Husky, CNOOC sign PSC for Pearl River Mouth basin block | Oil & Gas Journal

Husky Energy Inc. says an affiliate plans to drill two wells “in the 2017 timeframe” on Block 15/33 in the Pearl River Mouth basin in the South China Sea.

Husky Oil Operations (China) Ltd. and China National Offshore Oil Corp. signed a production-sharing contract for the block, about 140 km southeast of Hong Kong (OGJ Online, Nov. 24, 2014). The block covers 155 sq km in 80-100 m of water. CNOOC said it’s one of the blocks offered for “foreign cooperation” in 2014.

Husky is operator during the exploration phase, with 100% working interest. If there’s a commercial discovery, CNOOC China Ltd. may assume a working interest of up to 51% during the development and production phase. Exploration cost recovery from production would be allocated to Husky (OGJ Online, Dec. 15, 2014).

More in Companies

Aramco, Gazprom Neft sign joint-study MOU

Saudi Aramco and Gazprom Neft have signed a memorandum of understanding to exchange technical knowledge for oil applications and identify technical studies of interest to both companies.

Neptune to buy interests off UK and Norway

Neptune Energy has agreed to buy Edison Exploration & Production’s upstream assets offshore the UK and Norway from Energean Oil & Gas, which has a conditional agreement to acquire Edison E&P.

Santos buys ConocoPhillips northern Australia assets

Santos signed a deal to buy the northern Australian assets of ConocoPhillips for $1.39 billion. In addition, Santos will pay a further $75 million contingent on a final investment decision being taken on the Barossa gas field development in the Timor Sea.

Parsley Energy to acquire Jagged Peak for $2.27 billion

Parsley Energy Inc. has agreed to acquire Jagged Peak Energy Inc. in an all-stock transaction valued at $2.27 billion, including Jagged Peak’s net debt of $625 million as of June 30.

Rohling succeeds Wright as Halcon COO

Daniel P. Rohling has succeeded Jon Wright as executive vice-president and chief operating officer of Halcon Resources Corp. following the company’s emergence from bankruptcy under Chapter 11 of the US Bankruptcy Code.

Ofer Group lifts takeover bid for NZOG

Eyal Ofer’s Singapore-based OG Oil & Gas (OGOG) has increased its offer for minority stakeholders of New Zealand Oil & Gas Ltd. (NZOG) by 12¢ to 74¢ (NZ)/share.

Berthelet appointed Gran Tierra Energy COO

Tony Berthelet has been appointed chief operating officer of Gran Tierra Energy Inc., Calgary.

Strategic Oil & Gas names CEO, COO

William Lancaster will join Strategic Oil & Gas Ltd., Calgary, as president and chief executive officer Oct. 17, succeeding Tony Berthelet, who has resigned to pursue another opportunity.

EP Energy files petitions under Chapter 11

EP Energy Corp., a Houston independent with programs in the Eagle Ford, Permian, and Northeastern Utah areas, filed voluntary petitions under Chapter 11 reorganization in the US Bankruptcy Court for the Southern District of Texas.

Looney to succeed Dudley as BP chief

Bernard Looney will become group chief executive and a director of BP PLC in February, succeeding Bob Dudley, who will retire at the end of March.

191004 Husky Prince George Refinery

Husky finds buyer for Prince George refinery

Husky Energy Inc. has agreed to sell its 12,000-b/d refinery in Prince George, BC, to Tidewater Midstream & Infrastructure Ltd. for $215 million (Can.) in cash plus a closing adjustment for inventory.

Chevron sets new greenhouse gas reduction goals

Chevron Corp. has established new goals to reduce its net greenhouse gas (GHG) emission intensity. The company intends to lower upstream oil net GHG emission intensity by 5-10% and upstream natural gas net GHG emission intensity by 2-5% from 2016 to 2023.

Holly Energy, Plains form Cushing joint venture

Holly Energy Partners and Plains All American Pipeline have formed a joint venture, Cushing Connect Pipeline & Terminal. The JV will develop and construct a 160,000-b/d common-carrier crude oil pipeline connecting Cushing oil hub to a Tulsa refinery.

Petro Rio adds additional interest in Frade field

Petro Rio SA has closed on the deal to acquire Frade Japao Petroleo, a joint venture formed by Inpex and Sojitz that holds a 18.26% working interest in Frade field, a heavy oil and gas field in Brazil’s Northern Campos basin.