Untitled Document
Untitled Document

Joint ventures highlight month's top deals

The largest US deal of the past month was BG Group's joint venture (JV) with EXCO Resources in the Appalachian basin, primarily PA and WV. BG Group and EXCO will establish a 50-50 JV company to operate the upstream assets and a 50-50 midstream JV company to invest in gathering and transportation, both to be based in Pittsburgh. The book value of the assets (namely, EXCO's Marcellus and shallow interests) is about $450 million. Total consideration payable by BG Group consists of a cash payment of $800 million, plus $150 million to be paid as a carry of 75% of EXCO's future Marcellus drilling costs. The major international transaction was Penn West Energy Trust's JV with China Investment Corp. (CIC) to develop Penn West's bitumen assets in the Peace River area of Alberta. Penn West will retain a 55% partnership interest, while CIC will have 45%. The proved value of the assets is approximately US$1.2 billion.

 

 

More Oil & Gas Financial Journal Current Issue Articles
More Oil & Gas Financial Journal Archives Issue Articles
View Oil and Gas Articles on PennEnergy.com

Related Articles

Talisman, Statoil end effort to sell Eagle Ford joint venture

07/09/2014

Talisman Energy Inc. and Statoil have ended their effort to sell their joint venture in the Eagle Ford basin after offers came in lower than expected, Bloomberg reported.

Construction of Seaway Pipeline loop completed

07/07/2014 Enterprise Products Partners LP and Enbridge Inc. report that the 512-mile loop of the Seaway Pipeline system from Cushing, Oklahoma, to the Jones Creek storage and terminal facility near Freeport,...

Ecopetrol agrees to participate in exploration of two blocks in Angola

07/07/2014 Ecopetrol SA (BVC: ECOPETROL; NYSE: EC; TSX: ECP) reports that, as part of its strategy of diversifying and strengthening its international exploration portfolio, an agreement has been reached with...

Dejour closes Kokopelli joint venture

07/01/2014

Dejour Energy Inc. has formed a joint venture with a private US-based E&P company to develop its core Kokopelli leasehold in the Piceance Basin region of Colorado.

PetroQuest enters into joint venture

07/01/2014 PetroQuest Energy Inc. has entered into an oil-focused joint venture in Louisiana with Midstates Petroleum Co. Inc. Under the terms of the JV, the company has acquired a 50% interest in Midstates' ...

More Oil & Gas Financial Articles

Talisman, Statoil end effort to sell Eagle Ford joint venture

Wed, Jul 9, 2014

Talisman Energy Inc. and Statoil have ended their effort to sell their joint venture in the Eagle Ford basin after offers came in lower than expected, Bloomberg reported.

Construction of Seaway Pipeline loop completed

Mon, Jul 7, 2014

Enterprise Products Partners LP and Enbridge Inc. report that the 512-mile loop of the Seaway Pipeline system from Cushing, Oklahoma, to the Jones Creek storage and terminal facility near Freeport, Texas, is mechanically complete.

Ecopetrol agrees to participate in exploration of two blocks in Angola

Mon, Jul 7, 2014

Ecopetrol SA (BVC: ECOPETROL; NYSE: EC; TSX: ECP) reports that, as part of its strategy of diversifying and strengthening its international exploration portfolio, an agreement has been reached with Statoil to acquire a 10% participation in the blocks 38/11 and 39/11 in the Kwanza basin, located offshore Angola.

Dejour closes Kokopelli joint venture

Tue, Jul 1, 2014

Dejour Energy Inc. has formed a joint venture with a private US-based E&P company to develop its core Kokopelli leasehold in the Piceance Basin region of Colorado.

PetroQuest enters into joint venture

Tue, Jul 1, 2014

PetroQuest Energy Inc. has entered into an oil-focused joint venture in Louisiana with Midstates Petroleum Co. Inc. Under the terms of the JV, the company has acquired a 50% interest in Midstates' Fleetwood project for an aggregate purchase price of $24 million.

Most Popular

Oil & Gas Jobs

Search More Job Listings >>
Subscribe to OGFJ