Energy XXI, Apache to jointly explore in Gulf of Mexico

Tue Mar 19, 2013 6:08pm EDT
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March 19 (Reuters) - Energy XXI Ltd said it has entered into an agreement with Apache Corp to explore for oil and gas in shallower waters in the central Gulf of Mexico shelf.

The agreement spans several salt domes within a 135 block area.

Energy XXI also said it has acquired a 25 percent stake in 21 non-producing leases with Apache and a new seismic program is underway to define the potential of the area of interest.

Earlier on Tuesday, Anadarko Petroleum Corp said it has discovered a large amount of oil at its Shenandoah-2 well in the deepwater Gulf of Mexico.

Anadarko's partners in the oil field include ConocoPhillips and Marathon Oil Corp.

Apache, which has a market value of $29.66 billion, also drills for oil and gas in Canada, Egypt, Britain, North Sea, Australia and Argentina.

Shares of Energy XXI, which has a market value of $2.49 billion, closed at $30.04 on the Nasdaq on Tuesday. Apache shares closed at $74.66 on the New York Stock Exchange.