Lasmo plc, London, has agreed to sell upstream interests in the U.K., Netherlands, and Indonesia amounting to $145.5 million.
That brings its total asset sales for 1992 to more than $1.5 billion.
Murphy Oil Corp. bought Lasmo's 8.52% interest in U.K. North Sea Block 16/17, which contains Tiffany, Toni, and Thelma fields, for $100 million. First oil is expected mid-1993 from the Tiffany/Toni development, which holds about 160 million bbl of recoverable oil. It is operated by Agip (U.K.) Ltd.
The deal is subject to U.K. Department of Trade & Industry (DTI) approval and to preemption rights of partners Agip 47.48%; Fina Exploration Ltd. 30%, and British Gas plc 14%.
Enterprise Oil plc, London, bought Lasmo's 23.41 % interest in U.K. North Sea Block 22/27a and 14.7% interest in U.K. Block 29/2a, for 15.2 million ($23 million) subject to DTI and partner approval.
Block 22/27a is operated by Ranger Oil (U.K.) Ltd., London, while Block 29/2a is operated by Conoco (U.K.) Ltd. Lasmo said Enterprise intends to sell half of this acquired interest to Ranger for 7.6 million ($12 million).
Goal Petroleum plc, London, bought Lasmo's interest in Dutch North Sea Block K9 for 2.2 million ($3 million). Lasmo held 2.76% of Blocks K9a and K9b and 2.32% of Block K9c. The blocks, operated by Placid International Oil Ltd., Zoetermeer, Netherlands, brought Lasmo 1.8 MMcfd of gas.
Itochu Corp., formerly C. Itoh & Co. Ltd. of Japan, bought Lasmo's 3.72% share of its Southeast Sumatra production sharing contract for $19.5 million. This brought Lasmo 2,300 b/d of oil during the first 6 months of 1992.
"All these disposals fall in the categories of nonoperated assets or relatively small interests," said Chris Greentree, Lasmo chief executive.
"They form part of our continuing asset management program which will reduce gearing and realize value from peripheral assets.
"In 1993 we will be concentrating our investment program on core exploration and development projects which have significant added value potential. "
Most Lasmo development work is scheduled soon in the U.K. and Indonesia. In the U.K. Lasmo is involved in seven fields either recently placed on stream or about to start production.
Development is continuing on Lasmo's Sanga Sanga project in Indonesia. Further development project are off Nova Scotia and in Colombia and in Pakistan.
"On the exploration side, the focus will be in Colombia, Algeria, and Libya next year," Greentree said. "In 1994 Lasmo will be exploring in Yemen and Viet Nam. U.K. and Indonesian exploration will continue but at a lower level than at present."
Copyright 1992 Oil & Gas Journal. All Rights Reserved.
