TotalEnergies announced on Feb. 10 its decision not to sanction and so to withdraw from the North Platte deepwater project in the U.S. Gulf of Mexico. 

“The decision not to continue with the project was taken as the company has better opportunities of allocation of its capital within its global portfolio,” TotalEnergies said in a company release.

North Platte is a Paleogene oil discovery covering four blocks in the Garden Banks area of the US Gulf of Mexico. It has been fully appraised since its discovery in 2012 with three drilled wells and multiple sidetracks. 

North Platte Deepwater Project Map
North Platte Deepwater Project Map (Source: Equinor, formerly known as Statoil)

TotalEnergies held a 60% interest in North Platte and served as the project’s operator. Norway-based Equinor owned the remaining 40% interest in the project. The final investment decision on the project was expected in 2022. 

On Feb. 10, TotalEnergies said it had duly notified its partner and the relevant authorities of its immediate withdrawal from the project. As part of the withdraw, TotalEnergies has also resigned as operator, which will be effective following a short transition period to ensure an orderly hand-over of operatorship, the company release said.

Offshore