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Cantium buys Chevron GoM shelf assets

Written by  Thursday, 06 July 2017 14:00

Cantium has taken over US supermajor Chevron’s Bay Marchand and Main Pass assets in the Gulf of Mexico.

 

The takeover includes five fields located on the Gulf of Mexico’s Outer Continental Shelf (OCS) and in Louisiana state waters.

The acquisition includes 300 active wells, 151 platforms, caissons, and other offshore structures, along with the Port Fourchon onshore treatment plant.

Field operations will continue to be based in Covington, Louisiana, says Cantium.

The newly established company, which is a privately-owned independent oil and gas outfit backed by York Capital Management and Sole Source Capital, announced the acquisition last week.

“This acquisition demonstrates Cantium’s commitment to reinvigorating the Gulf of Mexico’s Outer Continental Shelf. We are working with the Chevron team to ensure a smooth transition of operatorship, and we look forward to welcoming the Chevron employees joining our team of renowned global experts,” says Cantium managing partners and founders Richard Kirkland, CEO, and Mark Ian Smithard, COO.

Financial terms were not disclosed for the deal, however, according to a US Securities & Exchange Commission filing, Cantium Holdco, LLC that discloses both Kirkland and Smithard’s names, states that US$16.2 million of offerings were sold on 27 June.

In February 2016, Chevron announced that the company was on the fast-track to sell up to $10 billion of its Gulf of Mexico mature shelf assets in two years, as the supermajor put its deepwater assets as its priority.

Months later, in April, Cox Oil Offshore acquired 19 fields and associated assets primarily on the Gulf of Mexico OCS and in Louisiana state waters, which included 170 active wells, 70 platforms, 70 caissons and other offshore structures.

Read more:

Cox Oil buys 70 GoM Chevron platforms

Chevron eyes GoM shelf divestments

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