Chevron has completed the sale of its shallow-water US Gulf of Mexico assets to deepwater-focused company Cox Oil Offshore.

As part of the deal, Cox Oil acquired 19 fields and associated assets that are located primarily on the GOM Outer Continental Shelf and in Louisiana state waters.

Cox Oil Offshore chairman and founder Brad Cox said: "Today’s closing further demonstrates Cox Oil’s dedication to the Gulf of Mexico and the Outer Continental Shelf.

"The company’s asset acquisition package includes 170 active wells, 70 platforms and 70 caissons, as well as other offshore structures."

"We look forward to welcoming the more than 100 Chevron employees that will be joining our team."

The company’s asset acquisition package includes 170 active wells, 70 platforms and 70 caissons, as well as other offshore structures.

Cox Oil Offshore CEO Craig Sanders said: "This transaction contributes to our long-term, strategic focus in the oil and gas industry."

The sale of all its Gulf shelf assets by Chevron was announced in February 2016 and was part of the company’s plan to adapt to the changing business environment that included revising of organisational structures and minimising expenses.

The parties have not disclosed the deal value.

During February, Chevron also announced the sale of its assets in New Zealand and Canada, along with its Hawaii refinery, and South African downstream businesses.