The merger of Total Fina SA and Elf Aquitaine SA has been approved by the European Union, with divestment of 70 service stations and pipeline and storage interests. U.K. independent British-Borneo is planning to sell key assets in the North Sea and U.S. Gulf of Mexico, including its 8% stake in the North Sea's Elgin/Franklin fields, due to a cash flow crisis brought on by technical problems in the Gulf of Mexico. Credit Suisse First Boston has been retained as financial adviser in the sale of the assets. Chevron Corp. has acquired a 15% interest in the Mer Profonde Sud deepwater exploration area offshore the Republic of Congo from Elf. Elf Congo will remain operator of the permit while retaining a 25% interest. Marathon Oil Co., an entity of the USX-Marathon Group, acquires a 15% interest in the Mer Profonde Nord Block offshore the Republic of Congo from Elf Congo, a subsidiary of Elf. Tipperary Corp., Denver, has acquired additional interests in the Comet Ridge coalbed methane project in Queensland, Australia, for US$5.16 million in cash and stock. Tracer Petroleum Corp., Calgary, reports that Tradewinds Oil and Gas International Ltd., Houston, has exercised its option to purchase 100% of the shares of PerminTracer Ltd. The primary asset of PerminTracer is the North Tanjung Block PSC in Indonesia. Talisman Energy Inc., Calgary, is making several purchases in the Central North Sea from affiliates of Elf Aquitaine SA, Atlantic Richfield Co. and Texaco Inc. The total acquisitions cost is approximately C$583 million, or C$5.29 per bbl. for 110 million bbl. of proved reserves (C$3.86 per bbl., including 40 million bbl. of probable reserves). Talisman expects to close the deals in May. The transactions include the acquisition of interests in the Claymore, Piper, Saltire, Chanter, Iona and Scapa fields, as well as the Flotta terminal and related pipelines and undeveloped acreage. Talisman will become operator of the Piper and Claymore fields, subject to regulatory approvals. Talisman expects to add 43,000 bbl. per day of oil and liquids production, net of noncore asset dispositions, from these transactions in 2000.
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