Energy Business Review: Chevron’s NEW Partner, Statoil WINS BIG
Chevron (NYSE:CVX) agrees to partner with Kosmos Energy (NYSE:KOS) in a joint endeavor to search for crude oil off the coast of Surinam. The former will serve as development operator, in the case of any commercial discoveries, and Kosmos will keep a 50 percent working interest in two exploration blocks and also remain the operator of both blocks, which cover a total area of 2.8 million gross acres. The initial drilling is set for 2014.
Chesapeake Energy (NYSE:CHK) shares climb again on Wednesday, following a story in The Financial Times that implied that billions of dollars worth of the firm’s assets have caught the interest of Sinopec (NYSE:SNP), whose CEO Fu Chengyu was in Oklahoma this week, checking out the assets in question.
Norway’s Statoil (NYSE:STO) wins a bidding contest for 26 leases, including a 30-year high bid of $157 million for a lease in the Mississippi Canyon area, which represents the first deepwater Gulf of Mexico lease sale since March 2010. Statoil will control more than 350 leases in the Gulf following the auction.
Sunoco Logistics (NYSE:SXL) in embarking upon a new Permian Express project which should transport West Texas crude oil to Gulf coast markets at 150,000 barrels per day, and will be expandable to 350,000 barrels a day. Additionally, the company will reverse its Wortham-to-Wichita Falls pipeline so as to create a continuous pipeline service, and to utilize the excess capacity on the southern leg of the West Texas Gulf pipeline system as well.
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