Total focuses U.S. E&P in Gulf of Mexico

Total said Feb. 7 that its wholly owned subsidiary, Total E&P USA Inc., has agreed to sell two mature fields, Bethany and Maben, in east Texas and Mississippi, respectively, to XTO Energy Inc. The transaction is scheduled to close by the end of February.

Total said it will now focus its exploration and production projects in the United States in the offshore Gulf of Mexico.

XTO Energy said the purchase price for the producing properties is $300 million and said the effective date is Jan. 1.

XTO said its engineers estimate the proved reserves to be 120 billion cubic feet of gas equivalent, 60 percent of which are proved developed and 95 percent of which are attributable to natural gas. XTO said it estimates development costs for the proved undeveloped reserves at $1.20 to $1.40 per thousand cubic feet, and said the acquisitions will initially add production of about 15 million cubic feet of natural gas per day.

—Petroleum News