GENERAL INTEREST — Quick Takes
Nexen, CNOOC form Gulf of Mexico joint venture
Nexen Inc. formed a joint venture with China's CNOOC Ltd. in the Gulf of Mexico, giving CNOOC a working interest in as many as six deepwater exploration wells.
Terms of the partnership were not discussed. CNOOC said Nexen is operator of the joint venture.
The partnership includes the Kakuna well, now being drilled, and the Angel Fire well, which is expected to spud in 2012.
CNOOC will obtain 20% working interest in Kakuna, Angel Fire, and Cypress. It may also participate in three additional exploration wells with a 10-25% working interest.
The venture does not include any interest in Nexen's Appomattox discovery or the related Norphlet formation prospects.
Marvin Romanow, Nexen's president and chief executive officer, said, "We are seeing a gradual return to normal activity in the gulf. Nexen's strategy in the Gulf of Mexico is to mature prospects at a high working interest, and then utilize joint venture agreements like this one to reduce our interest to our target level of 25-30%."
OMV eyes retail asset sales in two countries
OMV AG, Vienna, is considering the sale of its retail and commercial business in Croatia and Bosnia-Herzegovina as it shifts its strategy toward oil and gas exploration and electric power.
The company has had retail and commercial business in Croatia since 1992, operating as OMV Hrvatska with 63 service stations and a market share of about 13%. It has been in Bosnia-Herzegovina since 2001 through subsidiary OMV BH. There it has 28 service stations and a market share of about 8%.
In a statement, OMV said it is "gradually shifting the portfolio away from refining and marketing towards exploration and production and gas and power."
OMV said it "will continue focusing the retail and commercial business on markets with integrated supplies."
OMV operates refineries in Austria, Germany, and Romania and has interests in the Bayernoil refineries in Germany.
The company's Turkish subsidiary, OMV Petrol Ofisi, recently sold its 52% interest in a Cypriot retail company, Kibris Turk Petrolleri Ltd. Sirketi.
Shell assigns Niger Delta license stakes
Shell Petroleum Development Co. of Nigeria Ltd. (SPDC) has completed the assignments of 30% interests in two oil mining leases in the Niger Delta to separate buyers.
FHN26 Ltd., an affiliate of Afren PLC, London, acquires SPDC's interest in OML 26, covering 480 sq km, for $98 million. Two fields on the license produce about 6,000 b/d of oil gross.
Neconde Energy Ltd., a majority Nigerian-owned consortium, acquires SPDC's share of OML 42 for $390 million. The 814-sq-km area includes Batan, Egwa, Odidi, and Jones Creek oil fields and related facilities. Operations had been shut down by militant activity, but Batan field has resumed flow at about 15,000 b/d.
SPDC is operator of a joint venture of Nigerian National Petroleum Corp. (55%), Shell (30%), Total E&P Nigeria Ltd. (10%), and Nigerian Agip Oil Co. Ltd. (5%).
Shell said Total Nigeria and Nigerian Agip also have assigned their interests in the leases, giving buyers 45% interests.
Vedanta gets control of Cairn India
Vedanta Resources, London, has completed all conditions for its acquisition of a controlling interest in Cairn India Ltd., reports parent Cairn Energy PLC, Edinburgh, (OGJ Online, Oct. 20, 2011).
Cairn Energy retains a 22% interest in the Indian company. The acquisition value was estimated at $9.6 billion when Vedanta made the offer for as much as 60% of the company in 2010. Completion of the deal was delayed by a royalty dispute.
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