Williams Partners LP said Monday that it’s placed the second phase of its Garden State Expansion Project into service.
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Cobalt Claims ‘Significant’ Discovery in Deepwater GOM
Cobalt International Energy Inc. said Wednesday it has made a “significant” discovery in the deepwater Gulf of Mexico (GOM) at the North Platte prospect on Garden Banks Block 959.
Transportation Notes
Due to a possible leak, ANR has shut in the offshore Garden Banks 426 receipt point until further notice.
Industry Brief
A subsidiary of Houston-based Helix Energy Solutions agreed to sell a 30% working interest in its Gulf of Mexico Danny Noonan discoveries on Garden Banks blocks 463, 506 and 507, as well as other Outer Continental Shelf assets on East Cameron blocks 371 and 381, to a private independent in two separate transactions for a total of $165 million. Additional cash payments of up to $20 million may be paid to Energy Resource Technology GOM Inc. based upon certain field production milestones, Helix said. The new partner also will pay a 30% share of all future capital expenditures related to the exploration and development of these fields. Most of the transaction already has been funded, and the parties expect to complete the sale by the end of April. “As we have stated, our intention during 2008 is to unlock a portion of the value in our oil and gas portfolio through the monetization of certain reserves,” said Helix CEO Owen Kratz. “These sales are the first of such efforts that we believe will allow us to demonstrate the value created through our unique two-stranded approach to oil and gas exploration and production and will allow us to recover previously invested capital, reduce future capital expenditure requirements related to these developments and reduce the profit deferral in our services division associated with the development work.”
Kerr-McGee Finds 300-500 Bcf of Deepwater Gulf Reserves
Kerr-McGee Corp. said it found 300-500 Bcf of gas reserves in the deepwater Gulf of Mexico at its Red Hawk prospect on Garden Banks block 877. Located in more than 5,300 feet of water, the 23,500-foot discovery well encountered more than 135 feet of gas and gas condensate pay in two zones. A successful updip appraisal sidetrack to the discovery encountered about 175 feet of gas and gas condensate pay.
Industry briefs
Houston’s 3TEC Energy Corp. yesterday announced successfuldrilling results in St. Mary Parish, LA. The Amy Aycock No. 1 wellin the Garden City Field was drilled to a true vertical depth of15,033 feet, with 18 feet of net pay in the Operc 10 formation. Theoperation is expected to be completed by the end of this month.3TEC is the well operator, and it has a 75% working interest in thoperation. The well is the first in a series of 3-D seismicallydefined prospects expected to be drilled in the next year.