Western Gulf of Mexico
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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.
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