Deals in brief
Petronas sells 50% stake in Block 52 offshore Suriname to ExxonMobil
Malaysian oil and gas company Petronas has completed the farm-down of 50% of its interest in Block 52 offshore Suriname to ExxonMobil Exploration and Production Suriname.
Subsidiary Petronas Suriname Exploration & Production (PSEPBV) carried out the transaction. It now operates block 52 with 50% equity, while ExxonMobil holds the remaining 50%.
Block 52 covers an area of about 4,749km2 in the Suriname-Guyana basin. Water depths in the block range from 50m to 1,100m.
Petronas Exploration vice-president Emeliana Rice-Oxley said: “Our upcoming exploration activities for Block 52 will involve the drilling of a well in Q3 2020, in addition to acquiring new 3D seismic data utilising the latest technology, covering the whole block to further evaluate the block’s upside potential.
“We look forward to this partnership with ExxonMobil and are determined to continue with the success story on hydrocarbon discoveries in the basin.”
PSEPBV gathered subsurface information and data on the petroleum system of the block after completion of drilling on the Roselle-1 well in 2016.
The resulting analysis by the company indicated Block 52 comprises multiple geological play types. Petronas said the assessment is further supported by recent oil discoveries in an adjacent block.
In Suriname, PSEPBV also owns a 100% participating interest in Block 48 and a 30% non-operated participating interest in Block 53, adjacent to Block 52.
Recently, Petronas signed an agreement with the government of a Malaysian state on the management of oil and gas and sales tax on petroleum products.
Total calls off deal to purchase Anadarko assets from Occidental
Total and Occidental Petroleum have announced the end of a sale deal for Total to buy the Algerian and Ghanaian assets of former producer Anadarko.
Occidental finished its acquisition of Anadarko in August 2019. With this, it agreed to sell the company’s assets in Ghana, Algeria, Mozambique and South Africa to Total.
Qatar Petroleum to acquire exploration interests off Côte d’Ivoire
State-owned company Qatar Petroleum (QP) has signed farm-in agreements with Total on two blocks offshore Republic of Cote d’Ivoire.
The company has said it will take 45% participating interest in blocks CI-705 and CI-706, in the Ivorian-Tano Basin.
Equinor, Shell and Total invest in Northern Lights CCS
Oil and gas giants Equinor, Shell and Total have made a final investment decision on the Northern Lights carbon capture and storage (CCS) project. The project will capture industrial and imported carbon dioxide (CO₂) emissions to be injected into reserves from a terminal in Øygarden, on Norway’s west coast.
The three companies are making an initial investment of $680m (NOK 6.9bn) between them. Of this, they estimate 57% will go toward Norwegian contractors.
BP invests $1.76m in Australian hydrogen study
UK-headquartered oil and gas company BP has announced it will invest $1.76m (AUD$2.7m) into an Australian scheme to study the practicalities of mass hydrogen production.
In a statement, the company said it aimed to “better understand the possibilities of using hydrogen to export renewable energy at scale”. BP has also committed to releasing the results of the study to the public.
Equinor sells remaining 4.88% stake in Lundin for $333m
Norwegian oil firm Equinor has divested its remaining 4.88% stake in Swedish firm Lundin Energy. It has sold around 14 million shares in the latter for a consideration of about $335m (SEK3.3bn).
This means Equinor is now no longer a shareholder in Lundin Energy.