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 drops to 1,803

03/21/2014 After consecutive weeks of significant gains, the US drilling rig count lost 6 units to 1,803 rigs working during the week ended Mar. 21, Baker Hug...

Second small diesel refinery planned for North Dakota

03/21/2014 Quantum Energy Inc. (QEI), Tempe, Ariz., said it has secured land for the construction of a 20,000-b/d grassroots hydroskimming refinery in North D...

Cenovus gets AER approval for Grand Rapids oil sands project

03/21/2014 Cenovus Energy Inc. reported that it has received approval from the Alberta Energy Regulator (AER) for its wholly owned Grand Rapids thermal oil sa...

Ivanhoe halts Tamarack oil sands project citing lack of regulatory ‘clarity’

03/18/2014 Ivanhoe Energy Inc. has suspended activity on its Tamarack oil sands project pending approval for its thermal oil sands application from the govern...

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