January 9, 1982 - Maritime Reporter and Engineering News

Dome Exploration And Production Interests Acquired By BP And LASMO

Dome Petroleum Limited of Calgary, Alberta, BP Petroleum Development Limited, and London and Scottish Marine Oil p.l.c., both of London, England, announced recently that agreement has been reached for the sale to BP and LASMO of Dome's shareholding in companies which, via subsidiaries, hold international exploration and production interests, principally in Indonesia.

As a result of this sale, BP and LASMO will in effect acquire control of 87.5 percent of all those interests outside North America formerly held by Hudson's Bay Oil and Gas Company Limited which, in 1982, became a wholly owned Dome subsidiary.

The sale is effective July 1, 1982, with closing scheduled for the end of October. The total purchase price is approximately $270 million ($340 million Canadian).

BP and LASMO will have an equal interest in each of the companies holding the Indonesian properties. LASMO will acquire all of the Dome shareholding in the other companies holding exploration and production interests in Australia, Brazil, Egypt, the United Kingdom, Italy, the Netherlands, and Norway.

The overall transaction, which is subject to various consents, involves 30 contract and license areas of 31.9 million gross acres (10.8 million net). Net current production is approximately 11,- 000 barrels per day of crude oil from the southeast Sumatra area of Indonesia, with additional developments planned to come on stream in 1983 and 1984.

Other stories from January 9, 1982 issue


Maritime Reporter

First published in 1881 Maritime Reporter is the world's largest audited circulation publication serving the global maritime industry.