W&T Offshore to acquire gulf fields from Shell

By OGJ editors
HOUSTON, Nov. 11
-- W&T Offshore Inc. said its subsidiary has acquired or intends to acquire interests in six Gulf of Mexico oil and gas producing fields from Shell Offshore Inc. for $450 million and the assumption of $50 million for asset retirement obligations.

W&T Energy VI LLC, the subsidiary actually acquiring the fields, noted the transaction amounts are subject to change based on the number of properties ultimately acquired.

The acquired interests are in the Tahoe, Southeast Tahoe, Marlin, Dorado, and Droshky fields in the deepwater gulf. The sixth field, which is subject to a letter of intent with Shell, is a producing shelf property along with associated assets.

Combined production, net to Shell's interest, in the six fields is 6,840 b/d of oil and 68.8 MMcfd of natural gas. Proved reserves associated with the acquisitions are 7 million bbl of liquids and 112.2 bcf of gas.

Shell owns 70% working interest in Tahoe field in 1,500 ft of water on Viosca Knoll 783. Shell owns 100% interest in Southeast Tahoe field in 1,770 ft of water on Viosca Knoll Block 784.

Shell owns 25% working interest or less on each of the Marlin, Dorado, and Droshky fields. Marlin field is in 3,200 ft of water, and Dorado field in is 3,900 ft of water. Both Marlin and Dorado share Viosca Knoll Blocks 871 and 915. Droshky is in 2,900 ft of water on Green Canyon Block 244.

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