Kerr-McGee Oil & Gas Corp. has agreed to acquire leasing rights in the North Slope basin of Alaska and in the Campos basin, offshore Brazil.
Kerr-McGee will acquire a 70% working interest in eight leases totaling 12,000 acres off the Alaska coast, northwest of Prudhoe Bay, from Armstrong Alaska Inc.
The company will operate the leases and expects to spud one exploratory well during 1Q 2004. Armstrong holds the remaining 30% interest. The agreement includes the right to acquire interest in 13 additional leases in the area, totaling 54,000 acres.
In addition, Kerr-McGee do Brasil Ltda. will acquire 33 1/3% working interest in the BM-C-7 block in the Campos basin from EnCanBrasil Ltda. Kerr-McGee expects to participate in one exploratory well on the 161,000-acre block in 400 ft of water this year.
EnCanBrasil operates the block with 66 2/3% interest.