Canadian Hunter Exploration Ltd. has acquired Argentina's Atalaya Energy SA for US$13.5 million. The acquisition is expected to add proven reserves of 2.7 million BOE with current production at 3 million cu. ft. and 14 bbl. of gas liquids per day. CNOOC Ltd., Hong Kong, will acquire a 50% interest in all of Sinopec national star's offshore assets through a joint venture in which foreign investors may own up to a 40% stake. Separately, CNOOC plans to acquire potential equity interests in the Gorgon area, offshore Australia. The first phase of CNOOC's Guangdong liquid natural gas project is designed to initially bring approximately 3 million tons of LNG to China. The Gorgon Field has reserves of 9.6 trillion cu. ft. of gas. Centurion Energy International Inc., Calgary, has acquired two wholly owned subsidiaries of TransAtlantic Petroleum Corp. for US$2 million. The assets include a 30% working interest in the onshore West Gharib concession near the Gulf of Suez and a 25% working interest in the Central Sinai concession in the Sinai Desert. Phillips Petroleum Co., Bartlesville, Okla., has signed a production-sharing agreement with the Angolan state oil company, Sonangol, for a 20% interest in Block 34 in deep water offshore northern Angola. Other partners include Norsk Hydro, Shell and Petrobras. The 1.56-million-acre block has never been licensed or drilled. Both 2-D and 3-D seismic data have been acquired on the block. Enterprise Oil, London, has sold its Danish North Sea assets to Paladin Resources for $35 million plus interest. Paladin said the deal would boost its production by around 25% in 2002. Tullow Oil Plc, London, subsidiary Tullow Exploration Ltd. will acquire and assume operatorship of the Orwell Field in Block 50/26a in the southern North Sea. Tullow Exploration holds a 50% interest in this field and Texaco holds the remaining 50%.
Recommended Reading
EQT, Equinor Agree to Massive Appalachia Acreage Swap
2024-04-15 - Equinor will part with its operated assets in the Marcellus and Utica Shale and pay $500 million to EQT in exchange for 40% of EQT’s non-operated assets in the Northern Marcellus Shale.
EnQuest Selling Stake in North Sea Golden Eagle Oilfield, Sources Say
2024-04-16 - EnQuest has struggled in recent years with high debt levels and a drop in profits after Britain imposed a 35% windfall tax on North Sea producers.
EQT Deal to ‘Vertically Integrate’ Equitrans Faces Steep Challenges
2024-03-11 - EQT Corp. plans to acquire Equitrans Midstream with $5.5 billion equity, but will assume debt of $7.6 billion or more in the process, while likely facing intense regulatory scrutiny.
APA Closes $4.5B Callon Deal, Deepening Permian Roots
2024-04-01 - About two-thirds of Apache’s daily production will come from the Permian Basin after APA Corp. completed its $4.5 billion takeout of Callon Petroleum.
Report: Occidental Eyes Sale of Western Midstream to Reduce Debt
2024-02-20 - Occidental is reportedly considering a sale of pipeline operator Western Midstream Partners as the E&P works to close a $12 billion deal in the Permian Basin.