Conoco, Exxon Swap GOM Assets
Marking the start of a five-year, $400 million Gulf of Mexico
(GOM) exploration and production (E&P) assault, Conoco announced
the exchange of interest in several deep-water blocks with Exxon
and the debut of the Deepwater Pathfinder, a drillship capable of
reaching 10,000-foot depths. In the exchange, Conoco acquired 50%
of 29 Exxon-owned blocks and Exxon acquired 50% of 30 Conoco-owned
blocks. The undeveloped acreage is in Green Canyon, Garden Banks,
Walker Ridge and Keathley Canyon. Terms of the transaction were not
disclosed. With this addition, Conoco holds interest in 295 blocks
in the GOM, amounting to 1.2 million net acres.
"The Gulf of Mexico continues to be one of the great growth
opportunities for oil and gas in the U.S.," said Rob McKee,
Conoco's executive vice president, "and these newly acquired
interests are perfectly aligned with our exploration strategy to
focus on deep-water.
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