Statoil’s Acquisition of U.S. Gulf of Mexico Deepwater Assets from Cobalt

Orrick advised Statoil on the deal

Statoil and Total have completed their acquisition of Cobalt International Energy’s 60% operated interest in the North Platte discovery in the US Gulf of Mexico for an aggregate purchase price of USD 339 million.

Statoil now owns a 40% non-operated interest in North Platte, while Total has increased its existing 40% interest to 60% and taken over operatorship. The effective date of the transaction is 1 January 2018.

North Platte is a Paleogene oil discovery covering four blocks in the Garden Banks area of the US Gulf of Mexico. It has been fully appraised since its discovery in 2012 with three drilled wells and multiple sidetracks.

Statoil already has interests in eight producing fields in the US Gulf of Mexico and two in development. Their production is expected to reach 110,000 boe per day, making Statoil a top-five producer from the deepwater Gulf of Mexico. The portfolio will by 2020 achieve an average cash margin of at least USD 45 per barrel after tax at an oil price of USD 70.

The Orrick team advising Statoil included Joe Roger (Picture), Laura Metzger, Adam Kowis, Carlos Treistman, Jonathan Guy, Peter Amend, Ryan Wooten, Shaila Rahman Diwan, Monica Perrigino, Andrea Memovic, Grace Lentz, John Narducci, Jamie Larkin, Bob Lawrence, Dan Colonna and Tom Ryan.

Involved fees earner: Joe Roger – Orrick; Andrea Memovic – Orrick; Grace Lentz – Orrick; Adam Kowis – Orrick; Laura Metzger – Orrick; Jonathan Guy – Orrick; Peter Amend – Orrick; Monica Perrigino – Orrick; Carlos Treistman – Orrick; Ryan Wooten – Orrick; Shaila Rahman Diwan – Orrick; Daniel Colonna – Orrick; John Narducci – Orrick; James Larkin – Orrick; Robert Lawrence – Orrick;

Law Firms: Orrick;

Clients: Statoil;

Print Friendly, PDF & Email

Author: Ambrogio Visconti