Thursday, July 19, 2018

Total Snaps up GoM Assets

Posted by April 11, 2018

French oil major Total said it had bought several assets in the Gulf of Mexico for around $300 million, as part of the Cobalt International Energy (CIE) company’s bankruptcy auction sale.
 
Total said it was buying a 20 percent stake in the North Platte asset. Following this move, Total will have a 60 percent overall stake in North Platte, with Statoil (STO) holding the remaining 40 percent.
 
Total also bought a further 20 percent stake in the Anchor discovery, increasing its overall holding in that asset - which is operated by Chevron (CVX) - to 32.5 percent.
 

The French group also said it was buying 13 offshore exploration blocks in the Gulf of Mexico region.

 

Reporting by Sudip Kar-Gupta 

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