Spanish energy group Repsol YPF SA announced Monday that it will invest at least $768 million in a joint venture with two U.S. firms to explore for oil on Alaska's North Slope.Repsol will have a 70 percent working stake in the project with 70 & 148 LLC and GMT Exploration LLC, the Spanish company said in a regulatory filing.
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Source: Fox News
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Repsol's exploration investment in Alaska is interesting because last week the US Interior Department has cancelled leasing offshore tracts in Alaska's Cook Inlet that was tentatively scheduled for later this year.
So-called lease sale 219 was called off because of lack of sufficient interest by energy companies to search for oil or natural gas in the area.
Read more: http://mergersandacquisitionreviewcom.blogspot.com/2011/03/companies-showed-less-interest-in.html
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