Kerr-McGee High Bidder on 16 Deepwater Leases
Kerr-McGee and partners were high bidders on 16 deepwater leases in today's Western Gulf of Mexico lease sale 196. The company's net total exposure for all high bids is approximately $4.5 million. The bids are subject to approval by the U.S. Interior Department's Minerals Management Service. Kerr-McGee will be designated operator of all of the high-bid leases, with an average working interest of approximately 73%.
With the new leases, Kerr-McGee will hold interests in 571 leases in the
deepwater Gulf of Mexico and will operate more than 76% of these leases with
an average working interest of 57%. Award of the 16 high-bid leases would
increase the company's total undeveloped lease holdings in the deepwater gulf
by approximately 92,000 gross acres to nearly 3 million.
- Synergy Resources Approved as O&G Operator in Colorado (May 13)
- Anardarko Is Winner in U.S. Royalty Case (Jan 13)
- U.S. Official Estimates $31B At Stake in Kerr-McGee Case (Feb 26)