Gulf Oil and Gas accountACCOUNT

Completion of Sale of Interest in Yemen's Block 3

Source: www.gulfoilandgas.com 12/31/2012, Location: Middle East

Share |
Oil Search is pleased to report that it has completed the sale of its 40% interest in Block 3 (Gardan) in Yemen to Total S.A. of France, for a consideration of US$44 million. As a part of this transaction, Total will assume Operatorship of Block 3.

Based on the current book value, an after tax profit from this sale of approximately US$28 million will be included in the 2012 full year results.

Commenting on the transaction, Peter Botten, Oil Search's Managing Director said: “The completion of the sale of Oil Search’s interest in Block 3, Yemen is in line with our strategy to optimize our international acreage portfolio in the Middle East and North Africa, with a focus on licences with material upside.

Drilling is currently underway on a large prospect in Kurdistan, with encouraging preliminary indications, and a high potential well in Tunisia is due to commence drilling in early 2013.

Oil Search’s remaining asset in Yemen is its 34% interest and Operatorship of Block 7 (Al Barqa), which contains the Al Meashar oil field, discovered in 2010. The Company is planning to acquire a 2D seismic programme over prospective areas of the Block in 2013, subject to a stable and safe operating environment prevailing in this area.”

For more information about Oil and Gas in Yemen visit Yemen Projects Database

Acquisitions and Divestitures News in Yemen >>

Brazil >>  12/18/2017 - Statoil ASA (STO) and Petroleo Brasileiro S.A. - Petrobras (Petrobras) have agreed that Statoil will acquire a 25% interest in Roncador, a large oil f...
Australia >>  12/13/2017 - Cue Energy Resources Ltd (CUE) is pleased to advise that through its 100% owned subsidiary, Cue Exploration Pty Ltd, it has agreed to extend the 42.5...

Israel >>  12/13/2017 - Energean Oil & Gas is pleased to announce that Energean Israel has been awarded five offshore exploration licences within the Israeli Exclusive Econom...
Mozambique >>  12/13/2017 - ExxonMobil announced the completion of a transaction by ExxonMobil Development Africa B.V. to acquire a 25 percent indirect interest in Mozambique’s g...

Russia >>  12/12/2017 - NOVATEK has concluded an agreement to acquire Chernichnoyefrom oil company 'Mangazeya' JSC. The transaction is expected to close in early 2018. ...
Singapore >>  12/11/2017 - Keppel Offshore & Marine (Keppel O&M) has, through its wholly-owned subsidiaries, Keppel FELS Brasil S.A. and Keppel Shipyard Ltd (Keppel Shipyard), s...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Yemen Oil & Gas 1 >>  2 | 3 | 4 | 5 |

Oil & Gas Projects in Yemen >>

More News

 

Oil & Gas Companies in Yemen >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.