California Resources, Macquarie to invest up to $300m in oil, gasStaff Writer | April 19, 2017
California Resources Corporation and Macquarie Infrastructure and Real Assets (MIRA) have formed a strategic joint venture.
Oil exploration MIRA will fund 100 percent
Subject to the discretion of the parties, MIRA may increase its total investment to up to $300 million.
The initial commitment, relating to multiple development opportunities in CRC’s Kern Front, Mt. Poso, Pleito Ranch and Wheeler Ridge fields, is intended to be invested over two years in accordance with an already mutually approved development plan.
MIRA will fund 100 percent of the development wells in which it will earn a 90 percent working interest. CRC’s working interest will revert from 10 to 75 percent upon MIRA achieving an agreed return. ■