The new deal will make Energy XXI the third-largest oil producer on the shelf according to the company.
In a recent statement available to Milton Financials the company indicated that the fields hold estimated reserves of 66 million barrels of oil and gas, 61% of which is oil. At present the wells are producing around 20,000 barrels of oil equivalent a day, 53% of which is oil.
According to the statement the acquisition will increase Energy XXI’s proved and probable reserves by 72% and its production would increase by over 77%.
Milton Financials research indicates that the assets represent less than 15% of oil giant Exxon Mobil’s total output from the Gulf of Mexico.
Exxon Mobil has also recently announced it is considering the sale of 100 gas stations in Scotland and there have also been unconfirmed reports that the oil major is considering the sale of $2 billion worth of North Sea assets.
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