McMoRan, Palace form Gulf of Mexico venture

Oct. 29, 2004
McMoRan Exploration Co., New Orleans, and Palace Exploration Co., New York, have formed the McMoRan-Palace Joint Venture, expanding their joint participation in Gulf of Mexico ventures since 2003.

By OGJ editors

HOUSTON, Oct. 29 -- McMoRan Exploration Co., New Orleans, and Palace Exploration Co., New York, have formed the McMoRan-Palace Joint Venture, expanding their joint participation in Gulf of Mexico ventures since 2003.

The JV, which will share costs and revenues equally, has committed an initial $500 million over a multiyear period to acquire and explore prospects in the Deep Miocene in the gulf and in other Caribbean basin areas and to develop McMoRan's existing deep shelf prospects.

The JV has drilled 1 noncommercial well, is drilling 6 other wells, and plans to begin 10-12 more during the next 6 months in Dawson Deep field on Garden Banks 625, Minuteman on Eugene Island Blocks 212/213, and Deep Tern on Eugene Island 193.