"Our multi-year strategic plan focuses on growth through exploration success in the Gulf of Mexico, in particular in deep water, where our expertise and extensive acreage inventory give us a competitive edge," said David A. Hager, Kerr-McGee senior vice president of exploration and production. "This new acreage will provide additional deepwater and shelf opportunities for continuous highgrading of our drilling prospects."
Kerr-McGee maintains its position as the largest independent and fifth-largest industry leaseholder in the Gulf of Mexico and the largest independent producer and leaseholder in the deepwater gulf. Including these blocks, Kerr-McGee will hold interests in 698 leases in the Gulf of Mexico and will operate more than 71% of these leases with an average working interest of 56%. Award of the 63 high-bid blocks would increase the company's total leaseholdings in the gulf by about 332,000 gross acres to more than 3.1 million gross undeveloped acres.
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