Petro-Canada to sell Syrian production

By OGJ editors
HOUSTON, Dec. 21 -- Petro-Canada agreed to sell its 38% stake in a joint venture involving production in Syria to India's Oil and Natural Gas Corp. and China National Petroleum Corp. for $676 million (Can.).

The sale, expected to close in early 2006, remains subject to Syrian government consent. Petro-Canada plans to continue exploration in Syria.

Earlier this year, Petro-Canada opened a data room in London regarding its nonoperated interest in Al Furat Petroleum (OGJ Online, Sept. 28, 2005).

Royal Dutch Shell PLC operated Al Furat. Petro-Canada's share represents 58,000 boe/d before royalties. Production from the mature fields is declining, Petro-Canada noted.

The joint venture has 220 wells in 36 fields in eastern Syria and accounts for less than half of the country's production.

Related Articles

India’s ONGC to invest in Daman development in Arabian Sea

08/29/2014 India’s Oil & Natural Gas Corp. will invest $864.5 million to enhance natural gas and condensate production from its Tapti Daman block in the A...

Nexen boosts CNOOC’s first-half production

08/29/2014 Nexen Energy ULC contributed 36.3 million boe during this year’s first half to CNOOC Ltd.’s total net oil and gas production of 211.6 million boe, ...

Fitch: Drilling downturn might prompt some consolidation

08/28/2014 A cyclical downturn in offshore drilling might provide an opportunity for driller contractors having financial flexibility to buy their peers at fa...

Verma named managing director at India’s ONGC Videsh

08/27/2014 India’s ONGC Videsh Ltd. has named Narendra Verma its managing director. Verma’s previous positions include director of exploration of Maharatna ON...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected