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Cox Oil buys 70 GoM Chevron platforms

Written by  OE Staff Monday, 18 April 2016 03:05

Cox Oil Offshore has acquired a number of assets in the Gulf of Mexico from Chevron.

The acquisition includes 19 fields and associated assets primarily on the Gulf of Mexico Outer Continental Shelf and in Louisiana state waters.

“Today’s closing further demonstrates Cox Oil’s dedication to the Gulf of Mexico and the Outer Continental Shelf. We look forward to welcoming the more than 100 Chevron employees that will be joining our team,” said Brad E. Cox, Chairman and Founder of Cox Oil, which is headquartered in Dallas and New Orleans and was founded in 2004 to revitalize mature assets.

“This transaction contributes to our long term, strategic focus in the oil and gas industry. We are grateful to Chevron and their professional staff for their dedication and efforts in this process,” said Craig Sanders, CEO of Cox Oil.

The asset acquisition package includes 170 active wells, 70 platforms, 70 caissons and other offshore structures. The financial aspects of the deal will not be disclosed. The closing date for the transaction is 15 April 2016.

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