By OGJ editors
HOUSTON, Nov. 6 -- Statoil ASA agreed to pay $901 million to acquire two of Anadarko Petroleum Corp.'s Gulf of Mexico oil discoveries and one prospect. Closing, subject to regulatory approvals, is expected during first quarter 2007.
Statoil plans to acquire 25% interest in the Knotty Head discovery, operated by Nexen Inc., Calgary, and 15% interest in the Big Foot discovery, operated by Chevron Corp. Statoil already had 12.5% interest in Big Foot.
In addition, Statoil is acquiring a 15% stake in the Big Foot North prospect from Anadarko. Chevron operates Big Foot North, in which Statoil already has a 12.5% stake.
Earlier this year Statoil acquired interests in Big Foot and Big Foot North from Plains Exploration & Production Co. (OGJ Online, Sept. 18, 2006).
The Big Foot discovery, on Walker Ridge Block 29, lies in 5,000 ft of water about 225 miles south of New Orleans (OGJ, Aug. 7, 2006, Newsletter).
The Knotty Head oil discovery is on Green Canyon Block 512 and found about 600 ft of net oil pay in multiple zones (OGJ, Jan. 2, 2006, Newsletter).
Pending field development, Big Foot and Knotty Head are expected to be in production after 2010, Statoil said.
