Imperial, ExxonMobil Canada to buy Clyden stake | Oil & Gas Journal

Imperial Oil Resources and ExxonMobil Canada will acquire the 100% interest held by ConocoPhillips in the 226,000-acre Clyden oil sands leasehold 150 km south of Fort McMurray, Alta., for about $751 million (Can.).

Clyden is in the southern Athabasca area near Imperial’s nonproducing Corner leasehold. It has a bitumen resource amenable to steam-assisted gravity drainage development, the acquiring companies said.

Subject to federal approvals, Imperial Oil, 69.6% of the shares of which are owned by ExxonMobil Corp., will buy a 27.5% interest in the Clyden area. ExxonMobil Canada will buy the remaining 72.5%.

The companies indicated ExxonMobil Canada will seek a partner to keep its share equivalent with that of Imperial Oil.

A ConocoPhillips official described the sale as part of a “rebalancing” of its oil sands holdings.

More in Companies

Unite Oil and Gas Operations with Onshore/Offshore Data Replication

Unite Oil and Gas Operations with Onshore/Offshore Data Replication

Staying on the Same Page An Enterprise software vendor committed to the offshore gas industry-like IFS-will have a standard, embedded solution that will minimize cost and risk and implement more reliably than a one-off solution.

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

A mergers and acquisitions shake-up could be on the horizon for the Australian upstream industry, said Wood Mackenzie, which identified a potential $32 billion in assets that could change hands in the next few years.

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

Savannah Petroleum, London, has received approval from the Nigerian Department of Petroleum Resources to acquire restructured assets of Seven Energy International Ltd., an oil and gas producer and midstream company operating in southeastern Nigeria.