Eni buyer of stake in Evans Shoal gas field | Oil & Gas Journal

Eni SPA is the previously unidentified buyer of a major interest in Evans Shoal natural gas field in the Timor Sea off Australia from Santos Ltd. (OGJ Online, Oct. 28, 2011).

The Italian company said it agreed to buy a 40% equity share from Santos for an initial payment of $250 million and a contingent future cash payment of as much as $100 million.

Separately, Eni then agreed to sell a 7.5% equity share in exploration permit NT/P48 to Shell Development (Australia) Pty. Ltd. Both transactions are subject to approvals.

After completion of the transactions, NT/P48 partners will be Shell, operator, and Eni 32.5% each, Petronas Carigali (Australia) Pty. Ltd. 25%, and Osaka Gas Australia Pty. Ltd. 10%.

More in Companies

How to overcome casing flotation limitations to access the full wellbore

How to overcome casing flotation limitations to access the full wellbore

Running casing to depth in long lateral sections is challenging, often costing operators a significant portion of pay zone at the toe of the well. This article highlights a technology that helped one operator add $120,000 to its incremental gas recovery.

Energy Transfer to acquire SemGroup in $5-billion deal

Energy Transfer will acquire SemGroup in a deal valued at $5 billion, the acquiring company reported Sept. 16. The acquisition will increase Energy Transfer’s scale across multiple regions and provide increased connectivity for its oil and NGL businesses.

Obsidian studying strategic alternatives

Obsidian Energy Ltd., Calgary, has begun a formal study of strategic alternatives. Options might be a sale, merger, or other business combination; disposition of all or some assets; refinancing of the capital structure; or a combination.

Share sales to end GE’s control of Baker Hughes

General Electric Co. and affiliates plan share sales that will end their control of Baker Hughes, a GE Company.

New EQT leaders cutting staff by 23%

New managers of EQT Corp., Pittsburgh, have announced a 23% staff reduction. In a press statement, the company said the 196 jobs to be cut account for about $50 million/year of general and administrative costs.

O’Grady appointed president of Northern Oil & Gas

Nicholas O’Grady will serve as president of Northern Oil & Gas Inc. (NOG) in addition to his current role as chief financial officer.

Encana makes leadership changes

Encana Corp. has made changes to its executive leadership team. Michael McAllister has been named president and Greg Givens has been named chief operating officer.

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.