El Paso Exploration & Production Co., a subsidiary of El Paso Corp., Houston, (NYSE: EP) plans to acquire producing properties and undeveloped acreage in Zapata County, Texas, from Houston-based Laredo Energy III LP and other unnamed companies for approximately $255 million. The assets are 100% operated with an 85% average working interest on 27,000 gross acres (23,000 net) complement El Paso's existing Texas Gulf Coast operations in the Bob West Field and provide a re-entry into the Lobo trend. Net production is approximately 19 million cubic feet equivalent per day with proved reserves of approximately 84 billion cubic feet equivalent (73% undeveloped).
Recommended Reading
E&P Highlights: Nov. 18, 2024
2024-11-18 - Here’s a roundup of the latest E&P headlines, including new discoveries in the North Sea and governmental appointments.
Norway's Massive Johan Sverdrup Oilfield Shut by Power Outage
2024-11-18 - Norway's Equinor has halted output from its Johan Sverdrup oilfield, western Europe's largest, due to an onshore power outage, the company said on Nov. 18.
ChampionX Completes Improvements to Odessa Chemical Hub
2024-11-18 - The Odessa chemical manufacturing facility in the Permian Basin will increase ChampionX’s capacity by almost 10%, or 10 million kilograms annually.
Encino’s Tim Parker: Plenty of Utica Oil—and Takeaway Too
2024-11-15 - Encino Energy's Tim Parker tells Hart Energy's Nissa Darbonne about the economics of drilling in the company's Utica oil development at the DUG Appalachia Conference and Expo.
TotalEnergies Awards SBM Offshore FPSO GranMorgu Development Contract
2024-11-15 - SBM will construct and install a floating production, storage and offloading vessel for TotalEnergies alongside its partner Technip Energies, the company said.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.