Offshore staff
(Houston) - Woodside Energy (USA) Inc., a wholly owned subsidiary of Woodside Petroleum Ltd., has expanded its offshore interests in the GoM by acquiring the Houston-based Gryphon Exploration Company.
Woodside paid $282.7 million to acquire Gryphon, a private upstream oil and gas company with extensive exploration and production interests in the Gulf. The total acquisition cost was $296.9 million.
Gryphon has interests in 118 leases in the Gulf, 95 of which are operated by the company. The majority of the leases are on the continental shelf.
The acquisition delivers Woodside immediate production from 15 fields, 11 of which are operated by Gryphon. These fields are producing 30 MMcf/d. A further six fields under development could double production by the end of the year.
Woodside's CEO, Don Voelte, said the acquisition built on the company's
existing Gulf interests, giving it a diverse portfolio across the shelf and deepwater.
"This delivers Woodside a significant expansion of our exploration portfolio in the Gulf, and also provides us existing production," he said. "It capitalizes on the alliance we formed with Explore Enterprises earlier this year, and builds Woodside's position in a region we have identified as a core area of interest."
(Sept. 1, 2005)
