By the OGJ Online Staff
HOUSTON, Mar. 5�Unocal Corp. said Monday it has an exploration agreement for multiple deepwater Gulf of Mexico prospects with Ocean Energy Inc. in which Unocal will hold 50% working interest.
The Discoverer Spirit drillship is being moved to the Ponza prospect on Keathley Canyon Block 774. Ocean Energy will hold a 25% working interest in the Ponza prospect, and the remaining 25% will be held by another company, which was not named.
Charles Williamson, Unocal CEO, said, "Ocean Energy brings special skills and expertise to our deepwater exploration program. Their participation makes good financial sense given the wildcat nature of the plays. This allows Unocal to moderate its cost exposure while retaining a significant interest."
He said Unocal expects to pursue similar deals on other prospects. Unocal currently holds leases on 226 blocks in the Gulf of Mexico deepwater, with 137 blocks in greater than 5,000 ft of water.