Kerr-McGee high bidder on deepwater blocks in Western Gulf of Mexico

Aug 25, 1999 02:00 AM

Kerr-McGee Oil & Gas Corp. and partners were the high bidders on 36 deepwater blocks in the Western Gulf of Mexico lease sale 174. The company's net total exposure for all high bids was $ 33.2 mm. The bids are subject to approval by the U.S. Interior Department's Minerals Management Service.
"The deepwater Gulf of Mexico is one of Kerr-McGee's core areas for exploration and production activities as this area offers the potential for large discoveries," said Luke R. Corbett, Kerr-McGee chairman and CEO officer. "The growth of deepwater technology and infrastructure allows for cost effective developments in this province. Kerr-McGee will continue to focus on building its inventory of deepwater blocks to provide additional opportunities for exploration and development."

Kerr-McGee will operate 29 of the 36 high bid blocks and has an 87 % average working interest. With these additional blocks, Kerr-McGee will hold interests in more than 500 blocks in the Gulf of Mexico, of which more than 275 blocks are in water depths greater than 1,000 feet.
Award of the 36 new blocks will increase the company's total leaseholdings in the Gulf of Mexico by 207,000 gross acres to more than 2.6 mm gross acres.

Kerr-McGee is an Oklahoma City-based energy and chemical company with world-wide operations and assets of $ 5.6 bn.

Source: Kerr-McGee Corporation
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