Crosspoint Ventures, a global private equity and venture capital firm, said Thursday it has submitted an offer of $190 million to buy one of Canada’s largest oil and gas operations from Anadarko Canada Corp., a subsidiary of Houston-based Anadarko.
“We have been led to believe that we are probably one of the top two bidders” for the assets, said Mark Anderson, president of Crosspoint Ventures. The winning bid is expected to be unveiled on Aug. 23.
The properties to be acquired are largely located in Central Alberta, South East Alberta and Saskatchewan, according to Crosspoint, which has offices in New York, Geneva, London and Hong Kong. The portfolio represents approximately 6,500 barrels of oil equivalent/day (boe/d), of which 40% are liquids rich natural gas, it said.
Also included in the transaction are related infrastructure interests, third-party processing revenues, and a footprint of over 50,000 acres of developed land and 80,000 acres of undeveloped land.
The transaction is part of a $2 billion divestiture effort on the part of Anadarko, the eighth largest natural gas producer in North America. At the end of 2003, the company had produced 192 million boe, and had 2.5 billion boe in reserves.
This is not Crosspoint Ventures first foray into the oil and gas sector. Anderson said the company already holds oil and gas production assets in the United States and Canada.
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