Statoil and Total acquired the North Platte discovery for $339 mln

According to a brief published by the Norwegian company, Statoil and Total have completed their acquisition of Cobalt International Energy’s 60% operated interest in the North Platte discovery in the US Gulf of Mexico for an aggregate purchase price of $339 million. The partners had jointly presented the winning bid for the asset in a bankruptcy auction of some of Cobalt’s assets that was held on 6 March 2018.
Statoil now owns a 40% non-operated interest in North Platte, while Total has increased its existing 40% interest to 60% and taken over operatorship. The effective date of the transaction was 1st January 2018.
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.