Harvest Natural Resources discussing sale, spinoff

Harvest Natural Resources Inc., Houston, has begun exclusive negotiations for the sale of its outstanding shares to the Venezuelan subsidiary of Pluspetrol SA, Buenos Aires.

Under the proposed deal, Pluspetrol Venezuela SA would retain Harvest’s 32% interest in Petrodelta SA, and Harvest’s non-Venezuelan assets would be contributed to a new company called SpinCo, which would be spun off to Harvest’s shareholders. SpinCo would be managed by Harvest’s current management team.

Interests subject to the spinoff are in Gabon, Indonesia, Colombia, and China.

Harvest reached an agreement last year to sell its Venezuelan holdings to state-owned PT Pertamina (Persoro) of Indonesia, but the Indonesian government later rejected the $725-million deal, from which Harvest expected net proceeds of about $525 million (OGJ Online, Feb. 20, 2013).

Petrodelta holds 247,113 gross acres encompassing six fields in eastern Venezuela, from which production recently averaged 43,000 b/d of oil.

Related Articles

WoodMac: US tight-oil market ‘too robust to bust’

03/25/2014 A drop in global oil price levels or a significant widening of the differential between global oil prices and inland realizations are just two of t...

Gorder named Valero chief executive officer

03/25/2014

Joe Gorder, Valero Energy Corp. president and chief operating officer, has been named chief executive officer, succeeding Bill Klesse.

Double Eagle changes name, appoints chief executive officer

03/25/2014 Double Eagle Petroleum Co., Denver, has appointed Charles F. Chambers to the position of chairman and chief executive officer, effective Apr. 1. As...

MOL closes purchase of North Sea assets from Wintershall

03/25/2014 MOL Group, Budapest, has completed its transaction with Wintershall, Kassell, Germany, in which MOL acquires offshore assets with 14 licenses in th...

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