The board of Canadian Oil Sand Ltd. (COS) reported it will review the unsolicited takeover offer made Oct. 5 by Suncor Energy Inc., Calgary. Suncor’s offer to acquire all the outstanding shares of COS is valued at $4.3 billion (Can.). Source: News
Freeport-McMoRan considers spinning off oil, gas business
Freeport-McMoRan Inc., Phoenix, is reviewing “strategic alternatives” for its oil and gas business, including its possible spinoff to shareholders, joint venture arrangements, and further spending reductions. Source: News
MARKET WATCH: NYMEX, Brent oil prices rise on lower US rig count
Light, sweet crude oil prices for November delivery rose on the New York market Oct. 5 as did Brent crude oil prices on the London market, which analysts largely attributed to cuts in US production capacity as indicated by a falling rig count. Source: News
Ghana block study: 500 million bbl in place
A block with three legacy oil fields in shallow water offshore Ghana holds 500 million bbl of oil and 282 bcf of natural gas in place, according to an independent assessment reported by Erin Energy Corp., Houston. Source: News
New Hampshire Supreme Court rules against ExxonMobil in MTBE appeal
The New Hampshire Supreme Court denied ExxonMobil Corp.’s appeal of a lower court’s $236 million award to the state in a lawsuit charging groundwater contamination from the company’s use of methyl tertiary butyl ether as a gasoline oxygenate additive in the 1980s. Source: News
Targa, Sanchez Energy form Eagle Ford gas JV
Targa Resources Partners LP and Sanchez Energy Corp. have agreed to form joint ventures that will construct a 200-MMcfd cryogenic natural gas processing plant in La Salle County, Tex., and 45 miles of high-pressure gathering pipelines that will connect Sanchez Energy’s Catarina gathering system to the plant. Source: News
Federal, state governments settle Macondo spill civil claims with BP
The US government as well as the governments of five states reached a proposed $20.8-billion settlement with BP PLC to resolve civil claims arising from the 2010 Macondo deepwater well blowout and subsequent crude oil spill into the Gulf of Mexico. It was the largest such settlement with a single entity in US history, the […]
Statoil buys stake in Alfa Sentral license
Statoil ASA has purchased a 24% interest in the license containing the UK section of transborder Alfa Sentral natural gas and condensate field in the North Sea and expects unitization negotiations to begin soon. Source: News
SandRidge to acquire West Texas gathering company
SandRidge Energy Inc., Oklahoma City, has agreed to acquire Pinon Gathering Co. LLC, Houston, from EIG Global Energy Partners for $48 million cash and $78 million of its 8.75% senior secured notes due 2020. The deal is expected to close in the fourth quarter. Source: News
SEC submits schedule to implement foreign payments disclosure rule
The US Securities and Exchange Commission outlined an expedited rulemaking schedule aimed at voting on a final rule by June 27, 2016, requiring US oil, gas, and mining companies to report payments made to foreign governments. Source: News