Energy Business Review: Latest TNK-BP News, Exxon Buys Celtic Majority

More TNK-BP news, as the four Russian-based billionaires who control 50 percent of the joint venture will divest their interest to Rosneft Oil Co. (RNFTF.PK) for $28 billion, according to Sky News. BP (NYSE:BP) would like to sell its 50 percent share in TNK-BP as well, and the amount that Rosneft is paying is higher than that would have been anticipated. The offer deadline set for Thursday morning, and it’s thought that this latest move will not affect BP’s plans to sell. A later Wall Street Journal report has it that BP is close to selling its stake in the joint venture to the Rosneft in a cash and shares transaction worth $25 billion

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Exxon Mobil Corporation (NYSE:XOM) will purchase the majority of Celtic Exploration (CEXJF.PK) at C$24.50 per share. The deal includes 545,000 acres in the liquids-rich Montney shale.

However, the $2.6 billion acquisition still must be okayed by the Canadian government, but it likely will not receive the same scrutiny as Cnooc (NYSE:CEO) since it isn’t a government-owned buyer.

Don’t Miss: Oil On Tap: BP Nears Rosneft Deal, Exxon Mobil to Acquire Celtic Exploration.