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

Baker Hughes: US drilling rig count rebounds to 1,809

03/28/2014 The US drilling rig count gained back the 6 units it lost last week to reach 1,809 rigs working during the week ended Mar. 28, Baker Hughes Inc. re...

Kentucky: Daybreak begins 2014 drilling campaign

03/28/2014 Daybreak Oil & Gas Inc., Spokane, Wash., has drilled the first well in its 20-well development drilling program for the 2014-15 fiscal year at ...

Ineos lets contract for Grangemouth ethane terminal

03/28/2014 Ineos Europe AG, Switzerland, said it has reached the latest milestones in its $500 million survival plan to import US shale gas to its 210,000-b/d...

BLM seeks comments on Noble’s proposed Nevada gas exploration

03/27/2014 The US Bureau of Land Management is seeking comments on Noble Energy Inc.’s proposed natural gas exploration drilling on leases it holds in the Tab...

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