Deepwater

Freeport-McMoRan completes acquisition of deepwater GOM interests

July 2, 2014

Freeport-McMoRan Oil & Gas has completed its acquisition of certain of Apache Corp.’s interests in the deepwater Gulf of Mexico.

Offshore staff

PHOENIX, Arizona – Freeport-McMoRan Oil & Gas has completed its acquisition of certain of Apache Corp.’s interests in the deepwater Gulf of Mexico.

Following the exercise of preferential purchase rights by other working interest owners in the Lucius project, FM O&G acquired, for $919 million, 51.2% of Apache's 11.7% working interest in the Lucius oil development project, 100% of Apache's 12.5% working interest in the Heidelberg oil development project, and several exploration leases.

Following closing and the interim redetermination of equity ownership by the co-owners in the Lucius field, FM O&G owns an approximate 25.1% working interest in Lucius.

07/02/2014