Japan's Marubeni Corp said March 26 it has sold part of its interests in Eagle Ford Shale assets in Texas to two U.S. independent oil and gas developers for an undisclosed sum.
The sale is part of the Japanese trading company's effort to reshuffle its asset portfolio to strengthen its financial health, it said.
In 2012, Marubeni acquired a 35% working interest in about 52,000 net acres in the Eagle Ford from Dallas-based Hunt Oil Co. The companies had agreed at the time to jointly acquire additional acreage in the shale play, Marubeni said.
Marubeni's Eagle Ford sale was completed as the closing terms and conditions of the contract have been met, according to the company press release. The buyers were not disclosed.
An official with the National Hydrocarbons Commission (CNH), the regulator that runs the auctions, said the joint venture auctions have not been canceled.
Chevron in July kicked off the sale of its central North Sea oil and gas fields Alba, Alder, Captain, Elgin/Franklin, Erskine and Jade as well as the Britannia platform and its satellites.
In reply to a question about the contracts, known in the oil and gas industry as "farm-outs," President Andres Manuel Lopez Obrador said the country would not offer more for the time being.