Company News: Statoil to acquire EnCana’s Gulf of Mexico assets

05/09/2005
Staoil ASA has agreed to pay $2 billion for all of EnCana Corp.’s assets in the Gulf of Mexico, a decision that may be an attempt to counter declining reserves in the North Sea.The transaction, scheduled to close by June 1, makes the gulf region Statoil’s new core area, and reports indicate that this allows the European company to take steps toward participating in upcoming Gulf of Mexico licensing rounds in 2006-07.In other recent company news:• Marathon Oil Corp. agreed to pay an additional $700 million in a modified agreement with Ashland Inc. to acquire Ashland’s 38% interest in Marathon Ashland Petroleum LLC (MAP) to satisfy tax-related concerns.• Duke...
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