Economic Secretary to the Treasury Chloe Smith today paid tribute to the economic contribution of the oil and gas industry, as she chaired the first meeting of a group set up to boost engagement with the sector.
The Fiscal Forum was established by the Government in September 2011 to encourage constructive discussion on tax issues with

Essar Energy plc Tuesday announced that it has completed the $350 million acquisition of the oil refinery and other associated assets at Stanlow, near Ellesmere Port, Cheshire, from Shell UK Limited.
The Stanlow refinery, near to Ellesmere Port in the north west of England, is the second largest refinery in the UK with a nameplate capacity

PetroChina Company Limited (PetroChina) and INEOS Group Holdings plc (INEOS) have completed the deal to form trading and refining Joint Ventures between PetroChina International (London) Company Limited, and INEOS Investments (Jersey) Limited.
The joint ventures include trading and refining activities at the Grangemouth refinery in Scotland and the Lavéra refinery in France. The business employs approximately

Total has signed a sale and purchase agreement to sell most of its Marketing assets in the United Kingdom, the Channel Islands and the Isle of Man to Rontec Investments LLP, a consortium led by Snax 24, one of the leading independent forecourt operators in the UK.
The assets included within this agreement consist of Total’s

Key Petroleum has agreed to acquire 100% of the issued capital and assets of Zeta Petroleum, a private UK exploration and development company with significant assets located onshore Romania.
Key will acquire 100% of Zeta through an all share acquisition for a total initial consideration of US$12.74 million with two additional considerations payable upon operational milestones.

Ithaca Energy Inc. announced it has entered into an agreement to acquire a 28.46% non-operated interest in the Cook oil field and a 7.41% non-operated interest in the Maclure oil field from Hess Limited. The investment is for a consideration of US$74.5 million and the transfer from Ithaca to Hess of a 10% interest in

India-focused integrated energy company, Essar Energy plc, announced that through its subsidiary, it has entered into an agreement to acquire Shell UK Ltd’s UK based Stanlow Refinery and other associated assets. The investment is for a consideration of US$350 million, approximately £219 million, in cash.
The Stanlow refinery is the second biggest in the UK and

Egdon Resources Plc Monday announced the completion of its acquisition of Onshore License Interests from Valhalla Oil and Gas UK Limited. The completion follows Egdon Resources’ announcement of 28 January 2011 over its acquisition from Valhalla Oil and Gas UK Limited of their entire 50% interests in their UK Petroleum Exploration and Development Licenses.
The acquisition

Valero Energy Corporation is to acquire Chevron’s Pembroke refinery in Wales, U.K. The acquisition also includes Chevron’s extensive marketing and logistics assets throughout the UK and Ireland. The investment is for a consideration of $730 million, excluding working capital. Based on current market prices, working capital has an estimated value of $1 billion, although the

Essar Energy plc is to acquire Shell UK Ltd’s Stanlow Refinery and Stanlow related assets. Essar Energy is an India-focused integrated energy company. The investment will be undertaken through an Essar Energy indirect wholly owned subsidiary. The investment is for a consideration of US$350 million in cash.
Under the agreement, Shell has granted Essar Energy exclusivity