Fieldwood Energy to buy gulf shelf assets from Apache

Fieldwood Energy LLC has acquired the Gulf of Mexico shelf business from Houston-based Apache Corp. for $3.75 billion. The properties comprise more than 500 blocks and 1.9 million net acres. The deal is based on an effective date of July 1.

Apache said it will retain 50% of its ownership interest in all exploration blocks and in horizons below production in developed blocks, where high-potential deep hydrocarbon plays are being tested. As part of the transaction, Fieldwood hopes to retain Apache’s gulf shelf employees.

As of yearend 2012, total proved reserves attributable to the assets were 239 MMboe, of which more than 55% is oil and more than 75% is developed. Current production exceeds 95,000 boe/d and is more than 90% operated.

Fieldwood and Apache also agreed to jointly participate in deep exploration opportunities on the acquired assets targeting a robust inventory of high potential prospects including subsalt horizons around known producing fields.

Fieldwood is a Houston-based portfolio company of Riverstone Holdings LLC, a New York-based private equity firm.

Apache previously announced plans to divest $4 billion in assets by yearend as part of its ongoing portfolio assessment and to focus on more recently acquired properties.

Related Articles

Market watch: Energy futures prices rose slightly Friday

05/06/2002 Crude oil futures prices rose slightly Friday amid lingering uncertainty about a possible disruption of Middle East supplies, although tensions in ...

Gulf of Mexico oil service sector showing signs of an upturn

05/06/2002 The Gulf of Mexico oil service sector is experiencing the signs of an upturn, analysts with Simmons & Co. International, UBS Warburg LLC, and RBC D...

OTC: Industry, national agencies need to work together to make FPSOs work in the gulf

05/06/2002 Over the coming years, the oil and gas industry will have to keep an open line of communication with national agencies such as the US Coast Guard a...

Market watch: Energy futures prices fall as Iraq lifts embargo

05/07/2002 Crude oil futures prices fell Monday after Iraq announced plans to lift a self-imposed export embargo with exports expected to resume by Wednesday.

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