Total Buys $300 Million of Assets in Gulf of Mexico
April 11 2018 - 2:51AM
Dow Jones News
By Nathan Allen
Total SA (FP.FR) said Wednesday that it has acquired several
assets in the Gulf of Mexico for around $300 million via an auction
of bankrupt oil-exploration company Cobalt International Energy
Inc.'s (CIEIQ) assets.
The assets include a 20% interest in the North Platte discovery,
which increases Total's total stake to 60% and makes it the
operator of the asset, Total said. Statoil ASA (STL.OS) is the
minority partner with a 40% stake.
Total said it took a further 20% stake in the Chevron Corp.
(CVX)-operated Anchor discovery, bringing its total participation
to 32.5%.
Arnaud Breuillac, Total's president of exploration &
production, said Total was able to pick up the assets under
"particularly attractive conditions," and the company will now look
to develop the North Platte discovery.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
April 11, 2018 02:36 ET (06:36 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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