Royal Dutch/Shell has acquired British oil explorer Enterprise Oil Plc for US$5.4 billion. Marathon Oil Corp., Houston, has acquired Globex Energy Inc., Houston, adding 38 million BOE of proven reserves, primarily in Equatorial Guinea on the Alba Field. The assets also include a 12.5% interest in the Stag Field offshore Australia. Daily production from the fields is 6,200 BOE from Stag and 4,000 from the Alba. An additional 12 million BOE of proven Vintage Petroleum Inc., Tulsa, Okla., has sold its holdings in Trinidad and Tobago to Vermilion Resources Ltd., Calgary, for approximately US$40 million. The assets are onshore in the Central Block portion of the Southern Basin. Proved reserves are 64.4 billion cu. ft. of gas and more than 1 million bbl. of condensate or 11.9 million BOE. Pioneer Natural Resources Co., Dallas, plans to acquire Gulf Canada Tunisia Ltd.'s 40% participating interest in the 1.2-million-acre Borj El Khadra permit in the Ghadames Basin onshore southern Tunisia. Pioneer will join Agip Tunisia BV, the operator of the permit, and Paladin Expro Ltd. in exploring the permit. Marathon Oil Co., Houston, subsidiary Marathon Petroleum Norge A/S acquired Norsk Hydro's interest in Norwegian production licenses 150 and 203. Marathon will be operator of license 203, its first operatorship on the Norwegian continental shelf. Nicaragua will allow four oil consortia to bid on exploration licenses in the country. Empire Energy Corp., Overland Park. Kan., which owns 51% of Industria Oklahoma-Nicaragua SA, one of the four prequalified companies, is preparing to bid.
Recommended Reading
Lower Prices Spell Lower Oil Growth from Permian, US Shale: EIA
2024-10-09 - The U.S. Energy Information Administration reduced its forecasts for WTI oil prices and Lower 48 oil production growth in its latest Short-Term Energy Outlook report.
OPEC Lowers Oil Demand Forecast, May Delay Unwinding Cuts
2024-08-12 - OPEC made its first cut in its 2024 forecast since July 2023, and comes after mounting signs that demand in China has lagged expectations due to slumping diesel consumption.
Francine Closes, Restricts Oil Export Ports, Shuts in 42% of GoM Oil
2024-09-13 - In addition to hampering ports and refineries, an estimated 41.74% of Gulf of Mexico oil production, or 730,472 bbl/d, has been shut in.
US Gasoline Margins Slump on Lackluster Summer Demand
2024-08-21 - Gasoline futures were last down about 2.8% and their premium over West Texas Intermediate crude oil futures shrank to their weakest since Nov. 7, 2023.
Hirs: Peak Oil Demand—Where Upstream Diverges from Downstream
2024-08-13 - The impact of peak oil demand is the same regardless of the sliding timelines published by the experts.
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.