Receive our newsletter – data, insights and analysis delivered to you
  1. News
April 17, 2016

Chevron completes sale of US Gulf of Mexico assets to Cox Oil

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

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."

Content from our partners
Green investment: What gives Scotland multiple advantages
How the North of Tyne region is leveraging its legacy to define its future
Q&A with Chevron Lubricants’ Paul Sly, global industrial OEM specialist, and Nathan Knotts, global brand technical manager

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.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU