EnVen Energy Corp. is now one of the largest operators of a major offshore platform in the Gulf of Mexico following a deal with partner BHP Group.
In a company release on May 21, BHP said it completed a transaction with EnVen Energy Ventures LLC to transfer its 35% ownership interest and operatorship of the Neptune Field for an undisclosed sum.
Neptune, which BHP has operated for over a decade, is structured as a joint venture in Atwater Valley block 574 off the coast of Louisiana in water depths of 4,250 ft. The deal boosts EnVen interest in Neptune to 65% from 30%. Other co-owners include an affiliate of W&T Offshore Inc. and 31 Offshore LLC, which hold 20% and 15% interests, respectively.
EnVen is a private, Houston-based operator focused on the exploration, development, extraction and production of oil and gas and related hydrocarbons in the Gulf of Mexico.
“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 President Petroleum Operations Geraldine Slattery said in a statement.
Slattery added the divestment also enables BHP to further reshape its portfolio in line with the Australian headquartered company’s 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,” he said.
BHP continues to operate the Shenzi Field in the U.S. Gulf of Mexico. The company also holds nonoperating interest in Atlantis and Mad Dog, according to its website.
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