Skip to main content

Ophir sells interest in Block 5 offshore Mexico

Published by
Oilfield Technology,


Ophir has signed a Sales and Purchase Agreement (SPA) relating to the sale of its 23.33% interest in Block 5 (Cuenca Salina), offshore Mexico, to the existing partners in the Block 5 exploration licence, subsidiaries of Murphy Oil Corporation, Wintershall Dea and Petronas.

Upon closing, interest in the licence will be held by Murphy Sur, S. de R.L de C.V at 40% (operator), Sierra Offshore Exploration, S. de R.L. de C.V. at 30% and PC Carigali Mexico Operations, S.A. de C.V. at 30%. The sale is for a cash consideration of US$35 million, which accounts for back costs (including its share of the recent well) alongside a cash premium. The proceeds will be used to enhance liquidity.

The gross book value of the asset being sold is US$24 million. The sale is expected to close before the end of the year and is subject to government and regulatory approval under the Block 5 exploration licence.

This transaction is consistent with Ophir’s stated strategy of minimising its exposure to exploration.

Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/20052019/ophir-sells-interest-in-block-5-offshore-mexico/

You might also like

Howden secures compressor contract for Majnoon oilfield, Iraq

Howden will supply two screw compressor packages to Majnoon oilfield, near Basrah, Iraq. With Howden’s compressor solution, the Majnoon oilfield will save 42 242 t of carbon emissions per year – the equivalent of annual fossil fuel emissions for 9100 cars.

 
 

Embed article link: (copy the HTML code below):