Marubeni buys 35% stake in Eagle Ford shale oil, gas project

Marubeni Corp. subsidiary Marubeni Eagle Ford Ltd. agreed to buy a 35% stake in the Eagle Ford shale oil and gas play from Dallas-based Hunt Oil Co.

“We strongly believe that the shale oil and gas play will be spreading all over the world,” Marubeni said, adding that it would expand by acquiring quality shale oil and gas assets in the US and elsewhere.

The Japanese trading house said the Texas project, which covers 52,000 acres of oil and gas leases, plans to drill several hundred wells sequentially over 5-10 years.

Marubeni and Hunt also agreed to jointly acquire additional acreage in the Eagle Ford shale oil and gas area.

Marubeni is the most recent oversea firm to buy US shale asset stakes, following purchases by China Petrochemical Corp. (Sinopec) and Total SA.

Recently, Sinopec paid Devon Energy Corp. $2.2 billion to purchase a one-third stake in five US shale oil and gas fields, while Total paid $2.3 billion for a minority stake in Chesapeake Energy Corp.’s Ohio shale discovery.

Contact Eric Watkins at hippalus@yahoo.com.

Related Articles

BLM announces California oil, gas strategy as CCST issues report

08/29/2014 The US Bureau of Land Management’s California state office announced a comprehensive strategy for its oil and gas program in the state after receiv...

BHI: US rig count recoups last week’s losses, jumps to 1,914

08/29/2014 The US drilling rig count jumped 18 units to reach 1,914 rigs working, gaining back the 17 units it lost last week plus one, during the week ended ...

Petronas, YPF sign $550 million development deal for Vaca Muerta

08/28/2014 Malaysia’s state-run Petronas signed a $550 million agreement with YPF SA, Buenos Aires, on Aug. 28 in Kuala Lumpur detailing terms and conditions ...

Quicksilver-Eni well flows oil in West Texas

08/28/2014 Quicksilver Resources Inc. and Eni SPA have spudded a second well in their exploratory joint venture targeting unconventional reservoirs in Pecos C...

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