• Tyumen Oil Co., Moscow, plans to merge its four crude oil production subsidiaries: Samotlorneftegas, Nizhnevartovsk Oil Production, Tyumennefte Gas and TNK-Nyagan. The reorganization is among several steps Tyumen is taking to prepare to tap international debt and equity markets. The company is considering an international bond offering in mid-2001. • TransAtlantic Petroleum Corp., Calgary, plans to acquire a 40% interest in an 800,000-acre concession in Pakistan, from Protium Energy Group, Dallas. • Nexen Inc., Calgary, plans to acquire BHP Petroleum Ltd.'s 50% interest in the Buffalo Field offshore Australia for US$21 million. The deal will increase Nexen's interest to 100% and is expected to close in the first quarter. • The AIG African Infrastructure Fund LLC and RMB Resources Ltd. will fund PanAfrican Energy Corp. Ltd.'s operations and expansion in sub-Saharan Africa through a newly formed subsidiary, PAE Mauritius Ltd. PanAfrican will contribute all of its African assets for a 61.82% interest in the joint venture. The fund and RMB will contribute US$30.7 million and receive a 38.18% interest in PAE Mauritius along with certain preferences on distributions. PanAfrican will manage and operate the joint venture. Total funds available to PanAfrican for investment are expected to exceed US$60 million. -Heather H. Read
Recommended Reading
E&P Highlights: Aug. 26, 2024
2024-08-26 - Here’s a roundup of the latest E&P headlines, with Ovintiv considering selling its Uinta assets and drilling operations beginning at the Anchois project offshore Morocco.
OMV Makes Gas Discovery in Norwegian Sea
2024-08-26 - OMV and partners Vår Energi and INPEX Idemitsu discovered gas located around 65 km southwest of the Aasta Hansteen field and 310 km off the Norwegian coast.
E&P Highlights: Sep. 2, 2024
2024-09-03 - Here's a roundup of the latest E&P headlines, with Valeura increasing production at their Nong Yao C development and Oceaneering securing several contracts in the U.K. North Sea.
Breakthroughs in the Energy Industry’s Contact Sport, Geophysics
2024-09-05 - At the 2024 IMAGE Conference, Shell’s Bill Langin showcased how industry advances in seismic technology has unlocked key areas in the Gulf of Mexico.
Devon Energy Expands Williston Footprint With $5B Grayson Mill Deal
2024-07-08 - Oklahoma City-based Devon Energy is growing its Williston Basin footprint with a $5 billion cash-and-stock acquisition from Grayson Mill Energy, an EnCap portfolio company.
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.