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(Reuters) - Privately owned oil driller Recoil Resources is scouting for a buyer for its assets spread across 71,000 acres in the Eagle Ford shale play of South Texas, according to two sources familiar with the matter.
The assets, expected to produce around 4,000 barrels of oil equivalent per day in July per Recoil’s marketing materials seen by Reuters, could fetch over $200 million in a sale, one of the sources said.
A sale could be finalized over the coming months, one of the sources said, requesting anonymity as the talks are confidential.
Recoil did not immediately respond to a Reuters request for comment.
By Syndicated Content
By Jessica Resnick-Ault, Arathy S Nair and Shariq Khan
(Reuters) â Royal Dutch Shell Plc plans to leave Aera, its California-based oil and gas-producing joint venture with Exxon Mobil Corp, four people familiar with the talks told Reuters.
Shell has divested numerous carbon intensive assets this year, selling its refinery in Washington state to Holly Frontier Corp and its stake in a Houston-area refining joint venture to Petroleos Mexicanos as it shifts new investments to renewables and power.
The company is also considering a sale of its assets in the Permian Basin of Texas, Reuters previously reported.
Aera produces about 125,000 barrels of oil and 32 million cubic feet of natural gas each day, accounting for about 25% of the stateâs oil and gas production.
Exclusive: Shell plans to exit California joint venture with Exxon Mobil - sources
07/01/2021 | 12:19am EDT
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(Reuters) - Royal Dutch Shell Plc plans to leave Aera, its California-based oil and gas-producing joint venture with Exxon Mobil Corp, four people familiar with the talks told Reuters.
Shell has divested numerous carbon intensive assets this year, selling its refinery in Washington state to Holly Frontier Corp and its stake in a Houston-area refining joint venture to Petroleos Mexicanos as it shifts new investments to renewables and power.
The company is also considering a sale of its assets in the Permian Basin of Texas, Reuters previously reported.
Jessica Resnick-aultArathy S NairShariq Khan
3 minute read
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A logo of Royal Dutch Shell is seen at Gastech,, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai/File Photo
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July 1 (Reuters) - Royal Dutch Shell Plc (RDSa.L) plans to leave Aera, its California-based oil and gas-producing joint venture with Exxon Mobil Corp (XOM.N), four people familiar with the talks told Reuters.
Shell has divested numerous carbon intensive assets this year, selling its refinery in Washington state to Holly Frontier Corp (HFC.N) and its stake in a Houston-area refining joint venture to Petroleos Mexicanos as it shifts new investments to renewables and power. read more