Gas equipment installed at Barnett shale field in Texas.
SET-listed non-oil energy conglomerate Banpu continues to expand its gas businesses in the US by acquiring a new asset in the Barnett shale field from Exxon Mobil Corporation for US$750 million.
BKV Corporation, which is majority owned by Banpu, recently signed an agreement to buy the natural gas and midstream gas business from XTO Energy Inc and Barnett Gathering Llc, two subsidiaries of Exxon Mobil.
The transaction value, with a contingent payment of up to $50 million, will be funded by Banpu’s internal cash flow and loans from financial institutions.
The transaction is scheduled to be completed in June.
The acquired business is regarded as a crucial scale and low-risk…
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