The companies expect to close the transaction, subject to completion of the necessary Government and regulatory approvals, by this fall.
With an effective date of Jan. 1, 2012, the sale includes 17 million barrels of oil equivalent of net proved reserves across 10 fields in the Cook Inlet, as well as natural gas storage, and interests in natural gas pipeline transmission systems.
In 2011 net production averaged approximately 93 million cubic feet of natural gas per day and 112 barrels of oil per day.
Additionally, Marathon Oil had approximately 12.5 billion cubic feet of natural gas in storage at the end of 2011.
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The vessel will be 106.5 m long and 24.5 m wide with a top speed of over 17 knots.
This subsea vessel will be equipped with three ROVs: one for observation and two for operation. It will also have an Module Handling System.
Onboard the vessel will be a 100-tonne AHC (Active Heave Compensated) offshore crane. The crane will be used mainly for lifting/lowering heavy equipment from/to the sea bottom.
The vessel will able to carry out demanding operations even under harsh weather conditions.
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BP revealed on Friday the agreement to sell its interests in the Pompano and Mica fields in the deepwater Gulf of Mexico to Stone Energy Offshore, LLC, a subsidiary of Stone Energy Corp. for $204 million in cash.
The agreement includes the sale of BP’s 75 per cent operated working interest (WI) in the Pompano field and assets and 50 per cent non-operated WI in the Mica field, together with a 51 per cent operated WI in Mississippi Canyon block 29 and interests in certain leases located near the Pompano field.
Completion of the sale is subject to the pre-emption rights of various co-working interest owners. The companies expect to complete the sale in 2012.
BP group chief executive Bob Dudley said: “We continue to make progress in our divestment programme as we focus on BP’s areas of strength around the world. The sale of these mature assets will allow us to concentrate our efforts on the major production hubs and significant growth opportunities that BP has in the Gulf of Mexico.”
On completion of the transaction BP will continue to operate seven production platforms in the Gulf of Mexico, producing from some of the largest deepwater oil and gas fields ever discovered. Among BP’s Gulf of Mexico assets are the giant fields Thunder Horse, Atlantis and Mad Dog, each of which have long production profiles and development programs.
The Pompano Field is eight miles long, located within water depths ranging from 1,100 feet to 2,200 feet. Given the distance and depth range, the Pompano owners elected to use proven technology and placed a fixed platform in shallow water at the northern end of the field.
Both the Pompano and Mica fields produce oil and gas through the Pompano platform, approximately 120 miles southeast of New Orleans. First oil was produced from the Pompano field in October 1994 after being discovered by BP and Kerr-McGee in 1985. The Mica field, tied back to the Pompano platform some 29 miles to the north west, began production in 2001.
- USA: BP Confirms Significant Resource Extension for Mad Dog Complex (mb50.wordpress.com)
- USA: EMAS Wins Gulf of Mexico Subsea Contract from BP (mb50.wordpress.com)
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Roc Oil (Mauritania) Company and Roc Oil (Chinguetti) B.V., each wholly owned subsidiaries of ROC, have agreed to sell all of their respective interests offshore Mauritania to Tullow Mauritania Ltd, Tullow Petroleum (Mauritania) Pty Ltd and Tullow Chinguetti Production Pty Ltd, wholly owned subsidiaries of Tullow Oil plc (“Tullow”), for US$4 million subject to working capital adjustments.
ROC has interests of between 2.00% and 5.49% in offshore Mauritanian blocks, including a 3.25% interest in the producing Chinguetti oil field. The divestment will take place through the sale of three separate packages. The effective date of the sale is 1 January 2011.
The agreement and completion of each separate package is subject to normal industry terms and conditions, including the receipt of relevant joint venture waivers or approvals and all necessary government approvals. Completion of the sale for all of ROC’s interests may not take place during 2011 due to issues associated with the approval process.
Commenting on the sale, ROC’s Chief Executive Officer, Alan Linn, stated:
”The sale of offshore Mauritanian interests signals the final element of ROC’s objective to exit or farm down its African acreage exposure. The exit from Africa will allow ROC to redeploy capital and resources to pursue opportunities more consistent with the Company’s strategy to generate future growth through exploration, appraisal and pre-development opportunities located in the focus regions of China, South East Asia and Australasia. The recent award of the Balai Cluster Small Field Risk Service Contract in Malaysia is an example of how ROC is successfully pursuing this strategy.”
Source:ROC ,September 23, 2011;
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- Tullow Oil doubles dividend as profit surges (marketwatch.com)
- Investment Column: Tullow’s oil find has barrels of potential (independent.co.uk)
- Strong Results Lift Tullow (online.wsj.com)