Last month Apache acquired Devon’s Gulf of Mexico assets for a reported $1.05 billion. The properties have a drilling upside of about 19,000 barrels of oil equivalent per day and estimated net proved and probable reserves of 83 million barrels of oil equivalent at YE 2009 with roughly half of the proved reserves being oil and NGLs. The acquired properties are expected to produce a net 9,500 barrels of liquids and 55 million cubic feet of gas per day after closing which is expected to be in early June.
“Devon’s exit from the Gulf of Mexico creates a great opportunity for Apache to add one of the best remaining Shelf asset portfolios to our existing core area,” states G. Steven Farris, Apache’s chairman and CEO.
The following is a map of the acquired Gulf of Mexico properties.
Then two days later Apache announces merging with Mariner Energy to combine Mariner’s successful deepwater drilling record with Apache’s global assets.
“This is a strategic step and a natural extension into the deepwater Gulf for Apache,” said G. Steven Farris. “Mariner provides an exciting new platform for growth in the deepwater and complements our strengths in the Gulf Shelf and the Permian Basin. Based on our experience working with the Mariner team, we also believe the two companies will make an excellent cultural fit.”
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