Freeport-McMoRan sells GoM interests to Cox
Independent oil and gas company Cox Oil Offshore, has bought certain interests in the U.S. Gulf of Mexico from Freeport-McMoRan.
The transaction includes Freeport’s interests in the Flatrock and Hurricane areas of the OCS-310 “Tiger Shoal” lease. In addition to normal pressured wells, Cox said it looked forward to further exploit high pressure, high temperature (HPHT) wells. The closing date for the transaction was July 31, 2017.
“Cox Oil believes in the enormous potential in the Gulf of Mexico (GoM) and today marks another step forward for the future success of our company. We are one of the few GoM Operators who are expanding during the continued downturn in our industry by identifying and acquiring quality assets with accretive upside,” said Brad E. Cox, Chairman and Founder of Cox Oil.
“We will continue to expand the company in a way that will ensure our long term, strategic success in the oil and gas industry with a fiscally responsible approach to acquisitions and development of our assets. Freeport’s staff have been outstanding in their handling of this transaction and we are happy to have the opportunity to continue and expand upon their legacy in the GoM,” said Craig Sanders, CEO of Cox Oil.
This is not the first Gulf of Mexico acquisition for Cox Oil in this oil and gas downturn.
The company in 2016 bought a number of assets in the U.S. Gulf of Mexico from Chevron. The acquisition included 19 fields and associated assets located primarily on the GOM Outer Continental Shelf and in Louisiana state waters.
The asset acquisition package included 170 active wells, 70 platforms, 70 caissons and other offshore structures.
Offshore Energy Today Staff