BP Amoco, Shell sell Altura Energy - March 28, 2000

Providing coverage of Alaska and northern Canada's oil and gas industryMarch 2000

Vol. 5, No. 3

Week of March 28, 2000

BP Amoco, Shell sell Altura Energy

Petroleum News Alaska Staff

BP Amoco and Shell Exploration & Production Co. said March 8 that they will sell all of the common interest in their Altura Energy Ltd. Partnership to Occidental Petroleum Corp. in a deal valued at approximately $3.6 billion after certain adjustments. The transaction is expected to close within the next few weeks.

BP Amoco said its interest in Altura represents approximately 96,000 barrels of oil equivalent production daily. “We are pleased to conclude the transaction and it confirms the value and appeal of our Altura assets,” said Dick Olver, chief executive, BP Amoco Exploration. “As BP Amoco continues to restructure its portfolio, this helps focus on our core growth in areas such as gas and the deep water Gulf of Mexico.”

Production by Altura in 1999 averaged about 150,000 barrels of oil equivalent daily.

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