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Conoco, Exxon Swap GOM Assets

Conoco, Exxon Swap GOM Assets

Marking the start of a five-year, $400 million Gulf of Mexico (GOM) exploration and production (E&ampP) 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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