By OGJ editors
HOUSTON, Jan. 5 -- Woodside Energy (USA) Inc., a subsidiary of Woodside Petroleum Ltd., Perth, Australia, has formed an alliance with Explore Enterprises LLC, Covington, La., to conduct exploration, acquisition, development, and production in the shelf and deep waters of the Gulf of Mexico.
Woodside will hold 95% interest in each project, while Explore Enterprises will hold 5%. Explore Enterprises will pay Woodside for a 5% interest in Woodside's existing leases in the Gulf except the Neptune and Midway discoveries.
After Woodside recovers the present value of its invested capital in the joint projects, Explore Enterprises' interest in each project will increase to 12.5%.
The alliance, which will maintain offices in Houston and Covington, is set up for 5 years with an option to extend for 2 years.
