BP plans to sell its 7% stake in Russian company Lukoil via a book built offering to Lukoil ADRs and of bonds guaranteed by BP and exchangeable into Lukoil ADRs. BP acquired the stake through its acquisition of ARCO last year.
Nowegian energy giant Statoil AS has completed a deal to supply fuel and other products to Swedish distribution company McTrans AS. Through this deal, valued at roughly 12 million Swedish kroner per year, Statoil becomes sole supplier of diesel, petrol, lubricants and chemical products to the company, which delivers all commodities to the McDonalds Corp. hamburger chain.
Marathon Oil Co. has confirmed it has agreed to review a Saudi Arabian project as part of the kingdom's natural gas initiative. No details were given.
Unocal Corp., El Segundo, Calif., said its gulf region business unit has acquired substantially all the oil and gas production and exploration assets of Cockrell Oil & Gas LP. Cockrell is a privately held independent oil and gas company active on state and federal lands in the Gulf of Mexico and coastal bays. The effective date of the transaction is July 1, 2000. Terms were not disclosed.
Newfield Exploration Co. has completed the acquisition of Lariat Petroleum Inc. (OGJ Online, Jan. 2, 2001). The purchase price was about $333 million, including assumption of Lariat's debt and certain other obligations.
Place Resources Corp. and Star Oil & Gas Acquisition Ltd. have completed a merger announced last year (OGJ Online, Dec. 7, 2000). The combined venture will be wholly-owned subsidiary of Star Oil & Gas Ltd.
Cue Energy Resources Ltd. (formerly Cue Energy Resources NL) of Melbourne has dropped plans to sell Australian Worldwide Exploration Ltd. its stake in Yolla gas field in the Bass Basin offshore northern Tasmania. Cue said terms could not be reached with AWE, but it has opened discussions with another potential buyer.
Entergy-Koch LP, Houston, began business Feb. 1. EKLP is a privately held company formed by subsidiaries of Entergy Corp. and Koch Industries Inc. that delivers, markets, and trades power, natural gas, and other energy-related commodities through wholly owned subsidiaries Axia Energy LP, Axia Energy Europe Ltd., and Gulf South Pipeline Co. LP. Among other assets, EKLP owns the 9,000-mile interstate pipeline formerly called the Koch Gateway Pipeline.
Ramco Energy PLC will reorganize its oil and gas division and centralize its offices in Aberdeen.
Transocean Sedco Forex Inc. and R&B Falcon Corp. completed their merger Jan. 31. The company said the resulting Transocean Sedco Forex Inc. will be the world's largest offshore drilling contractor, with 186 full or partially owned, chartered, and managed mobile offshore drilling units, inland barges, and other support assets.
Imperial Oil Ltd., Toronto, said Jan. 31 it does not recommend or endorse an offer by TRC Capital Corp. to buy up to 10 million of its shares for $34 (Can.)/share. The offer was below closing price of $35.05/share.
Stone Energy Corp., Lafayette, La., and Basin Exploration Inc., Denver, Colo., have completed their merger. The company, Stone Energy Corp., holds 597 bcf equivalent of proved reserves in the Gulf Coast basin and the Rocky Mountains.
TransCanada PipeLines Ltd., Calgary, said Feb. 2 its $60 million sale of Cancarb Ltd., a thermal carbon black producer, and associated power plant to Sid Richardson Carbon Co. was not completed as scheduled. TransCanada is considering its options.
Patina Oil & Gas Corp., Denver, Colo., agreed to repurchase 758,500 shares of its common stock from J.P. Morgan Partners for $20.50/share. The agreement included an option to purchase another 758,500 shares for the same price through May 1, the remaining stock that J.P. Morgan holds.
Panther Pipeline Ltd., Houston, and Prism Gas Systems Inc., Bedford, Tex., have completed the acquisition of the Matagorda Gathering System from El Paso Field Services Co. The system, in state waters in Matagorda County, Tex., includes 46 miles of 6-16-in. offshore pipelines and 29 miles of 8-20-in. lines, as well as an offshore platform and onshore central dehydration facilities. Throughput is about 28,000 MMcfd.
Conoco Inc. will relocate most of its Gulf of Mexico exploration and production operations to Houston from Lafayette, La. The relocation will take 18 months.
Seacor Smit Inc., Houston, will call for redemption on Feb. 20 of $50 million of its 5 3/8% convertible subordinated notes due 2006. There is $181.6 million in those notes outstanding.
Troy Petroleum Management Services Ltd. and IKODA Ltd., both UK companies, have merged to form the Troy-IKODA Group. The group will provide technical services, including software research and product development, to the upstream oil and gas industry.
Sahtu Oil Inc., a private company owned by various Sahtu Settlement Region land claimant corporations in the North West Territories of Canada, has acquired partial interest in a 2,800 m-capable drilling rig, No. 51, from owner Akita Drilling Ltd., Calgary.
UK companies Exploration Consultants Group PLC, Henley, UK, and Decollement Consulting Ltd. agreed to merge, subject to shareholder approval. The consulting group will be based in Henley, UK.
AEC Oil & Gas USA Inc., a subsidiary of Calgary company Alberta Energy Co. Ltd., has completed the previously announced acquisition of Ballard Petroleum LLC, Billings, Mont. (OGJ Online, Jan. 18, 2001).
Technip Upstream Houston Inc. (formerly CBS Engineering Inc.) has established a "Special Projects Group" to serve the market for engineering, project management and turnkey services for offshore development projects. The group will focus on small to medium size offshore platform and pipeline projects.
The UK has approved Br�vig ASA's floating production, sharing, and offloading vessel Crystal Ocean as production vessel for the Chestnut field on Block 22/2a on the UK Continental Shelf.
Synergy Technologies Corp., Calgary, said 50% owned subsidiary Carbon Resources Ltd. had retained Ingenieria Comercial Petrolera Ltd. to represent Carbon's interests in Venezuela with respect to the commercialization of its heavy oil upgrading process.
Wilson Industries Inc., a subsidiary of Smith International Inc., completed the acquisition of substantially all the assets of Van Leeuwen Pipe & Tube Corp. (OGJ Online, Jan. 8, 2001).
Chevron Capital USA Inc. is offering to purchase for cash all its outstanding $350 million in 7.45% guaranteed notes due 2004. The offer will conclude Feb. 14.
ARC Canadian Energy Venture Fund 2, Calgary, has acquired 750,000 common shares of Sunfire Energy Corp. Sunfire is exploring in Western Canada. With this transaction, ARC Canadian Energy Venture Fund and ARC Canadian Energy Venture Fund 2 exercise control or direction over 26.2% of current outstanding Sunfire common shares.
Pure Resources Inc., Midland, Tex., has acquired oil and gas properties from International Paper Co. for $261 million in cash. Included are proved reserves of 152 billion cubic feet equivalent (bcfe) and probable and possible reserves of 84 bcfe. The proved oil and gas reserves, which are 69% gas, are in the Permian Basin (46%), offshore Gulf of Mexico (22%), and along the Gulf Coast (15%). Pure was formed in May of 2000 through the combination of Titan Exploration Inc. and the Permian Basin business unit of Unocal Corp.