P.M. BRIEFING : Firms Plan Texas Eastern Purchase
Amerada Hess Ltd. and British Gas PLC, in what they called a major step in developing their North Sea oil and gas interests, agreed today to purchase Texas Eastern North Sea Inc. for $961 million.
TENSI, a wholly owned subsidiary of Panhandle Eastern Corp., has interests in 76 North Sea exploration blocks covering 350,000 acres, as well as eight producing oil and gas fields.
Amerada and British Gas said they intend to use existing TENSI organization and staff resources with assistance from the two parent organizations.
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