W&T Offshore completes purchase of deepwater gulf assets

W&T Energy VI LLC, a wholly owned subsidiary of Houston independent W&T Offshore Inc., has completed its acquisition of exploration and production properties in the deepwater of the Gulf of Mexico from Woodside Energy (USA) Inc., a subsidiary of Woodside Petroleum Ltd., for $51 million.

The transaction includes 20% nonoperated working interest in the producing Neptune field—Atwater Valley Blocks 574, 575, and 618 along with an interest in the associated tension-leg platform.

“In the second half of 2014, there are plans to drill a well into existing pay sands [of Neptune]. Longer term, the northern portion of the field has not been tested, and assuming success, would substantially increase the size of the field,” said Tracy W. Krohn, W&T Offshore chairman and chief executive officer.

Energy VI is also acquiring all of Woodside’s interest in 24 deepwater exploration blocks, with 16 identified prospects, one of which is Arcadius on Garden Banks Block 346, just one block south of the company’s producing Power Play field.

Total net proved reserves acquired are 1.9 million boe with a PV-10 of $53 million and probable net reserves of 1.1 million boe. Average daily net production from Neptune during January was 1,660 boe, of which 87% was oil.

Related Articles

CERAWeek: Company, industry have transformed since Macondo, BP CEO says

04/22/2015 This week marked the 5-year anniversary of the Deepwater Horizon explosion in the deepwater Gulf of Mexico that took 11 lives and resulted in the c...

Noble Energy settles air pollution charges from D-J basin operations

04/22/2015 Noble Energy Inc. agreed to settle federal and state air pollution charges stemming from its Denver-Julesburg basin oil and gas exploration and pro...

CERAWeek: Regulatory hurdles still threaten US shale, CEOs say

04/22/2015 Leaders of prominent US shale producers came together on Apr. 21 to drive home a point that’s emerged as a primary theme during this year’s IHS CER...

Study: North Texas quakes likely linked to gas drilling

04/22/2015 A seismology team in a study led by Southern Methodist University found high volumes of wastewater injection combined with brine extraction from na...

ExxonMobil settles charges stemming from Arkansas pipeline leak

04/22/2015 Two ExxonMobil Corp. pipeline subsidiaries agreed to pay $5 million to the US government and the state of Arkansas to settle charges stemming from ...

Court greenlights Chevron’s Richmond refinery project

04/22/2015 A California superior court has cleared the way for Chevron Corp. to proceed without further delay in executing its long-planned, $1-billion projec...

MARKET WATCH: NYMEX crude oil drops pending weekly inventory report

04/22/2015 Crude oil prices for May delivery dropped more than $1/bbl on the New York market Apr. 21 upon reports that Saudi Arabia was halting air strikes ag...

First QER proposals include local gas system improvement assistance

04/22/2015 The White House recommended that the US Department of Energy concentrate on modernizing the nation’s energy transportation, storage, and distributi...

LNG export limits violate US free trade tradition, ExxonMobil executive says

04/21/2015 The US should remove the national interest demonstration requirement for LNG exports to countries with which it does not have a free-trade agreemen...
White Papers

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

The impact of aging infrastructure in process manufacturing industries

Process manufacturing companies in the oil and gas, utilities, chemicals and natural resource industri...
Sponsored by

What is System Level Thermo-Fluid Analysis?

This paper will explain some of the fundamentals of System Level Thermo-Fluid Analysis and demonstrate...
Available Webcasts


Cognitive Solutions for Upstream Oil and Gas

When 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

When 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



On Demand

Prevention, Detection and Mitigation of pipeline leaks in the modern world

Thu, Apr 30, 2015

Preventing, detecting and mitigating leaks or commodity releases from pipelines are a top priority for all pipeline companies. This presentation will look at various aspects related to preventing, detecting and mitigating pipeline commodity releases from a generic and conceptual point of view, while at the same time look at the variety of offerings available from Schneider Electric to meet some of the requirements associated with pipeline integrity management. 

register:WEBCAST


Global LNG: Adjusting to New Realities

Fri, Mar 20, 2015

Oil & Gas Journal’s March 20, 2015, webcast will look at how global LNG trade will be affected over the next 12-24 months by falling crude oil prices and changing patterns and pressures of demand. Will US LNG production play a role in balancing markets? Or will it add to a growing global oversupply of LNG for markets remote from easier natural gas supply? Will new buyers with marginal credit, smaller requirements, or great need for flexibility begin to look attractive to suppliers? How will high-cost, mega-projects in Australia respond to new construction cost trends?

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