HOUSTON — BP is taking bids on its rights to about 280,000 gross acres of natural gas-rich properties in the Texas Panhandle, a spokesman said late Tuesday.
The British oil company, which is planning to sell off $10 billion in assets over the next two years, produces about 4,000 barrels of oil equivalent per day in Sherman County and Moore County, about 650 miles northwest of Houston, BP spokesman Brett Clanton said Tuesday.
“This part of the field is mature and better suited for a company that specializes in late-life basin operations,” Clanton said in an emailed statement. “The decision is consistent with BP’s strategy to actively manage its portfolio of assets, with a focus on value over volume.”
BP has about 500 wells producing oil and gas on the property. The company will continue to operate about 1,700 wells in the Texas Panhandle after the sale, Clanton said.
IHS Herold estimated BP could collect between $400 million and $500 million on the properties, according to a report from SNL Energy.
Also on FuelFix: