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Dominion Resources Inc. will pursue the sale of most of its oil and natural gas exploration and production assets to focus on growing its electric generation and energy distribution, transmission, storage and retail businesses. As part of the repositioning, the company will retain its low-risk Appalachian basin properties, because of their value to the company's natural gas pipeline, storage and gathering businesses. These properties account for about 17% of Dominion's proved reserves and 8% of average daily production.
Santos Ltd. said it plans to rebalance its E&P portfolio by divesting all of its US interests, refocusing exploration toward Australia, Asia and the Middle East. Continued high demand for energy in the US has made it a good time to bring this portfolio to market, according to the company. Santos' US operations produced 2.1 boe during 2005, and include ongoing exploration and development activities on more than 180,000 acres onshore and offshore the Texas Gulf Coast, and western Colorado.
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Houston, TX - November 4-5
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