Sector News

SK Innovation to buy U.S. shale oil company

March 21, 2018
Chemical Value Chain

SK Innovation, owner of South Korea’s top refiner SK Energy, said on Wednesday that it has signed a deal to buy U.S. shale oil and gas company Longfellow Nemaha LLC in a bid to expand its shale oil development businesses.

The South Korean company said in a statement it would finalize the deal within the first half of this year but did not disclose a deal price.

SK Innovation said the acquisition was made through its U.S.-based unit SK E&P America and it would invest up to 485.3 billion won ($453 million) in SK E&P America to spend on the acquisition and other businesses, including drilling.

SK E&P America entered the U.S. shale oil market in 2014 when it acquired two oil fields in 2014, one each in Oklahoma and Texas.

Longfellow’s oil assets are located in Oklahoma’s STACK play, about 40 km from SK E&P America’s existing Oklahoma field, the statement said.

By Jane Chung

Source: Reuters

comments closed

Related News

June 24, 2022

BASF to build commercial scale battery recycling black mass plant in Schwarzheide, Germany

Chemical Value Chain

BASF will build a commercial scale battery recycling black mass plant in Schwarzheide, Germany. This investment strengthens BASF’s cathode active materials (CAM) production and recycling hub in Schwarzheide. The site is an ideal location for the build-up of battery recycling activities given the presence of many EV car manufacturers and cell producers in Central Europe.

June 24, 2022

Clariant restructures business units, reorganizes leadership

Chemical Value Chain

Clariant says it is reducing its number of businesses from five to three, by merging units, under a reorganization that is in line with the company’s purpose-led strategy and cultural transformation. The moves will position Clariant for long-term sustainable growth, the company says.

June 24, 2022

Chemicals & Plastics Procurement: what to expect in the second half of 2022

Chemical Value Chain

Chemicals & plastics industry has the most diversified end-use market across all manufacturing industries. The industry returned to growth in 2021 but a supply chain crunch prevented it from becoming stronger. The market is likely to stabilize in the second half of 2022 with a supply-demand balance.