Statoil and Total have accomplished their acquisition of Cobalt International Energy’s 60% operated curiosity within the North Platte discovery within the U.S. Gulf of Mexico (GOM) for an combination buy worth of $339 million. The companions had collectively introduced the successful bid for the asset in a chapter public sale of a few of Cobalt’s property that was held on March 6, 2018.

Statoil now owns a 40% non-operated curiosity in North Platte, whereas Total has elevated its current 40% curiosity to 60% and brought over operatorship. The efficient date of the transaction is Jan. 1, 2018.


North Platte is a Paleogene oil discovery overlaying 4 blocks within the Garden Banks space of the U.S. GOM. It has been absolutely appraised since its discovery in 2012 with three drilled wells and a number of sidetracks.

“This is a high-quality asset with a low CO2 footprint, and so strongly helps our technique. It can also be a superb match with our current U.S. offshore portfolio, competence in expertise growth, and information of the Paleogene play during which we’re the second largest producer. We sit up for working with Total in growing North Platte for prime worth creation,” mentioned Torgrim Reitan, Statoil’s government V.P. for growth and manufacturing USA.

Statoil already has pursuits in eight producing fields within the U.S. GOM and two in growth. Their manufacturing is anticipated to succeed in 110,000 boed, making Statoil a top-five producer from the deepwater GOM. The portfolio will by 2020 obtain a mean money margin of no less than $45/bbl after tax at an oil worth of $70.


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