Gulf of Mexico upstream news

Total has acquired several assets located in the Gulf of Mexico as part of the Cobalt International Energy company’s bankruptcy auction sale.

Orrick advised Statoil on its acquisition with Cobalt International Energy’s 60% operated interest in the North Platte discovery in the US Gulf of Mexico.

Statoil and Total have completed their acquisition of Cobalt International Energy’s 60% operated interest in the North Platte discovery in the US Gulf of Mexico for an aggregate purchase price of US$339 million.

Byron Energy Limited has announced that production has commenced at its flagship South Marsh Island Block 71 (SM71) oil development, in the shallow water of the Gulf of Mexico.

Production start-up for the F1 well on South Marsh Island Block 71 in the Gulf of Mexico is expected to begin in March 2018.

Noble Energy, Inc. has announced that its Board of Directors has authorised a US$750 million share repurchase programme.  In addition, the Company has executed an agreement to sell its deepwater Gulf of Mexico assets to Fieldwood Energy LLC (Fieldwood) for a total value of US$710 million. 

Three production wells are currently completed, and production is expected to ramp up through 2018.

PetroQuest Energy, Inc. has announced the sale of its Gulf of Mexico properties on January 31, 2018, but effective as of December 1, 2017.

On 31 January, Shell acquired nine exploration blocks for the Mexican Gulf of Mexico in the deepwater bid round.

The company has announced one of its largest US Gulf of Mexico exploration finds in the psat decade from the Wale deepwater well.