W&T Offshore Inc. announced it has entered into an agreement with Apache Corp
. to acquire Apache’s interest in Ship Shoal 349, a federal offshore lease off the coast of Louisiana, for $116 million.
“We are excited about acquiring Apache’s interest in the Ship Shoal 349 field,” said Tracy Krohn, W&T’s chairman and CEO. “Better known as Mahogany, (the field) was the first economic subsalt field drilled in the Gulf of Mexico. When consummated, W&T will own 100 percent working interest in the field.”
W&T is an independent oil and natural gas company focused primarily in the Gulf of Mexico, including exploration in the deepwater and deep shelf regions.