Looking to spread its presence in the Gulf of Mexico, Ocean
Energy Inc. (OEI) entered into a drilling agreement with Duke
Energy Hydrocarbons, LLC to jointly develop 13 OEI drilling
prospects in the outer continental shelf. The Duke subsidiary
agreed to participate with up to 50% non-operating working interest
in the program. The two companies anticipate drilling costs will
exceed $40 million for the rest of 1999.
A joint venture of Venus Exploration Inc. and EXCO Resources
Inc. has completed a $28.5 million acquisition of Louisiana-based
oil and gas properties from Apache Corp. Venus and EXCO each will
own 50% of the venture and EXCO will be the operator. The
properties are in the Vernon Field of Jackson Parish, LA, which
contains 18 gas wells, producing an aggregate of about 6.5 MMcf/d
net to the interest being acquired by the venture.
The Energy Information Administration released its Annual Energy
Review last week chronicling 50 years of changes in the U.S. energy
industry. The report is available at
http://www.eia.doe.gov/emeu/aer/ on EIA's web site. For printed
copes call EIA's National Energy Information Center, (202)
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