Statoil and Total have closed the acquisition of 60%-operated interest in the North Platte discovery in the US Gulf of Mexico from Cobalt International Energy, for $339m.
The two companies jointly presented the bid at a bankruptcy auction of some of Cobalt’s assets that was held last month.
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With the completion of the deal, Statoil now owns a 40% non-operated interest in North Platte, while Total has raised its existing 40% interest to 60% and assumed operatorship.
The deal became effective from 1 January.
North Platte is a Paleogene oil discovery with four blocks in the Garden Banks area of the US Gulf of Mexico.
Discovered in 2012, it has been fully appraised with three drilled wells and several sidetracks.
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By GlobalDataStatoil’s executive vice president for development and production USA Torgrim Reitan said: “This is a high-quality asset with a low CO2 footprint, and so strongly supports our strategy. It is also an excellent fit with our existing US offshore portfolio, competence in technology development, and knowledge of the Paleogene play in which we are the second largest producer. We look forward to working with Total in developing North Platte for high-value creation.”
Statoil has interests in eight producing fields in the US Gulf of Mexico and in two fields currently under development.
Their production is expected to touch 110,000 barrels of oil equivalent per day, making Statoil one of the top producers from the deepwater Gulf of Mexico.
By 2020, the portfolio will achieve an average cash margin of at least $45 per barrel after tax at an oil price of $70.
In the Gulf of Mexico, Total focuses on the deep-water area. In addition to North Platte and Anchor, the group has working interests in three producing fields – Jack with 25% and Tahiti with 17%, both operated by Chevron; and Chinook with 33.33%, operated by Petrobras.
Last January, the firm also announced the major Ballymore discovery, in which it has a 40% stake while Chevron has 60% interest. This discovery is located in the Norphlet play. Total also has participations in more than 160 exploration leases.
