New Orleans-based McMoRan Exploration Co. expanded its position in the Gulf of Mexico after completing its purchase of the Gulf of Mexico Outer Continental Shelf (OCS) properties of Newfield Exploration Co. for $1.08 billion (see NGI, June 25). The properties include 124 fields on 148 offshore blocks that produced 260 MMcfe/d in 2Q2007. Proved reserves as of July 1 are estimated at 323 Bcfe, which is 70% weighted to natural gas. About 90% of the proved reserves for the acquired properties were based on estimates by Ryder Scott Co. LP. McMoRan acquired 1.3 million gross acres of offshore leases and a 50% interest in Newfield’s nonproducing exploration leases on the OCS. It also acquired some of Newfield’s interests in leases associated with its Treasure Island prospect inventory. McMoRan said it is retaining personnel and contractors who have supported Newfield’s management of the acquired properties. In addition, McMoRan and Newfield plan to jointly pursue exploration activities on nonproducing leases on the OCS held by Newfield.
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McMoRan Takes Over Newfield’s OCS Properties
New Orleans-based McMoRan Exploration Co. expanded its position in the Gulf of Mexico after completing its purchase of the Gulf of Mexico Outer Continental Shelf (OCS) properties of Newfield Exploration Co. for $1.08 billion (see Daily GPI, June 22).
Plains Exploration Builds U.S. Gas Position with $3.6B Pogo Merger
Houston-based Plains Exploration & Production Co. (PXP) built its emerging domestic natural gas position and nearly doubled its production with an agreement to buy cross-town independent Pogo Producing Co. in a stock and cash transaction valued at $3.6 billion.
Producers Urge House Leaders to Rethink Oil, Gas Restrictions
Independent producers last Wednesday called on House leaders to rethink their position on provisions in soon-to-be-debated energy legislation that would impose significant restrictions on the oil and natural gas industry.
Producers Urge House Leaders to Rethink Oil, Gas Restrictions
Independent producers Wednesday called on House leaders to rethink their position on provisions in soon-to-be-debated energy legislation that would impose significant restrictions on the oil and natural gas industry.
Plains Builds U.S. Gas Position with $3.6B Pogo Merger
Houston-based Plains Exploration & Production Co. (PXP) built its emerging domestic natural gas position and nearly doubled its production with an agreement to buy cross-town independent Pogo Producing Co. in a stock and cash transaction valued at $3.6 billion.
FERC OKs Sale of Northern Natural’s West Hugoton Pipe Facilities
FERC last Tuesday reversed its earlier position and approved Northern Natural Gas pipeline’s request to sell its extensive West Hugoton gas pipeline facilities in Kansas and Oklahoma to a Midland, TX-based energy company.
FERC OKs Sale of Northern Natural’s West Hugoton Pipe Facilities
FERC Tuesday reversed its earlier position and approved Northern Natural Gas pipeline’s request to sell its extensive West Hugoton gas pipeline facilities in Kansas and Oklahoma to a Midland, TX-based energy company.
Congressman Says Bush Policies on LNG, Gas Cartel at Odds
The Bush administration’s support for increased imports of liquefied natural gas (LNG) is at odds with its position against producing countries forming a worldwide gas cartel, said Rep. John Peterson (R-PA) last Wednesday.
Congressman Says Bush Policies on LNG, Gas Cartel at Odds
The Bush administration’s support for increased imports of liquefied natural gas (LNG) is at odds with its position against producing countries forming a worldwide gas cartel, said Rep. John Peterson (R-PA) Wednesday.
