After losing a bid for the U.K.'s Lasmo Plc and its multinational oil assets, Amerada Hess Corp. (NYSE: AHC) has turned its focus to its Gulf Coast gas profile, offering $750 million for substantially all of the exploration and production assets of LLOG Exploration Co. "We are purchasing high-quality natural gas and crude oil reserves in the prolific offshore and onshore Gulf Coast of the United States," says Bob Strode, senior vice president of the New York-based integrated oil. "These properties provide impressive production growth and there is significant upside in reserves. The transaction meets our financial criteria and offers attractive financial returns." The properties are on the Gulf shelf and onshore South Louisiana. Production currently averages approximately 200 million cu. ft. of gas equivalent per day. It is expected to grow to 250 million cu. ft. per day in early 2003. Estimated proven reserves are 360 billion cu. ft. of gas equivalent. Amerada Hess expects to close the transaction in the second quarter. Italian integrated oil Eni outbid Amerada for Lasmo in late 2000.
Recommended Reading
Battalion in Compliance with NYSE American after 2023 Meeting
2024-02-13 - Previously, Battalion Oil was not in compliance with the NYSE after failing to hold an annual meeting of stockholders during the fiscal year ending Dec. 31.
JMR Services, A-Plus P&A to Merge Companies
2024-03-05 - The combined organization will operate under JMR Services and aims to become the largest pure-play plug and abandonment company in the nation.
New Fortress Energy Sells Two Power Plants to Puerto Rico
2024-03-18 - New Fortress Energy sold two power plants to the Puerto Rico Electric Power Authority to provide cleaner and lower cost energy to the island.
Tellurian Executive Chairman ‘Encouraged’ by Progress
2024-03-18 - Tellurian announced new personnel assignments as the company continues to recover from a turbulent 2023.
Enerflex Appoints Thomas B. Tyree to Board
2024-03-12 - Tyree currently serves on Antero Resources’ board and recently served as chairman of Northwoods Energy LLC in 2023.