|Wednesday, January 19, 2000
Kerr-McGee Corp. announced the completion of the acquisition of Repsol S.A.'s upstream United Kingdom North Sea operations. The transaction, which is valued at $555 million (U.S.), represents all of Repsol's holdings in the U.K. North Sea, including two producing fields, two fields identified for development and eleven additional exploratory blocks. The effective date of the transaction was December 31, 1999. Kerr-McGee is the largest U.S. independent producer in the United Kingdom sector of the North Sea. The company currently operates Janice, Gryphon, Hutton, Murchison, Ninian and Lyell fields and has interests in twenty-eight fields in the U.K. North Sea. This area accounts for more than 50 percent of the company's total daily liquids production, and the Repsol acquisition increases the North Sea daily production by approximately 30 percent to more than 130,000 barrels of oil per day. It also increases proven reserves by approximately 100 million barrels of oil equivalent and probable reserves by about 30 million oil equivalent barrels. The Repsol assets acquired by Kerr-McGee include two producing fields and two fields identified for development, all in Quadrant 9 where the Gryphon field is located, and eleven additional exploratory blocks: Harding field - 25% working interest with BP Amoco as operator; Buckland field - 33.3% interest with Mobil as operator; Skene field - 33.3% interest with Mobil as operator; Maclure field - 33.3% interest with BP Amoco as operator.