Cobalt International Energy Inc plans to sell its 20% working interest in the Shenandoah deepwater oilfield in the US Gulf of Mexico.
Situated in Blocks 51, 52 and 53 of Walker Ridge area, the Shenandoah field lies in a water depth of 5,800ft.
The consideration includes a 2% revenue share of the total Orlando production until the production milestone of five million barrels of oil is achieved. The revenue share will be revised to 4.35% once production is above milestone target.
Located in 3/3b block of the UK Continental Shelf within P1606 seaward production licence, Orlando field is estimated to hold recoverable reserves of up to 15.3 million barrels of oil.
The field is currently owned by Iona Energy Company (UK) Limited (75%) and Atlantic Petroleum (25%, operator).
Upon completion of the deal, Orlando field will be owned by Iona Energy (75%) and Decipher Energy (25%).
ExxonMobil has agreed to buy 25% indirect interest in the Area 4 block in offshore Mozambique from Eni. The deal involves a purchase consideration of approximately $2.8bn.
Eni currently holds 50% indirect interest in the natural gas-rich block through a 71.4% stake in Eni East Africa, which owns 70% of the Area 4 concession.
Eni East Africa will be owned by Eni (35.7%), ExxonMobil (35.7%) and CNPC (28.6%) upon completion of the deal.