Upon the successful completion of the MC 755 #2 well, ATP will also earn interests in two prospects: a 50% working interest in MC 754 and a 25% working interest in MC 800 ("Gladden"). Gladden is scheduled to be drilled later this year with MC 754 planned for 2008. As part of the purchase and sale agreement, ATP will process hydrocarbons from MC 754 and/or MC 800 at its floating production facility at MC 711.
T. Paul Bulmahn, ATP's Chairman and President stated, "This acquisition was a home run for ATP since it included a material expansion of reserves in the Gomez area and underscores the value of our floating production facility. This should further enable ATP to achieve projections of our production ramp-up for 2007 and beyond. The transaction also allows third party access to the Gomez facility and thus our production facility should operate at close to maximum capacity for a substantially longer period of time than previously expected." Gerald W. Schlief, ATP's Senior Vice President added, "The acquisition of additional working interests in these three blocks near Gomez significantly increases our presence in this region of the Gulf of Mexico. ATP continues to acquire interests in offshore blocks that are near our existing infrastructure."
ATP Oil & Gas is an international offshore oil and gas development and production company with operations in the Gulf of Mexico and the North Sea.
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