Thursday, April 26, 2018

Statoil Buys U.S. GoM Deepwater Discovery

Posted by April 11, 2018

File Image: A typical Statoil offshore installation. CREDIT: Statoil

Statoil and Total have completed their acquisition of Cobalt international Energy (CIE)'s 60 pct operated interest in North Platte discovery in US Gulf of Mexico for an aggregate purchase price of USD 339 million.
 
The partners had jointly presented the winning bid for the asset in a bankruptcy auction of some of Cobalt’s assets that was held on 6 March 2018. "We will now work together with Total to clarify the resource potential of this field and we hope to start production in the mid 2020's", said Statoil (STO) spokesperson Erik Haaland.
 
Statoil now owns a 40 pct non-operated interest in North Platte, while Total has increased its existing 40 pct interest to 60 pct and taken over operatorship. The effective date of the transaction is 1 January 2018
 
Statoil already has interests in eight producing fields in the US Gulf of Mexico and two in development. Their production is expected to reach 110,000 boe per day (excluding North Platte acquisition), making Statoil a top-five producer from the deepwater Gulf of Mexico. The portfolio will by 2020 achieve an average cash margin of at least USD 45 per barrel after tax at an oil price of USD 70.
 

Reporting By Ole Petter Skonnord 

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