W&T Offshore plans to acquire interests in six of Shell’s Gulf of Mexico oil and gas fields for $450 million.
The interests are in the Tahoe, SE Tahoe, Marlin, Dorado and Droshky fields. A sixth field, which is subject to a letter of intent with Shell, was unnamed.
Combined production from the six fields is about 6,840 barrels of oil per day and 68.8 MMcf of natural gas per day. Proved reserves tied with the assets are 7.0 million barrels of oil or natural gas liquids and 112.2 billion cubic feet of natural gas.
The acquisition helps W&T meet its objective of increasing production and reserves in 2010 while lowering costs per Mcfe, said Chairman and CEO Tracy W. Krohn.
Earliear this year W&T acquired stakes in a number of offshore leases from Total for $150 million.
