Energy Business Review: Energy Transfer Partners Bids for Sunoco, Conoco Exits Peru
Sunoco (NYSE:SUN) shareholders on Thursday okayed the Energy Transfer Partners (NYSE:ETP) offer for $5.3 billion, thus creating one of the more diverse pipeline firms in the United States. Of late, Sunoco’s pipelines have seen high demand, because of a boom in drilling for gas and oil in domestic shale rock formations.
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ConocoPhillips (NYSE:COP) reports that it will not pursue further exploration in two blocks in the Maranon Basin on Peru, which comprises a portion of the company’s effort to sell off billions of dollars worth of assets in 2012. Instead, the blocks will be transferred to Gran Tierra Energy (AMEX:GTE); Conoco is also leaving two other blocks in Peru.
The Yme oil platform in the North Sea, which was evacuated by Talisman Energy (NYSE:TLM), is said to be at risk of collapsing into the ocean this winter, according to a warning issued by the company to safety authorities back in July. The project is now more than a year behind schedule, and Talisman has removed any future output from its corporate forecasts until a start-up seems more secure.
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