(MENAFN) Stone Energy agreed to sell some of its oil and natural gas fields in the Gulf of Mexico to Talos, a Houston-based firm for a USD200-million deal, Xinhua reported
Talos will pay USD200 million in cash up front and assume USD117 million in future costs to plug and abandon wells on the properties
Stone Energy, an independent U.S. oil company, will keep a 50-percent working interest in the fields as well as the right to drill ultra-deep oil and gas wells in the area
"The sale will let Stone focus on deep water in the Gulf and deep gas on the Gulf coast," Stone Chairman and CEO David Welch said in a statement
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