsidiaries reported a loss for the year of US$2.2 million and total assets of US$60.7 million.
Falcon Oil & Gas Ltd. Chief Executive Officer, Philip O'Quigley, said:
“This Transaction brings Falcon’s shareholders’ interests in the Beetaloo directly to the centre of operations and provides our shareholders with greater exposure to all activities carried out by Tamboran. Upon closing of the Transaction Falcon shareholders will benefit from the increased exposure to the critically important pilot development currently underway in the Beetaloo. In addition, this Transaction will remove any uncertainty around Falcon’s participation in the farmout of the Phase 2 Development Area, as previously announced by Tamboran.
It has been a pleasure to work with Dick Stoneburner and his team in bringing this Transaction to our shareholders.”
Tamboran Resources Corporation Chairman and Interim CEO, Richard Stoneburner, said:
“The Transaction between Tamboran and Falcon is a logical consolidation of two of the Beetaloo Basin’s most active companies and will strengthen Tamboran’s acreage position across the majority of the Beetaloo depocenter following the checkerboarding process with Daly Waters Energy, LP. (DWE).
Tamboran will have approximately 2.9 million net prospective acres across the Beetaloo Basin, including a 22.5% non-operating interest in all DWE checkers.
Strategically, we believe this Transaction will strengthen our ownership over the Phase 2 Development Area, where we are currently undertaking a farmout process with RBC Capital Markets. This will allow us to sell down a larger position to a new partner while maintaining a material working interest over acreage.
We recognize Philip and the Falcon shareholders for their work in identifying the opportunity of the Beetaloo Basin and bringing in key historic partners including Hess Corporation and Origin Energy to help de-risk the play.”
Transaction
The Transaction will be structured as a Plan of Arrangement under the Business Corporations Act (British Columbia), whereby Tamboran will acquire the equity interests of each of the subsidiaries of Falcon in exchange for 6,537,503 shares of Tamboran NYSE Common Stock and a cash consideration of US$23.7 million. Following completion of the Transaction, Falcon shareholders are expected to own ~26.8% of the pro forma business.
Following completion of the Transaction, eligible common shareholders of Falcon will be entitled to receive shares of Tamboran NYSE Common Stock that are distributed by Falcon based on an exchange ratio of 0.00687 shares of Tamboran Common Stock for each Falcon Common Stock.
Further details regarding the process for Falcon shareholders to receive their consideration will be provided in the information circular and proxy statement to be delivered by Falcon in connection with the solicitation of proxies to obtain Falcon shareholder approval of the proposed Transaction.
The Transaction has been unanimously approved by the Board of Directors of Tamboran and Falcon and is expected to close in the first quarter of 2026, subject to satisfaction of closing conditions, including the approval by Falcon shareholders of the Transaction and the approval by Tamboran stockholders of the issuance of the Tamboran NYSE Common Stock.
The closing is also subject to shareholder approval by the 1.9% owners of Falcon Oil & Gas Australia Ltd (Falcon Australia), which is a public unlisted company in which Falcon owns 98.1% of the issued share capital. The approval is required under Item 7, Section 611 of the Corporations Act of Australia.
Upon closing of the Transaction, the entire Board of Falcon will resign. Tamboran will continue to be led by Chairman and Interim CEO, Dick Stoneburner, and no changes to the Board of Directors of Tamboran are planned.
Advisors
Cavendish Capital Markets Limited is acting as exclusive financial advisor and Borden Ladner Gervais LLP is acting as legal advisor to Falcon and McCullough Robertson is acting as legal advisors to Falcon Oil & Gas Australia Limited. Latham & Watkins LLP, Torys LLP, White & Case LLP and Lakatos, Köves and Partners (LKT) are serving as legal advisors to Tamboran.
Gulf Oil and Gas
oil & gas
01 October 20256 min readTamboran To Acquire Falcon Oil & Gas Ltd. To Create ~2.9-Million-Acre Beetaloo Basin Business
Gulf Oil and Gas
01 October 2025
oil-gas
Rwe Withdraws From $10-B Namibia Green Hydrogen ProjectGerman power utility RWE said that it had withdrawn from Namibia's $10 billion Hyphen green ammonia project, a blow to the southern African nation's ambitions to become a major hydrogen hub.
The pullback is the latest example of companies reconsidering investments in a nascent technology that is expensive to develop.
RWE signed a preliminary non-binding memorandum of understanding with Hyphen in 2022 to take around 300,000 metric tons per year of ammonia - a compound used mostly to make fertilizer - from 2027.
Ammonia is usually produced using natural gas, and decarbonising that process requires replacing gas with hydrogen extracted from water using renewable energy sources.
"We can confirm that RWE is currently not pursuing any further projects in Namibia," the company said in a statement, as demand for hydrogen and hydrogen derivatives such as ammonia develops slower than expected in Europe.
"Against this backdrop, we have reviewed the relevant projects at RWE. This included the project with Hyphen in Namibia."
Hyphen spokesperson Ricardo Goagoseb said RWE had only signed "a memorandum of understanding to explore potential off-take," not made any final purchasing agreement.
Indigenous rights groups wrote to the German group in April, complaining that its concession was inside a national park and encroached on their ancestral Nama land.
Andrea Pietrafesa, legal advisor at the European Centre for Constitutional and Human Rights, in a joint statement with the Nama Traditional Leaders Association, applauded the decision not "to purchase goods produced on land where indigenous rights are violated."
RWE said there was no connection between its decision and these complaints.
Gas Processing and LNG
oil & gas
01 October 20252 min readRwe Withdraws From $10-B Namibia Green Hydrogen Project
Gas Processing and LNG
01 October 2025
oil-gas
Egypt Pays $500M In Arrears To Foreign Oil CompaniesEgypt’s government has paid nearly $500 million in overdue debt to foreign companies in a bid to encourage them to intensify operations and reverse a decline in its gas output.
The government made the payment in September and intends to settle another part of the arrears with a payment of $620 million before the end of 2025, the Saudi news website Asharq Business said, quoting an unnamed Egyptian official.
With this month’s settlement, Egypt owes foreign oil companies operating its oil and gas fields around $1.72 billion, the report said.
It added that the official affirmed the government hoped to “clear all the overdue dues” to foreign oil companies by the end of the first quarter of 2026.
Earlier this month Egypt’s oil minister Karim Badawi said that gas production is expected to recover following significant discoveries by companies operating in Egypt.
Badawi, speaking at a meeting with heads of those companies in Cairo, said the decision by President Abdel Fattah Al-Sisi to pay foreign partners regularly would boost investor confidence and encourage them to pump more investments.
“The joint efforts with our partners in the oil and gas sector have contributed to reducing the decline in gas production, achieving stability and beginning the journey back to high production rates,” the minister said.
Prime Minister Mostafa Madbouly said in July that new projects and the award of more contracts to foreign oil majors would boost Egypt’s gas output and allow it to export again in 2027.
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Arabian Gulf Business Insight
oil & gas
24 September 20252 min readEgypt Pays $500M In Arrears To Foreign Oil Companies
Arabian Gulf Business Insight
24 September 2025
oil-gas