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W&T Offshore has agreed to sell its stake in a West Texas oil field to a private equity start-up company for $376 million, the latest oil deal geared toward supporting a seller’s financial books amid cheap oil prices.
Encana is unloading gas assets to better focus on drilling for oil and liquids such as condensate.
The assets produced the equivalent of about 49,000 barrels of oil a day in March.
The deal is the largest block trade ever in Australia, exceeding Royal Dutch Shell Plc’s sale of Woodside Petroleum Ltd. shares in 2010 for about A$3.3 billion.
ConocoPhillips is selling its stake in the enormous Kashagan offshore field in Kazakhstan in a $5 billion deal, the latest move to shrink and streamline its businesses, the corporation announced Monday.
BP’s Monday announcement of a $5.5 billion sale for several Gulf of Mexico properties has brought praise from analysts for the price commanded, as it moves closer to its target $38 billion asset divestment by the end of 2013.
Three European oil companies are preparing to bid on Anadarko’s Brazilian offshore exploration business, according to London’s Financial Times