Maersk Oil Takes Stake in 93 Gulf of Mexico Leases

Maersk Oil Gulf of Mexico LLC (Maersk Oil), a subsidiary of Maersk Inc., has signed a joint venture agreement with Hess Corporation under which Maersk Oil has acquired a 33.33% interest in 93 exploration leases covering a total area of some 535,680 acres (2,170 km2) in the western US Gulf of Mexico, in water depths up to 5,000 ft (1,500 m). Hess will retain a 66.67% interest in the leases, and operatorship.

The assignment of interests to Maersk Oil is subject to approval by the US Department of Interior's Minerals Management Service (MMS).

The joint venture partnership will embark on a multi-well exploration program, with the first well due to commence drilling shortly.

This represents A. P. Moller - Maersk's first activity in the US Gulf of Mexico. Maersk Oil has established an office in Houston, Texas for the purpose of conducting its US business.

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