CNOOC Ltd. has reportedly agreed to management and employment conditions set by the Canadian government as prerequisites to its proposed C$15.1 billion takeover bid for Calgary-based oil and gas producer Nexen Inc. Two sources familiar with the matter said CNOOC, an arm of state-controlled China National Offshore Oil Co., has agreed to reserve at least half of Nexen’s board and management positions for Canadians, along with other conditions recently requested by Alberta Premier Alison Redford, Bloomberg reported. Shareholders of Nexen voted 99% in favor of accepting CNOOC’s takeover offer (see Daily GPI, Sept. 21). But Canadian Prime Minister Stephen Harper has repeatedly cautioned North American money managers against assuming the bid is a done deal, and some polls indicate that a majority of Canadians oppose the deal. The final Canadian say is in the hands of the federal cabinet under the national Foreign Investment Review Act, which gives ministers wide discretion under a “benefits test” for big corporate deals.
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Blackstone, LLOG to Accelerate Deepwater Exploration in GOM
LLOG Exploration Co. LLC has formed a long-term partnership with private equity giant Blackstone to accelerate the Covington, LA-based producer’s deepwater operations in the Gulf of Mexico (GOM).
Nucor Takes Half-Stake in Encana Natural Gas Wells
U.S. steel and iron producer Nucor Corp. on Tuesday said it is taking a half-stake in some of Encana Corp.’s U.S. natural gas wells to guard against an expected increase in U.S. gas prices.
Comstock Keeping Haynesville Powder Dry
The dry gas Haynesville Shale will have its day again — when gas prices have a $5 handle — and Comstock Resources Inc. will be ready, management of the Frisco, TX-based producer told financial analysts last week.
Comstock Keeping Haynesville Powder Dry
The dry gas Haynesville Shale will have its day again — when gas prices have a $5 handle — and Comstock Resources Inc. will be ready, management of the Frisco, TX-based producer told financial analysts Tuesday.
Sanchez More Than Triples Year-Ago Production
Houston-based independent Sanchez Energy Corp. grew its production by more than 350% from a year ago as of the end of the third quarter, said the company, which has a 95,000 net acre position targeting the liquids-rich Eagle Ford Shale, Pearsall Shale, Austin Chalk and Buda Limestone.
BP Confirms Integrity of Macondo Well
BP plc last Thursday said it had confirmed the integrity of the deepwater Macondo well in the Gulf of Mexico, as well as its associated relief wells. The producer said it conducted “an extensive subsea survey” to identify potential sources of a surface sheen near Mississippi Canyon Block 252, which is near the blowout site.
Pemex Hits Second Gusher in Perdido
Six weeks after Mexico’s Petroleos Mexicanos (Pemex) reported its first deepwater discovery in the Gulf of Mexico, the producer said it has struck another big gusher nearby.
NGSA: Colder Winter Means ‘Soft’ Upward Price Pressure
In the fall, a natural gas producer’s heart turns to selling more gas at higher prices. This winter should be somewhat colder — and more rewarding to producers — than last, according to the Natural Gas Supply Association’s (NGSA) Winter Outlook, released last Wednesday.
NGSA: Colder Winter Means ‘Soft’ Upward Price Pressure
In the fall, a natural gas producer’s heart turns to selling more gas at higher prices. This winter should be somewhat colder — and more rewarding to producers — than last, according to the Natural Gas Supply Association’s (NGSA) Winter Outlook, released Wednesday.
