Halliburton Co. signed an agreement to sell its 25% stake in six Alaskan oil leases to its joint venture partner Pantheon Resources PLC.
The transaction is subject to approval from Alaska's Department of Natural Resources, according to an Oct. 17 news release from Pantheon.
Under the deal, Pantheon will accept full responsibility for all future lease obligations in exchange for Halliburton's 25% stake.
As a result of the deal, Pantheon will own a 100% stake in the Alkaid/Phecda project, which has an estimated 900 million barrels of oil plus probable reserves of 90 million bbl to 135 million bbl on 22,804 acres.
Pantheon CEO Jay Cheatham said the company expects to start production in the Alkaid/Phecda project in 2020.
Pantheon will also hold a 92% interest in two other leases covering 11,367 gross acres.
The deal will leave Pantheon with a 90% to 100% interest in around 177,000 gross acres with a resource potential of 1.2 billion bbl of recoverable oil. Pantheon will also own a 10% working interest in the Winx acreage, with around 23,000 gross acres.