Firm to buy ExxonMobil gulf shelf properties

By OGJ editors
HOUSTON, Nov. 22
– Energy XXI (Bermuda) Ltd., Houston, will buy Gulf of Mexico shelf assets from ExxonMobil Corp. for $1.01 billion in a deal that makes the purchaser the third largest shelf oil producer.

The nine fields being acquired, generally between Energy XXI’s core South Timbalier and Main Pass operations in 470 ft of water or less, are producing a net 20,000 b/d of oil equivalent, 53% oil. The six largest fields have 89% of the production.

Energy XXI will operate 94% of the acquired properties. The purchase includes 130,853 net acres of offshore leases.

Reserves being acquired are 30.1 million bbl of oil and 116.1 bcf of gas, 68% proved developed, or a 65% reserves boost for Energy XXI.

The purchase is subject to preferential rights-to-purchase held by other working interest owners in the properties and to customary closing conditions and adjustments. The effective date is Dec. 1, 2010, with closing expected by Dec. 20, 2010.

Energy XXI listed $414 million in future development costs associated with the properties, including $313 million associated with proved reserves.

The six main fields being acquired are South Timbalier 54, West Delta 30 and 73, Grand Isle 43 and 16, and South Pass 89.

Related Articles

Encana books impairment charge, maintains 2015 budget

07/27/2015 Encana Corp., Calgary, reported a $1.3 billion impairment charge for the second quarter, which executives said reflected a decline in oil and natur...

First bidding round showed Mexico reform challenges, House panel told

07/27/2015 An apparently disappointing first round of bids for oil and gas exploration rights revealed problems that require attention if Mexico’s dramatic en...

MPLX, MarkWest to merge in $15.8 billion deal

07/27/2015 MPLX LP, a Findlay, Ohio-based master limited partnership (MLP) formed by Marathon Petroleum Corp. in 2012, and Denver-based MarkWest Energy Partne...

URTeC: Unconventional innovation begins with data, investment

07/27/2015 Operators should resist the impulse to pull back on investments in technology despite a down oil market, said Claudia J. Hackbarth, manager, unconv...

MARKET WATCH: Oil futures stay below $49/bbl after gain in US rig count

07/27/2015 Light, sweet crude oil futures prices fell modestly July 24 to remain under $49/bbl on the New York market after Baker Hughes Inc. reported the US ...

OGJ Newsletter

07/27/2015

International news for oil and gas professionals

EPA proposes voluntary methane reduction program for gas industry

07/24/2015 The US Environmental Protection Agency proposed a voluntary methane reduction program for the natural gas industry that would allow companies to ma...

Petrobras workers stage 24-hr strike

07/24/2015 Workers at beleaguered Petroleo Brasileiro SA (Petrobras) staged a 24-hr strike across Brazil to protest plans by the state-owned company to liquid...

MARKET WATCH: Oil futures hover below $49/bbl

07/24/2015 Light, sweet crude oil futures prices settled under $49/bbl July 23 on the New York market, which means US prices have slid more than 20% since the...
White Papers

2015 Global Engineering Information Management Solutions Competitive Strategy Innovation and Leadership Award

The Frost & Sullivan Best Practices Awards recognise companies in a variety of regional and global...
Sponsored by

Three Tips to Improve Safety in the Oil Field

Working oil fields will always be tough work with inherent risks. There’s no getting around that. Ther...
Sponsored by

Pipeline Integrity: Best Practices to Prevent, Detect, and Mitigate Commodity Releases

Commodity releases can have catastrophic consequences, so ensuring pipeline integrity is crucial for p...
Sponsored by

AVEVA’s Digital Asset Approach - Defining a new era of collaboration in capital projects and asset operations

There is constant, intensive change in the capital projects and asset life cycle management. New chall...
Sponsored by

Transforming the Oil and Gas Industry with EPPM

With budgets in the billions, timelines spanning years, and life cycles extending over decades, oil an...
Sponsored by

Asset Decommissioning in Oil & Gas: Transforming Business

Asset intensive organizations like Oil and Gas have their own industry specific challenges when it com...
Sponsored by

Squeezing the Green: How to Cut Petroleum Downstream Costs and Optimize Processing Efficiencies with Enterprise Project Portfolio Management Solutions

As the downstream petroleum industry grapples with change in every sector and at every level, includin...
Sponsored by

7 Steps to Improve Oil & Gas Asset Decommissioning

Global competition and volatile markets are creating a challenging business climate for project based ...
Sponsored by
Available Webcasts

On Demand

OGJ's Midyear Forecast 2015

Fri, Jul 10, 2015

This webcast is to be presented by OGJ Editor Bob Tippee and Senior Economic Editor Conglin Xu.  They will summarize the Midyear Forecast projections in key categories, note important changes from January’s forecasts, and examine reasons for the adjustments.

register:WEBCAST


Predictive Analytics in your digital oilfield - Optimize Production Yield and Reduce Operational Costs

Tue, Jul 7, 2015

Putting predictive analytics to work in your oilfield can help you anticipate failures, plan and schedule work in advance, eliminate emergency work and catastrophic failures, and at the same time you can optimize working capital and improve resource utilization.  When you apply analytic capabilities to critical production assets it is possible to reduce non-productive time and increase your yield.

Learn how IBM's analytics capabilities can be applied to critical production assets with the goal of reducing non-productive time, increasing yield and reducing operations costs.

register:WEBCAST


Cognitive Solutions for Upstream Oil and Gas

Fri, Jun 12, 2015

The oil & gas sector is under pressure on all sides. Reserves are limited and it’s becoming increasingly expensive to find and extract new resources. Margins are already being squeezed in an industry where one wrong decision can cost millions. Analyzing data used in energy exploration can save millions of dollars as we develop ways to predict where and how to extract the world’s massive energy reserves.

This session with IBM Subject Matter Experts will discuss how IBM Cognitive Solutions contribute to the oil and gas industry using predictive analytics and cognitive computing, as well as real time streaming for exploration and drilling.

register:WEBCAST


The Alternative Fuel Movement: Four Need-to-Know Excise Tax Complexities

Thu, Jun 4, 2015

Discussion on how to approach, and ultimately embrace, the alternative fuel market by pulling back the veil on excise tax complexities. Taxes may be an aggravating part of daily operations, but their accuracy is crucial in your path towards business success.

register:WEBCAST


Emerson Micro Motion Videos

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected