• Ramco Energy Plc, Aberdeen, Scotland, has agreed with Amerada Hess Corp. for the sale of Ramco's 2.0825% carried interest in the Azeri Chirag Gunashli Field production sharing agreement, offshore Azerbaijan, for US$150 million in cash, payable in four tranches. Ramco and Amerada Hess have also agreed to enter into a strategic alliance which gives Amerada Hess the first opportunity to partner Ramco in those oil and gas projects in which Ramco seeks third-party participants, during the period ending on the third anniversary of completion. • Crestar Energy Inc., Calgary, has purchased all of the outstanding shares of CMS Oil and Gas Ecuador LDC for US$95.8 million. Crestar has acquired a 14% working interest in the Block 16 area of the Oriente Basin in eastern Ecuador, encompassing 519,000 acres, including substantial production and pipeline infrastructure. The acreage is held under production sharing contracts, the majority of which continue until 2012. • CanArgo Energy Corp., Calgary, is moving its headquarters to London, in conjunction with the expansion of its activities in the Caspian and in Georgia, to allow closer management of resources. The move is expected to be completed by June 2001. • Conoco, Houston, is expanding its offices in Vietnam. Conoco established its first Vietnam office in 1996 and currently has offices in Hanoi, Ho Chi Minh City and Vung Tau. Conoco is the largest acreageholder among foreign companies in Vietnam. • Unocal Corp., El Segundo, Calif., has reported that its Potiguar II SARL affiliate and Petroleo Brasileiro SA have agreed for Potiguar II to acquire an interest in the Pescada-Arabaiana oil and gas project offshore Brazil. Potiguar II is an affiliate of Unocal and El Paso Energy International, with each company holding a 50% interest. The agreement covers the acquisition of an initial 79% participating interest from Petrobras in five concession areas containing five proven oil and gas reservoirs, plus an initial 35% interest in a 55,000-acre exploration block. Potiguar II's participating interest in the project will be adjusted in the future in accordance with the economic performance of the project. Unocal estimates that its total investment in the project may reach US$80 million during the next three to five years. -Heather H. Read
Recommended Reading
Baker Hughes to Supply Equipment for NextDecade’s Rio Grande LNG
2025-03-11 - Baker Hughes will provide turbine and compression for NextDecade’s trains at Rio Grande LNG.
Expand Energy Picked to Join S&P 500
2025-03-10 - Gas pureplay Expand Energy will be elevated on March 24 from its position in the S&P MidCap 400 index.
Alliance Resource Partners Adds More Mineral Interests in 4Q
2025-02-05 - Alliance Resource Partners closed on $9.6 million in acquisitions in the fourth quarter, adding to a portfolio of nearly 70,000 net royalty acres that are majority centered in the Midland and Delaware basins.
Baker Hughes Wins Contracts for Woodside’s Louisiana LNG Project
2024-12-30 - Bechtel has ordered gas technology equipment from Baker Hughes for the first phase of Woodside Energy Group’s Louisiana LNG development.
Argent LNG, Baker Hughes Sign Agreement for Louisiana Project
2025-02-03 - Baker Hughes will provide infrastructure for Argent LNG’s 24 mtpa Louisiana project, which is slated to start construction in 2026.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.