Report: Cantium buys Chevron’s Gulf of Mexico fields

Cantium LLC, a recently established oil and gas company, has reportedly acquired Chevron’s Bay Marchnad and Main Pass assets in the U.S. Gulf of Mexico.

According to what appears to be a press release posted on Oilgasequity.com, Cantium, backed by York Capital and Sole Source Capital, said it acquired five Chevron’s fields located on the Gulf of Mexico’s Outer Continental Shelf and in Louisiana state waters for an undisclosed fee.

“This acquisition demonstrates Cantium’s commitment to reinvigorating the Gulf of Mexico’s Outer Continental Shelf. We are working with the Chevron team to ensure a smooth transition of operatorship, and we look forward to welcoming the Chevron employees joining our team of renowned global experts,” said Cantium’s managing partners and founders Richard Kirkland, CEO, and Mark Ian Smithard, COO.

The acquisition reportedly includes 300 active wells, 151 platforms, caissons, and other offshore structures, along with the Port Fourchon onshore treatment plant. Field operations will continue to be based in Covington, Louisiana.

Offshore Energy Today has reached out to Chevron, seeking confirmation and more info.

Deepwater focus 

A spokesperson for Chevron confirmed the sale and explained that, in the Gulf of Mexico, Chevron is transitioning into a deepwater-focused business with fewer, more complex assets.

As part of these efforts, on June 30, 2017, Chevron finalized the sale of a number of its Shelf assets in the Gulf of Mexico to Cantium, LLC. The package includes five fields and associated assets located primarily on the GOM Outer Continental Shelf and in Louisiana state waters.

The spokesperson added that regulatory approvals and transfer of activities is expected to be complete in the second half of 2017.

When it comes to Chevron employees, the spokesperson noted that they may have opportunities for employment with the buyer for positions working on the assets.

This transaction completes the divestment of remaining Chevron-operated shelf assets.

This article was updated with statement from Chevron. 

Offshore Energy Today Staff