NorthStar Sells Gulf Assets for $201M to Korean Group

Northstar Offshore Energy Partners -– a portfolio company of Natural Gas Partners -– announced Thursday it has sold substantially all of its asset holdings to a Korean buying group for $201 million. 

The assets sold to the Korean buying group -- which consists of ANKOR E&P Holdings, STX Energy E&P Offshore Management and SCL Resources -- have a current output of 4,700 barrels per day, and reserves of 10.8 million barrels. 
The deal was effective October 1, 2011.  
Formed in July of 2008, immediately following a sale of an earlier group of Gulf of Mexico assets,  NOEP’s interests encompassed 81 producing wells, 38, blocks, and 18 producing fields on the Gulf of Mexico shelf.
“Northstar not only met its goals with this asset sale, but also forged a lasting relationship with ANKOR and the Korean buying group for future joint activities.  We look forward to the future in the Gulf of Mexico,” said Northstar President, S. Glynn Roberts.  
Roberts added that the announcement of a new Northstar entity would come some time early in 2012.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Everett Byron | Dec. 29, 2011
Well thats just awesome! America to the highest bidder. Super guys!


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
United States Houston: Account Rep, Bus Dev, Sr
Expertise: Business Development|Sales
Location: Houston, TX
Business Development Manager
Expertise: Business Development|Construction Manager|Sales
Location: Tempe, AZ
SXL- Manager, Business Development
Expertise: Business Development
Location: Newtown Square, PA
search for more jobs

Brent Crude Oil : $49.98/BBL 1.59%
Light Crude Oil : $49.18/BBL 1.56%
Natural Gas : $2.73/MMBtu 1.44%
Updated in last 24 hours