Fieldwood Energy Lands GOM Shelf Business

September 2013, Vol. 240 No. 9

Fieldwood Energy LLC acquired Apache Corp.’s Gulf of Mexico Shelf business for $3.75 billion. The properties comprise the largest operated asset base on the GoM Shelf and include more than 500 blocks and 1.9 million net acres. As part of the transaction, Fieldwood hopes to retain substantially all of Apache’s GoM Shelf employees.

As of year-end 2012, total proved reserves attributable to the assets were 239 MMboe of which over 55% is oil and over 75% is developed. Current production exceeds 95,000 boe/d and is over 90% operated. Additionally, Fieldwood and Apache have agreed to jointly participate in deep exploration on the assets.