Nothing but negotiation

The Gap Partnership

Successful business negotiations held between Energy XXI and ExxonMobil

Energy XXI has acquired nine fields on the Gulf of Mexico shelf from ExxonMobil.

22 November 2010

Energy XXI has completed the purchase and sale of certain Gulf of Mexico natural gas and shelf oil interests from affiliates of Exxon Mobil for $1.01 billion (£632.7 million).

Following successful business negotiations, the oil and natural gas production and exploration company sees its pro forma proved reserves rise by 65 per cent and production by 77 per cent.

The six largest fields out of the nine bought on the property account for 89 per cent of net production at the facility, while proved reserves are estimated at 116.1 million cubic feet of natural gas and 30.1 million barrels of oil.

Chairman of the company John Schiller said: "The ExxonMobil properties are an extraordinary fit with our existing, oil-focused core assets, which generate some of the highest margins in the industry."

Last week, GdF Suez pulled out of sales negotiations with Enea, in a deal which would have seen the French energy company buy a controlling stake in the Polish utility for over 11 billion zloty (£2.38) billion if completed.

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