TotalFinaElf sells non-core Gulf of Mexico assets

Petroleum News Alaska Staff

TotalFinaElf S.A. said March 6 that its U.S. oil and gas exploration and production subsidiary TotalFinaElf E&P USA Inc. has contracted to sell its interest in 13 non-core assets in the shallow water areas of the Gulf of Mexico.

TotalFinaElf's share of production from these 13 fields is some 4,500 barrels of oil equivalent per day. The company was the operator on only one of the fields and it retains exploration rights for horizons below current production depths in two of these assets.

The company said the sale of these properties is in accordance with its strategy in the Gulf of Mexico and Alaska of focusing exploration and production efforts on prospects with high reserve potential.

TotalFinaElf, as operator, recently begun production from the Aconcagua field in the Mississippi Canyon area of the Gulf of Mexico using the Canyon Express gas gathering system and is developing the Matterhorn field in the same area. These deepwater developments are expected to significantly increase the company's gulf production.