OGJ Newsletter

Oil markets were hinging little hope on the outcome of last week's OPEC oil ministers' meeting in Vienna, which was under way at presstime. Brent crude futures hit a record low in London trading on Nov. 24-the day before the meeting. London's International Petroleum Exchange (IPE) reported that Brent crude for January fell to $11.13/bbl in late trading, which was 2¢/bbl lower than the previous rock bottom price, reached Nov. 18. At close of trading on the 24th, Brent for

Nov 30th, 1998

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How to overcome casing flotation limitations to access the full wellbore

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ExxonMobil enters exclusive Norway sale talks with Var Energi

ExxonMobil is in exclusive discussions with Var Energi—a joint venture of Eni and private firm HitecVision—regarding the possible sale of the remainder of ExxonMobil’s upstream Norwegian oil and gas assets, Var Energi confirmed to media outlets Sept. 6.

Tag Oil, Tamarind extend closing date on NZ assets sale

Tag Oil has agreed with Tamarind Resources to extend the closing date of the deal by which it would sell substantially all of its New Zealand assets and operations.

Oliver named chief executive officer of Tethys Petroleum

Clive Oliver has been named chief executive officer of Tethys Petroleum Ltd. after the company’s current CEO, Mattias Sjoborg, has decided to step down. Sjoborg will remain a member of the company’s board.

Enterprise reports promotions, new executives

Enterprise Products Partners LP has reported several promotions and new executive appointments.

Concho sells New Mexico Shelf assets for $925 million

Concho Resources Inc., Midland, Tex., has agreed to sell its assets in the New Mexico Shelf to an affiliate of KKR-backed Spur Energy Partners LLC for $925 million.

Tullow Ugandan project farm-down agreement to expire

Tullow Oil PLC said its final investment decision for the Lake Albert joint venture development in Uganda will likely be delayed as a farm-down agreement with Total SA and CNOOC will expire Aug. 29 and the agreement terminated.

WoodMac: M&A shake-up due for Australian E&P industry

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Obsidian terminates sale of Peace River Oil interest

The agreement providing for the sale of Obsidian Energy Ltd.’s 55% interest in the Peace River Oil Partnership to Highwood Oil Co. Ltd., Calgary, for $97 million (Can.) has been terminated.

Hilcorp to acquire BP’s Alaska business in $5.6-billion deal

Hillcorp Alaska has entered into a deal to acquire the entirety of BP Alaska’s operations and interests for $5.6 billion. Under the deal's terms, Hilcorp’s payment will comprise $4 billion payable near-term and $1.6 billion through an earnout thereafter.

Stephens named interim CEO at Panhandle Oil & Gas

Chad L. Stephens will serve as interim chief executive officer of Panhandle Oil & Gas Inc., Oklahoma City. Paul F. Blanchard Jr. has stepped down as a member of the board and as president and chief executive officer of the company.

Qatar Petroleum to farm into Namibia blocks

Adding to its international exploration program, Qatar Petroleum signed a deal with Total to acquire interests in two blocks offshore Namibia. Total will transfer to QP a 30% interest in Block 2913B and a 28.33% interest in Block 2912.

PDC Energy to acquire SRC Energy in $1.7-billion deal

PDC Energy Inc. has agreed to acquire SRC Energy Inc. in an all-stock transaction valued at $1.7 billion, including SRC’s net debt of $685 million.

Savannah gets nod to acquire Seven Energy

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