Asset A&D

EnVen Energy Acquires BHP’s 35% Interest in the Neptune Field

By Isha Makkar
May 22, 2021
2 minutes read
Offshore Rig

Privately-held EnVen Energy Corp. has entered into an agreement with Australia-based BHP Group Ltd. to acquire its 35% working interest in and operatorship of the Neptune field located in the U.S. Gulf of Mexico. The terms of the transaction have not been disclosed.

Upon completion, EnVen Energy Ventures LLC, a wholly-owned subsidiary of EnVen, will hold an increased 65% operating interest in the field, with W&T Energy VI LLC, a wholly-owned subsidiary of W&T Offshore Inc., holding 20% interest, and 31 Offshore LLC holding the remaining 15% interest.

The Neptune field is located in Green Canyon 613, across Blocks 573, 574, 575, 617, and 618 in the U.S. Gulf of Mexico, approximately 193 km off the coast of Louisiana. The field was discovered in 1995, commenced production in July 2008, and was developed by a standalone Tension Leg Platform (TLP) located in approximately 4,250 ft., with a design capacity of 50 million barrels of oil per day (MMbbls/d) and 50 million cubic feet of gas per day (MMcf/d). The field includes six subsea wells tied back to the TLP, with an average daily production of approximately 575 barrels of oil equivalent per day, net to the acquired 35% interest.

“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.,” said Geraldine Slattery, President of Petroleum Operations at the BHP Group.

“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,” she added.

Houston-based EnVen Energy is engaged in the exploration, development, extraction, and production of oil and natural gas in the deep water region of the U.S. Gulf of Mexico.

The transaction is subject to customary closing conditions, including regulatory approval.

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