CATEGORIZED | News

Apache completes acquisition of Devon’s Gulf of Mexico shelf assets

Posted on 11 June 2010

On 10 June, Apache announced that it has completed its acquisition of Devon Energy’s oil and gas assets in the shallow waters of the Gulf of Mexico shelf for $1.05 billion.

The properties are projected to produce 9,500 bbl/day of liquid hydrocarbons and 55 million cu ft/day of gas after closing. About half of the estimated proven reserves of 41 million bbl equivalents are oil and natural gas liquids.

The assets comprise 477,000 net acres across approximately 150 blocks. Virtually all of the production is located in fields in 500 ft of water or less. Apache has identified 79 recompletion opportunities and 26 drilling prospects across the acquired assets.

This transaction, coupled with the recent close of the sale of its deepwater assets, essentially completes Devon’s exit from the Gulf of Mexico. The company also expects to close the sale of its producing Panyu field, offshore China, to China National Offshore Oil Corp later this month, and to close the sale of assets in Brazil and Azerbaijan later this year. Devon plans to focus on North American onshore assets going forward.

Leave a Reply

*

FEATURED MICROSITES


Recent Drilling News

  • 23 July 2014

    Halliburton promotes Jeff Miller to President

    Halliburton has promoted Jeff Miller to President and has appointed him to the Halliburton Board of Directors effective 1 August 2014. Mr Miller is currently the...

  • 23 July 2014

    Statoil resumes production on Njord A platform

    Statoil has resumed oil and gas production on the Njord A platform in the Norwegian Sea, after a major reinforcement of the platform structure. Production had been shut down...

  • 22 July 2014

    Petrobras’ domestic oil production tops 2 million bbl/day in June

    Petrobras’ June oil production in Brazil averaged 2 million bbl/day (bpd), a 1.7% increase from May’s production of 1.9 million bpd. In addition, the production operated...

  • 22 July 2014

    Precision, Schlumberger partner to boost industrialization of North American unconventional drilling

    Precision Drilling has entered into a strategic technology and service agreement and marketing alliance with Schlumberger. Utilizing Precision’s Tier 1 drilling rigs and...

  • 22 July 2014

    Easternwell to manage delivery of onshore servicing rig for Brunei

    Australia’s Easternwell, a subsidiary of Transfield Services, has expanded internationally through an agreement with Flux O.S. SDN BHD (Flux), a Bruneian oil and gas company...

  • Read more news