Forest Oil Corp., Denver, and partner, The Anschutz Overseas Corp., via their South African subsidiaries have agreed with Mvelaphanda Holdings with respect to blocks 1 and 2 offshore. The agreement gives Mvelaphanda the right to acquire an initial 10% interest in both concessions, which cover approximately 13 million acres, and is intended to comply with the government directive for native African participation in the upstream sector. The group plans to commence drilling in October, with the first of a four-well program designed to determine gas reserves for the area. Forest and Anschutz have a 70% and 30% working interest respectively. Chevron Corp., San Francisco, has purchased an additional 5% stake in the Tengizchevroil joint venture in western Kazakhstan from the Republic of Kazakhstan. The deal increases Chevron's equity interest in TCO to 50%. Vintage Petroleum Inc., Tulsa, has purchased 100% of the interest formerly held by Perez Companc in two concessions in the Cuyo Basin covering approximately 104,000 acres in the Mendoza province of Argentina for $39.6 million. -Heather H. Read
Recommended Reading
US Oil, Gas Rig Count Falls to Lowest Since January 2022
2024-05-03 - The oil and gas rig count, an early indicator of future output, fell by eight to 605 in the week to May 3, in the biggest weekly decline since September 2023.
Pemex Reports Lower 2Q Production and Net Income
2024-05-03 - Mexico’s Pemex reported both lower oil and gas production and a 91% drop in net income in first-quarter 2024, but the company also reduced its total debt to $101.5 billion, executives said during an earnings webcast with analysts.
Chouest Acquires ROV Company ROVOP to Expand Subsea Capabilities
2024-05-02 - With the acquisition of ROVOP, Chouest will have a fleet of more than 100 ROVs.
SLB, OneSubsea, Subsea 7 Sign Collaboration Deal with Equinor
2024-05-02 - Work is expected to begin immediately on Equinor’s Wisting and Bay Du Nord projects.
SilverBow Makes Horseshoe Lateral in Austin Chalk
2024-05-01 - SilverBow Resources’ 8,900-foot lateral was drilled in Live Oak County at the intersection of South Texas’ oil and condensate phases. It's a first in the Chalk.