Total E&P USA Inc. and Statoil Gulf of Mexico LLC have completed the acquisition of the deepwater Gulf of Mexico assets they successfully bid for at Cobalt International Energyâs bankruptcy sale that was held on 6 March 2018. The two companies tendered a joint bid of USD 339 million to capture the crown jewel of the Cobalt auction, the North Platte discovery located primarily on Garden Banks block 958 and 959.  Discovered in 2012, this subsalt Wilcox oil accumulation lies in some 4,500 ft (1,372 m) of water approximately 175 miles (280 km) offshore Louisiana. Cobalt successfully appraised its discovery before the bankruptcy, drilling 11 boreholes from three surface locations. Owing to the results of these delineation wells, the former operator estimates the gross recoverable resource range for North Platte at 500 to 650 MMbbl of oil equivalent.  With the completion of the deal, Statoil owns a 40% working interest in the four-block North Platte unit that consists of Garden Banks blocks 915 (G30869), 916 (G30870), 958 (G32460), and 959 (G30876). Three of the four blocks in the unit have expired and are now held by unit operations. A suspension of production has been submitted for the unit and is awaiting government approval. Already a partner in the North Platte project, the acquisition increases Totalâs working interest from 40% to 60%. Total takes over as operator as part of the North Platte transaction, which has an effective date of 1 January 2018.  Total also successfully bid on several other Cobalt assets at the bankruptcy auction. Along with North Platte, Total picked up Cobaltâs 20% working interest in Chevron U.S.A. Inc.âs Anchor project, which is another Paleogene-aged, subsalt Wilcox discovery made in 2014 in the Green Canyon area. Total paid USD 181 million for the asset. This new working interest augments Totalâs equity position in Anchor to 32.5%, after having obtained the 12.5% stake previously held by Samson Offshore last December.  Anchor lies in some 5,200 feet (1,585 m) of water in the southwest quadrant of the Green Canyon (GC) protraction area, roughly 150 miles (240 km) southwest of the coastal support base at Port Fourchon, Louisiana. The appraisal phase is completed at Anchor. In Chevron's Q3 2017 earnings call of 27 October 2017, Chairman and CEO John Watson said that Anchor remains in the concept development stage and is not yet in front end engineering and design. Cobalt estimates the gross recoverable resource range for Anchor at 330 to 600 MMbbl of oil equivalent.  The Anchor project is covered by a six-block unit consisting of GC blocks 762 (G25198), 763 W/2 (G25199), 806 (G31751), 807 (G31752), 850 (G31757), and 851 (G31758). Like North Platte, the Anchor leases have passed their expected expiration date and are held by unit operations. Chevron filed for a suspension of production in January 2018 intended to hold the leases while a development plan matures. Chevron (55%), Total (32.5%) and Venari Offshore LLC (12.5%) comprise the Anchor ownership group.  Total rounded out its participation in the asset sale taking 13 of Cobaltâs deepwater exploration blocks for USD 25 million.  The US Bankruptcy Court for the Southern District of Texas approved the results of Cobaltâs asset sale on 5 April 2018.
Total E&P USA Inc. and Statoil Gulf of Mexico LLC have completed the acquisition of the deepwater Gulf of Mexico assets they successfully bid for at Cobalt International Energyâs bankruptcy sale that was held on 6 March 2018. 