FINWIRES · TerminalLIVE
FINWIRES

Market Chatter: Spain's Repsol Nears Deal to Regain Control Over Venezuelan Oil Assets

By

Repsol (REP.MC) is set to regain operational control of its oil assets in Venezuela under a new agreement with the South American country's government, with an announcement expected as soon as Thursday, London's Financial Times reported the same day.

Under the deal, the Spanish energy group plans to triple output from its Venezuelan operations within a span of three years, a person familiar with the matter told the newspaper.

Repsol will also include the creation of a "guaranteed" payment mechanism aimed at avoiding past issues concerning the Venezuelan government's failure to meet payment obligations, the report added.

Repsol did not immediately respond to a request for comment from.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Related Articles

Equities

Dolphin Drilling Upsizes Share Offering to $62.5 Million

Dolphin Drilling (DDRIL.OL) increased its share offering to $62.5 million from the target range of $50 million to $55 million, citing strong investor demand.Directors of the offshore drilling contractor allocated 236 million shares at 2.50 Norwegian kroner apiece upon completion of the offering, according to a Wednesday release.Net proceeds from the offering will be used to repay the $7.5 million bridge loan secured as part of amendments to existing credit facilities. Funds will also be directed to preparations of the Borgland Dolphin semi-submersible drilling rig for a contract with Spanish energy group Repsol (REP.MC), working capital, and general corporate expenditures.Arctic Securities, DNB Bank's DNB Carnegie, and Fearnley Securities are the joint bookrunners of the offering.

$DDRIL.OL$REP.MC
Equities

Riley Exploration Permian Keeps Quarterly Dividend at $0.40 a Share, Payable May 13 to Holders of Record April 29

$REPX
Equities

Dolphin Drilling to Raise Funds via Share Placement

Dolphin Drilling (DDRIL.OL) plans to raise the Norwegian kroner-equivalent of $50 million to $55 million via a private placement of new shares.The offshore drilling contractor said Wednesday the subscription price will be set at a fixed amount of 2.50 kroner per share.Net proceeds from the issuance will be used to repay the company's $7.5 million bridge loan and finance reactivation costs for the Borgland Dolphin semi-submersible drilling rig for the contract with Spanish energy group Repsol (REP.MC), among other things, as well as for general corporate needs.

$DDRIL.OL