Maersk Inks Deepwater Gulf of Mexico Exploration Deal with ExxonMobil

Maersk Oil Gulf of Mexico Two LLC (Maersk Oil), a subsidiary of Maersk Oil America Inc., owned by Maersk Inc., has signed a joint venture agreement with Exxon Mobil Corporation under which Maersk Oil has acquired a 50% share in ExxonMobil's interests in 37 leases in the central Gulf of Mexico. The leases cover a total area of some 213,000 acres (860 sq. km.), in water depths in the range of 4,500 – 7,900 ft. (1,400 – 2,400 m). The joint venture agreement does not change the operatorship in any of the affected leases.

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

The joint venture partnership will embark on an exploration program, with the first well due to be drilled shortly.

This represents a further activity for A. P. Moller - Maersk in the deep water US Gulf of Mexico following the entering recently of a similar exploration joint venture agreement with Hess Corporation.

Maersk Oil has established an office in Houston, Texas, for the purpose of its US business.

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