Many of the large energy companies searching for oil in the Gulf of Mexico prefer to target their offshore operations in the deep water at depths greater than 500 feet. In contrast, since its inception Houston-based Energy XXI has focused on the shallow waters of the Gulf of Mexico. Today, Energy XXI operates 10 of the largest oil fields on the Gulf of Mexico shelf, more than any other operator.
In a new development, Energy XXI recently announced that it has executed a purchase and sale agreement to sell the Grand Isle Gathering System (GIGS) to CorEnergy Infrastructure Trust Inc. for $245 million in cash plus the assumption of abandonment liabilities related to the assets. The GIGS is a subsea, midstream pipeline system with related onshore facilities serving oil-producing fields in the shallow portion of the Gulf of Mexico.
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