U.S. oil major ConocoPhillips said on Wednesday that it agreed to buy land from Kelt Exploration Ltd in Canada's Montney shale oil play, in a ...
U.S. oil major ConocoPhillips said on Wednesday that it agreed to buy land from Kelt Exploration Ltd in Canada's Montney shale oil play, in a US$375 million deal.
FILE PHOTO: The logo for ConocoPhillips is displayed on a screen on the floor at the New York Stock Exchange in New York, U.S., January 13, 2020. REUTERS/Brendan McDermidWINNIPEG, Manitoba: U.S. oil major ConocoPhillips said on Wednesday that it agreed to buy land from Kelt Exploration Ltd in Canada's Montney shale oil play, in a US$375 million deal.
The 140,000 acres in British Columbia are directly adjacent to ConocoPhillips' own Montney lands, the company said. The oil resource amounts to 1 billion barrels of oil equivalent.The deal allows ConocoPhillips to extend its existing position at an attractive cost, Chief Operating Officer Matt Fox said.
It comes three years after Houston-based ConocoPhillips sold much of its Canadian assets to Cenovus Energy , part of a multi-year withdrawal of foreign producers from Canada. In April, ConocoPhillips reduced production at its Surmont Canadian site by 100,000 barrels of oil per day. Kelt said in a statement that the sale would strengthen its finances during an uncertain economic time, while leaving it a large inventory of future drilling sites.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Adevinta buys eBay's classifieds unit in US$9.2 billion dealEbay Inc has agreed to sell its classified ads business to Norwegian group Adevinta in a deal worth US$9.2 billion, creating the world's largest ...
Read more »
Adevinta buys eBay's classifieds unit in US$9.2 billion dealEbay has agreed to sell its classified ads business to Norwegian group Adevinta in a cash share deal worth US$9.2 billion, the companies said on ...
Read more »
United sees around US$15-20 million daily cash burn in fourth quarter if demand bouncesUnited Airlines expects its daily cash burn rate to slow to between US$15 million and US$20 million in the fourth quarter, depending on the pace ...
Read more »
Major airlines ask EU, White House to adopt new COVID-19 testing programMajor US and European Union airlines asked the EU and White House Tuesday to consider adopting a joint US-EU COVID-19 testing program as a way to ...
Read more »
Bombardier secures up to US$1 billion in credit, cites improved cash usage, shares riseBombardier Inc said on Wednesday it had secured a loan of up to US$1 billion and used US$500 million less cash in the second quarter than ...
Read more »
China allocates flood relief fund to farmers, agriculture productionChina has allocated a 330 million yuan (US$47 million) disaster relief fund to help farmers and agricultural production in southern provinces, as ...
Read more »