Cox Oil Offshore has purchased a majority stake in the Gulf of Mexico (GoM) Outer Continental Shelf from Freeport-McMoRan Oil & Gas (FM O&G), a subsidiary of Freeport-McMoRan.
The deal includes FCX’s interests in the Flatrock and Hurricane areas of the OCS-310 Tiger Shoal lease.
“In addition to normal pressured wells, Cox looks forward to further exploit high pressure, high temperature (HPHT) wells,” the company said.
The closing date for the agreement was 31 July 2017.
“Cox Oil believes in the enormous potential in the Gulf of Mexico and today marks another step forward for the future success of our company. We are one of the few GoM operators who are expanding during the continued downturn in our industry by identifying and acquiring quality assets with accretive upside,” said Brad E. Cox, chairman and founder of Cox Oil.