Unexplored

A part of its plan to help foster exploration in largely unexplored areas of the Alaska Outer Continental Shelf, the Minerals Management Service (MMS) is asking companies about their interest in exploring for oil and gas in the Chukchi Sea, Hope Basin, and Norton Basin.

McMoRan Exploration has agreed to sell its 35% interest in theBrazos Block A-19 field and its 50% interest in the unexploredBrazos block A26, both located in the western Gulf of Mexico. ShellOffshore has signed an agreement to purchase both interests for $70million. Shell plans on drilling a new well on Brazos A-19 in thenear future. McMoRan’s CEO Richard C. Adkerson said, “We are verypleased with the sale of the Brazos properties. This transactionprovides us significant near term financial resources for use inour expanded oil and gas exploration program in the Gulf ofMexico.” Both fields are approximately 75 miles southwest ofGalveston, TX.