Pacific Energy sells interest in field offshore California
Dec. 6, 2006
Pacific Energy Resources Ltd. has signed a definitive Purchase and Sale Agreement with SWEPI LP for the sale of its 12% interest in the Beta oil field unit offshore California.
Offshore staff
LONG BEACH, California -- Pacific Energy Resources Ltd. has signed a definitive Purchase and Sale Agreement with SWEPI LP for the sale of its 12% interest in the Beta oil field unit offshore California.
The Beta field is in the San Pedro area in federal leases POCS 300, 301, and 306, 14 km (9 mi) offshore Long Beach, California. Platforms in the field involved in the transaction include Eureka, Ellen, and Elly.
As of May 1, 2006, Netherland Sewell & Associates estimated that the field contained 19.8 MMbbl and 3.2 bcf of proved reserves, 11.6 MMbbl and 1.9 bcf of probable reserves, and 31.3 MMbbl and 4.8 bcf of possible reserves.
The Beta field was discovered in 1976 by Shell Oil Co.
