Caelus approved as Oooguruk operator

Caelus Energy Alaska has been approved as the operator of the North Slope Oooguruk unit.

Caelus acquired Pioneer Natural Resources Alaska in a $300 million deal that closed April 15, a deal which replaced a mid-sized independent operator with a small independent operator.

Alaska Division of Oil and Gas Director Bill Barron said in a July 1 letter to Caelus that the division finds Caelus “qualified to fulfill the duties and obligations” in the Oooguruk unit agreement, and approves Caelus as successor unit operator.

Pioneer purchased the Oooguruk leases in the nearshore waters of the Beaufort Sea in 2002 from Armstrong Resources and put the field online in 2008. When Pioneer Chairman and CEO Scott Sheffield announced the sale last November, he said it represented a strategic move to focus Pioneer investment on shale development in Texas. Sheffield said Oooguruk holds the North Slope record for the shortest time from first oil discovery to first oil production.

Caelus has formed a strategic partnership with Apollo Global Management, an international investment management company, which has said it intends to invest up to $1 billion in Caelus for development of existing assets and to pursue acquisitions or additional investments.

- Petroleum News