Finance/Companies news briefs, Aug. 24
Shell Temir Petroleum Development � Maersk Oil Kazakhstan � Veba Oel Kasachstan � Tractebel � BG International � PTT Natural Gas Distribution � Fox Energy � Ivanhoe Energy � Prize Energy � Canadian Superior Energy ... Austeel Pty. Ltd. ... North West Shelf Venture
Shell Temir Petroleum Development BV�a wholly owned subsidiary of Shell Nederland BV�has agreed to transfer its 60% interest in and operatorship of the Temir production-sharing contract to Maersk Oil Kazakhstan GmbH, a wholly-owned subsidiary of Maersk Olie og Gas AS. Terms were not disclosed. Temir is a 19,000 sq km area 100 km south of Aktobe in western Kazakhstan. Shell said the PSC is northwest of the Zhanazhol, Kinkyak, and Alibekmola oil fields and contains the Saigak oil discovery. The transfer has been approved by the Kazakh government and by Veba Oel Kasachstan GMBH, a wholly owned subsidiary of Veba Oil & Gas GMBH, which holds a 40% participating interest.
Tractebel, the energy unit of French utility Suez Lyonnaise des Eaux, has agreed to buy the stake of BG International in PTT Natural Gas Distribution Co., Thailand's largest private gas distribution firm, for 350.9 million baht ($9 million). The deal raised Tractebel's holding in PTT NGD, which distributes gas to four industrial estates around the Thai capital, to 49% from 27%. According to BG International, PTT NGD supplies 42 local industrial users with more than 12 MMcfd of gas and provides transport capacity for a further 24 MMcfd. Pipeline networks are being constructed in two areas as part of PTT NGD's business, Tractebel said.
Fox Energy Corp., Calgary, has closed its $626,000 acquisition of a producing oil property in east-central Alberta's Veteran area. The property includes several producing wells, an oil processing facility, and a water injection well. The acquisition took effect June 1. Fox's daily production from the property is 70 b/d of oil. An independent engineering firm has estimated the total proved plus risked probable reserves for the property at 140,000 bbl of oil. Fox estimates that the property will generate $400,000 in cash flow over the next 12 months and offers opportunities for additional drilling. Fox plans to drill up to two wells on the property this fall.
Canadian company Ivanhoe Energy Inc. said its shares will begin trading in the US on the NASDAQ exchange Aug. 28. Ivanhoe Energy, a Canadian oil and natural gas exploration and development company, has been listed on the Toronto Stock Exchange for more than 3 years.
Prize Energy Inc., Calgary, said the Canadian Venture Exchange has approved the consolidation of its shares on a one-for-two basis. Also, the company has changed its name to Canadian Superior Energy Inc.
Austeel Pty. Ltd. and the North West Shelf Venture (NWS) participants have signed a memorandum of understanding under which NWS will supply 315 terajoules/day of natural gas to a proposed $5 billion (Aus.) integrated iron and steel project in the Pilbara region of Western Australia. Austeel and NWS expect to finalize the agreement by yearend and plan to begin gas production to the project by 2003, Austeel said.