By OGJ editors
HOUSTON, Apr. 7 -- A unit of Japan refiner Nippon Oil Corp. is buying stakes in 67 Gulf of Mexico oil and gas blocks from Devon Energy Corp., Oklahoma City. Nippon declined to release the value of the transactions.
Speaking with reporters in Tokyo on Apr. 6, a spokesman said Nippon Oil Exploration USA Ltd. bought interests ranging from 12.5% to 100% in blocks off Texas and Louisiana. Nippon will operate 17 of the blocks.
In March, Nippon announced plans to invest $1.8 billion in oil and gas properties by March 2008.
On Apr. 4, Devon said it had agreed to sell almost all the noncore US properties that it previously put up for sale. Aggregate after-tax proceeds from these divestitures are estimated at $915 million.
Devon declined to disclose any of the buyers or outline terms of those transactions. The company also is divesting noncore properties in Canada and said it plans to later issue a news release concerning those properties.
