Marubeni buying Pioneer Natural gulf assets

Marubeni Offshore Production (USA) Inc., agreed to buy deepwater Gulf of Mexico assets from Pioneer Natural Resources Co. for $1.3 billion.

Feb. 24, 2006

By OGJ editors
HOUSTON, Feb. 24 -- Marubeni Offshore Production (USA) Inc., agreed to buy deepwater Gulf of Mexico assets from Pioneer Natural Resources Co. for $1.3 billion.

The assets include interests in three producing projects: Falcon Corridor, Devils Tower, and Canyon Express. The deal also includes two potential development projects (Ozona Deep and Thunder Hawk) and 88 exploration blocks.

Closing is expected in March or April. Pioneer said that it is retaining its 55% operated interest in Green Canyon Blocks 299 and 300.