Total has acquired several assets located in the Gulf of Mexico (GOM) as part of Cobalt International Energy‘s bankruptcy auction sale. Total submitted offers on several assets for a consideration of approximately $300 million and acquires from Cobalt:
- A 20% interest in the North Platte discovery. As a result, Total increases its interest to 60% and becomes operator of this discovery. Total will have Statoil as a partner, who acquired the remaining 40%;
- A 20% interest in the Anchor discovery. As a result, Total increases its interest to 32.5%, after having acquired 12.5% last December. This discovery is operated by Chevron; and
- Thirteen offshore exploration blocks, which will be operated by Total.
On 5 April 2018, the United States Bankruptcy Court approved these results.
“The sale of Cobalt’s assets gives us the opportunity to further enhance our portfolio in the Gulf of Mexico under particularly attractive conditions and to be able to apply our expertise as a deep offshore operator,” Arnaud Breuillac, President Exploration and Production at Total, said. “We will now develop the North Platte discovery, looking for the most efficient scheme in terms of development cost.”
Discovered in 2012 by Total and Cobalt in the Wilcox play, North Platte covers four blocks of the Garden Banks area, 275 km off the coast of Louisiana in approximately 1,300 m of water. The field is now fully appraised with a total of three wells and three sidetracks.
Discovered in 2014, Anchor is also located in the Wilcox play, 225 km off the coast of Louisiana in approximately 1,500 m of water. It is one of the most significant recent discoveries in the GOM. Anchor is operated by Chevron (55%) alongside Total (32.5%) and Venari (12.5%).