Marathon Wins Norwegian OK, Shell Tries To Avert Sanctions On Iran: Energy Biz Wrap
The government of Norway grants Marathon Oil Corporation (NYSE:MRO) its approval for the NOK4.9 billion, or $845 million, development of its marginal Boyla oilfield off the coast of that country. Marathon intends the development of the North Sea oil and gas field as a subsea tie-back to its operated Alvheim field, containing recoverable reserves calculated at 23 million barrels of energy equivalent. The firm is the operator with a 65 percent interest, with partners ConocoPhillips (NYSE:COP) at 20 percent and Lundin at 15.
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Royal Dutch Shell (NYSE:RDSA)(NYSE:RDSB) is said to be trying to avert sanctions by repaying a $1.4 billion oil debt to Iran through a grain barter arrangement via the agribusiness giant Cargill. The firm seeks to repay what it owes the National Iranian Oil Corp. because it is looking forward to relations with a post-sanctions Iran, and believes that “an offset transaction is the only way forward.”
Chesapeake Energy Corporation (NYSE:CHK) will now be permitted to frack for natural gas only one mile from First Energy’s Beaver Valley nuclear power station in Shippingport, Pennsylvania. According to state regulators, there exist no requirements for setbacks specifically relating to a required leeway between unconventional wells and nuclear facilities.
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