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Sellers beware: Price collapse triggers bartering over oil and gas deals

Premier Oil's CEO said he is seeking a cheaper price for North Sea assets it agreed to buy from BP for $625 million and Energean is doing the same with a $700 million purchase from Edison

Topics
Crude Oil Price | Oil price falls

Reuters  |  London 

By Shadia Nasralla The collapse in oil prices to 21-year lows has led potential buyers of oil and gas fields to try and renegotiate deals already agreed at higher prices, with the first examples emerging of sellers having their hand forced. At a time when most oil companies are slashing budgets, dividends and headcounts to preserve cash, sellers are facing a difficult choice between sweetening the deal or risking losing it altogether. Premier Oil's CEO said he is seeking a cheaper price for North Sea assets it agreed to buy from BP for $625 million and Energean is doing ...

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First Published: Thu, May 21 2020. 13:37 IST
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