Unconventional plays in North America will be ConocoPhillips’ priority going forward, with the focus on fields rich in liquids and oil, CFO Jeff Sheets said Wednesday.
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Jones, Southridge, Pablo Join Forces in Arkoma Basin
Jones Energy Holdings (JEH) has acquired all of the producing properties in the Arkoma Basin owned and operated by Southridge Energy LLC and Pablo Energy II, which includes 20 MMcfe/d of current net production and more than 77,000 gross acres located primarily in the liquids-rich fairway of the Woodford Shale in Oklahoma’s Coal and Atoka counties, JEH said Wednesday. Terms of the deal were not disclosed.
BP Continues to Pare Portfolio
To meet its $30 billion divestiture target by the end of 2011 BP plc will continue to sell properties, including in the United States and Canada, the producer said in its annual report.
Escondido Sharpens Eagle Ford Focus
Escondido Resources II LLC of Midland, TX, has sold 11,050 net acres in the Eagle Ford Shale for $115.3 million. The sale consists of three distinct blocks of acreage located mainly in La Salle County in South Texas, Escondido said Tuesday.
XTO Buys Petrohawk Fayetteville Assets
Petrohawk Energy Corp. has sold its natural gas assets in the Fayetteville Shale to XTO Energy Inc., a subsidiary of ExxonMobil Corp., for $575 million, the company said. The deal puts ExxonMobil at No. 2 in the Fayetteville leaseholder pack.
Gastem: Initial Marcellus Tests Successful
Montreal-based producer Gastem Inc. said Thursday its Ross No.1 vertical well in the New York portion of the Marcellus Shale has been completed and is testing 150 MMcf/d after four weeks of “extended flow.”
GAO: Size of Oil Shale Industry May Be Limited by Water Availability
The oil shale reserves in the Green River Formation are equal to the world’s proven oil reserves, according to the federal government.
Industry Briefs
ExxonMobil Corp. is selling three packages of operated and nonoperated properties in the Gulf of Mexico that currently produce 7 MMcf/d of natural gas and 2,900 b/d of liquids, or 4,066 boe/d, The Oil & Gas Asset Clearinghouse LLC said. The packages includes 61 producing wells and 17 shut-in wells, as well as seven platforms in three field areas. Net monthly cash flow is estimated at $4 million. The Mississippi Canyon 281 prospect, which ExxonMobil operates, has an estimated 100-300 million bbl. Also operated by the producer and for sale are Eugene Island 330 and Green Canyon 19/60. In addition, Eugene Island 314/315, a nonoperated block, is for sale. The data room is to open in late November, with bids due by Dec. 21. For information contact Heather Adamson at (832) 601-7679 or Cory Talash at (832) 601-7685.
ExxonMobil Selling Package of Offshore Assets
ExxonMobil Corp. is selling a package of operated and nonoperated properties in the Gulf of Mexico that currently produce 7 MMcf/d of natural gas and 2,900 b/d of liquids, or 4,066 boe/d, The Oil & Gas Asset Clearinghouse LLC said.
SM Energy Targets Eagle Ford, Ponders Haynesville
Like its peer Petrohawk Energy Corp. (see related story), SM Energy Co. is focusing more on the Eagle Ford. Plans for its Haynesville holdings are evolving.