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Statoil, Total acquire US Gulf of Mexico deepwater discovery for $339m

EBR Staff Writer Published 11 April 2018

Statoil and Total have acquired Cobalt International Energy's 60% operated interest in the North Platte discovery in the US Gulf of Mexico for $339m.

The partners had jointly presented the bid for some of Cobalt’s assets as part of bankruptcy auction held earlier.

Total now operates the North Platte discovery with 60% stake while Statoil owns the remaining 40% interest.

North Platte, which is a Paleogene oil discovery, covers four blocks in the Garden Banks area, 275km off the coast of Louisiana in approximately 1,300m of water. It was discovered in 2012 by Total and Cobalt in the Wilcox play.

Statoil US development and production executive vice-president Torgrim Reitan said: “This is a high-quality asset with a low CO2 footprint, and so strongly supports our strategy.

“It is also an excellent fit with our existing US offshore portfolio, competence in technology development, and knowledge of the Paleogene play in which we are the second largest producer.”

Total has also acquired a 20% stake in the Anchor discovery, which is operated by Chevron with 55% interest. The acquisition increases Total’s stake to 32.5%.

Venari holds the remaining 12.5% stake in the Anchor discovery located in the Wilcox play, 225km off the coast of Louisiana in approximately 1,500m of water.

Additionally, Total has acquired stakes and became operator of 13 offshore exploration blocks in the Gulf of Mexico region.

Total exploration & production president Arnaud Breuillac said: “The sale of Cobalt’s assets gives us the opportunity to further enhance our portfolio in the Gulf of Mexico under particularly attractive conditions and to be able to apply our expertise as a deep offshore operator.

“We will now develop the North Platte discovery, looking for the most efficient scheme in terms of development cost.”

Statoil said it has interests in eight producing fields in the US Gulf of Mexico.


Image: The US Gulf of Mexico. Photo: courtesy of Helge Hansen/Statoil.