Russian and Central Asian E&Ps Look Ripe for M&A

摘要

Independent producers focused on Russia or former Soviet Union states are looking vulnerable to takeover bids for a, variety of reasons. In Russia, where independents' access to the state's oil and gas reserves is limited, many are being snapped up by state-controlled -majors like Rosneft (EIF Nov. 13' 13). Exillon Energy recently became the subject of a bidding war between Russian oligarchs and it now seems inevitable that it will be taken over. It is one of two FSU- focused independents listed in London with production of more than 10,000. barrels per day. The other is Kazakh-based Nostrum Oil and Gas, formerly known as Zhaikmunai, which is also seen as a potential takeover target — if the price is right Perhaps more attractive to potential buyers — but for different reasons — are two smaller UK-listed players operating in Central Asia: Max Petroleum has run into serious financial problems pursuing a high-risk/high-reward deep exploration program in Kazakhstan, while Tethys Petroleum's assets in Tajikistan are so promising that the company has already lured in French major Total and China National Petroleum Corp. (CNPC) as investors.