Plains Exploration & Production Co. has agreed to sell to Statoil ASA for $700 million two deepwater Gulf of Mexico working interests in discoveries at Big Foot and Caesar, and one exploration prospect at Big Foot North covering Green Canyon blocks 683 and 952, and Walker Ridge blocks 28 and 29.
Offshore staff
HOUSTON -- Plains Exploration & Production Co. has agreed to sell to Statoil ASA for $700 million two deepwater Gulf of Mexico working interests in discoveries at Big Foot and Caesar, and one exploration prospect at Big Foot North covering Green Canyon blocks 683 and 952, and Walker Ridge blocks 28 and 29.
The transaction has an effective date of Sept. 1, 2006, and is expected to close early in November 2006.
PXP also has granted Statoil negotiation rights regarding other PXP GoM holdings.
