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

BHI: US drilling rig count holds steady at 1,931

09/19/2014

The US drilling rig count was unchanged at 1,931 rigs working during the week ended Sept. 19, Baker Hughes Inc. reported.

Cenovus starts production from Phase F at Foster Creek oil sands project

09/19/2014 Cenovus Energy Inc., Calgary, started oil production earlier this month at its recently completed Phase F expansion at its Foster Creek oil sands p...

Andora Sawn Lake SAGD pilot begins bitumen production

09/18/2014 Andora Energy Corp. has recompleted its pilot steam-assisted gravity drainage (SAGD) well in Sawn Lake, Alta., and expects a stable bitumen product...

Continental appoints president, chief operating officer

09/18/2014 Continental Resources Inc., Oklahoma City, has named Jack Stark as president and chief operating officer. He succeeds W.F. Bott, who stepped down f...

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