Wednesday, February 8, 2012

Total sells Colombian assets for $1 billion

Total has agreed to sell TEPMA BV to Sinochem . This fully owned affiliate of Total holds a working interest in the Cusiana field as well as a participation in OAM and ODC pipelines in Colombia. Total share of production of Cusiana is around 7,000 BOE/d. The sale follows a divestiture of 5 % WI in the Ocensa pipeline to Petrominerales and of another 5 % to Cepsa in July 2011. The combined value of the three transactions amounts to about US$ 1 billion. Continue reading here..

Newfield Exploration to sell more assets

Newfield Exploration Company has announced its plan to divest non-strategic GoM assets. The company expects proceeds of about $335 million from the sale which is expected to close in early 2012. More info on Newfield’s GoM asset overview






Solo Oil Seeks Partner for Argentina block

UK listed Solo Oil Plc is seeking a partner for Mina El Carmen block in Argentina. Solo Oil has a diverse portfolio of direct and indirect interests in exploration, development and production within East Africa and North/South America. 


Solo Oil acquired Mina El Carmen block by buying Ilakon Ltd, a wholly-owned subsidiary of Obtala Resources. Continue reading here..

Cenobus seeks JV partner with broader market access

Cenovus Energy Inc is looking for a JV partner for its Telephone Lake oilsands project and expects to have an update on its search by the end of March. Continue reading here..

Oilsands Quest files for bankruptcy

Canada’s Oilsands Quest Inc filed for Chapter 15 protection from creditors in a U.S. bankruptcy court, after it failed to find buyers for its Wallace Creek assets in Alberta. On 27-Sep-2011, Oilsands Quest had signed a non-binding Letter of Intent to sell its Wallace Creek assets for $40 million, which was subsequently cancelled. Continue reading here..

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