Taylor Energy to Sell Gulf of Mexico Assets to Korean Firms

New Orleans-based Taylor Energy Company, Korea National Oil Corporation and Samsung Corporation have announced that Taylor Energy has agreed to sell substantially all of its Gulf of Mexico shelf oil and gas properties to KNOC USA and Samsung Oil & Gas USA.

The transaction includes five producing fields located in the Outer Continental Shelf of the Gulf of Mexico in water depths ranging from 70 feet to over 650 feet. Daily production from the properties is approximately 17,000 barrels of oil equivalent per day gross.

All of the production is currently operated by Taylor Energy. Korea National Oil Corporation (KNOC) and Samsung intend to retain Taylor employees with an office in New Orleans and continue as the operator.

This acquisition represents the first large, operated acquisition of producing oil and gas properties by KNOC and Samsung in North America.

Phyllis Taylor, chairman and CEO of Taylor Energy, said: “The significant capital base of KNOC and Samsung will allow for development and growth far beyond the capacity of Taylor Energy.”