Exxon Mobil to Sell USD1 Billion in Gu
Published - Thursday, 25 November, 2010
The independent company Energy XXI has agreed to buy $1 billion in oil and natural gas properties in the Gulf of Mexico from Exxon Mobil. The deal, announced on Sunday, includes nine shallow-water fields on the Gulf of Mexico shelf, located primarily between Energy XXI's two main drilling operations there. Energy XXI is the operator of 94 percent of the assets being acquired.
The purchase would make Energy XXI the third-largest oil producer on the shelf, with interests in seven of the 11 largest oil fields there, the company said.
The addition of the Exxon fields would increase the company's proved plus probable reserves 72 percent, to 158.1 million barrels of oil equivalent, from 92.1 million barrels as of June 20. It would also increase its daily production more than 77 percent from its daily average as of Sept. 30.
Exxon Mobil announced in October that it intended to sell a small slice of its oil and natural gas production assets in the Gulf of Mexico, mostly in shallow waters.
