BHP Sells GOM Field Stake

BHP Sells GOM Field Stake
BHP has completed a transaction with EnVen Energy Ventures LLC to transfer its 35 percent operated interest in the Neptune field.

BHP has announced that it has completed a transaction with EnVen Energy Ventures LLC (EnVen) to transfer its 35 percent operated interest in the Neptune field, which is located in the deepwater Gulf of Mexico (GOM).

The value of the deal was not disclosed by BHP, which said it will continue to operate the field as part of the transition agreement until the transfer of both operatorship and ownership are approved by the regulator. After the deal is approved, EnVen will own a 65 percent stake in the field, with W&T Energy VI LLC holding a 20 percent interest, and 31 Offshore LLC holding the remaining 15 percent stake.

“As a reputable operator with deepwater experience in the Gulf of Mexico, EnVen is ideally placed to take operatorship of Neptune and we’re committed to a safe and smooth transition of operations,” BHP’s president of petroleum operations, Geraldine Slattery, said in a company statement.

“We’re proud of the safety performance, high uptime, and operational excellence we’ve achieved over the last ten years as operator of Neptune,” Slattery added in the statement.

“This divestment enables BHP to further reshape our portfolio in line with our long term strategy. The Gulf of Mexico remains a heartland for BHP and we continue to look for opportunities to grow and further develop our business in the region,” the BHP representative went on to say.

BHP’s petroleum unit comprises conventional oil and gas operations, and includes exploration, development, and production activities. The company has owned oil and gas assets since the 1960s and has high-margin conventional assets located in the U.S. Gulf of Mexico, Australia, Trinidad and Tobago, and Algeria, as well as appraisal and exploration options in Mexico, Deepwater Trinidad and Tobago, Western Gulf of Mexico, Eastern Canada, and Barbados, its website highlights.

To contact the author, email andreas.exarheas@rigzone.com



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