First deepwater GoM deal of 2011 as Plains sells 20% of its portfolio
EIG Global Energy Partners is to acquire a 20% equity interest in Plains E&P's Gulf of Mexico (GoM) subsidiary for an effective consideration of US$360 million. The portfolio comprises one commercial asset - Lucius - and exploration acreage spanning 100 offshore blocks, prospective for Pliocene and Miocene discoveries. The deal places a value on Plains' GoM portfolio of US$1.8 billion.This is the first deepwater GoM divestment in 2011. Plains E&P - the only company to have ...