Benton Oil and Gas Co., Houston, will sell its 68% interest in Arctic Gas Co. to a nominee of Yukos Oil Co. for $190 million. Benton will receive approximately $30 million as repayment of intercompany loans owed to Benton by Arctic Gas. St. Mary Land & Exploration Co., Denver, has sold the remaining shares of Khanty Mansiysk Oil Corp. stock, which it acquired from the sale of its interest in the Chernogorskoye, Russia, oil project, for $2.5 million, net of commissions. Chevron Canada Resources, ExxonMobil Canada, Norsk Hydro Canada Oil & Gas and Petro-Canada have decided to discontinue the joint evaluation of the Hebron project in eastern Canada. The partners found no options suited the project's requirements. Jim Simpson, president of Chevron Canada, says, "We cannot find a way to economically develop it now." Chesapeake Energy Corp., Oklahoma City, has gained an interest in an oil exploration project in Colombia, operated by Seven Seas Petroleum Corp., with an investment of $22.5 million in Seven Seas' 12% senior secured notes and warrants for an approximate 20% equity stake in Seven Seas. Harken Energy Corp., Houston, has written off its investment in Costa Rica with an $8.8-million full impairment in its year-end 2001 earnings. The company believes political and regulatory conditions that have resulted in delays in issuance of drilling permits for its Moin offshore well will continue into the foreseeable future. Tracer Petroleum Corp., Calgary, has entered into a joint-venture agreement with privately held Canneft Inc., Houston, to develop the 2,000-square-kilometer Adzhiyap Block gas project in southwestern Turkmenistan. -Crystal Cleveland
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