Kerr-McGee Picks Up Deepwater Acreage Offshore the Bahamas

Kerr-McGee Bahamas Ltd. and Atlantic Exploration and Production Company, wholly owned affiliates of Kerr-McGee Corp., have acquired 100% interest in nine oil and gas licenses offshore the Bahamas. The licenses, located in the Blake Plateau basin about 100 miles north of Freeport, Grand Bahamas Island, cover 6.5 million acres in water depths ranging from 650 feet to more than 7,000 feet.

The Blake Plateau basin is located on the southern margin of a large structural terrace that is situated between the shelf margin and Atlantic abyssal plain. These blocks contain multiple play types, including large untested carbonate structures similar to producing fields in North Africa and the Middle East. The first phase of Kerr-McGee's work program for the Bahamas includes acquisition and interpretation of seismic data.

"These blocks expand our exploration opportunities along the deepwater Atlantic Margin, where we have licenses offshore Nova Scotia, Brazil, Morocco, Benin and Gabon," said Luke R. Corbett, Kerr-McGee chairman and chief executive officer. "With the addition of this acreage, Kerr-McGee holds interests in more than 70 million undeveloped acres worldwide, of which approximately 85% is in deepwater trends. As the largest independent producer in the deepwater Gulf of Mexico and one of the most active exploratory drillers, we have extensive expertise in deepwater exploration and production that we can apply to our program in the Bahamas."