Helix receives P&A assignment in the Gulf of Mexico
Jan. 22, 2019
Helix Energy Solutions Group Inc. has acquired from Marathon Oil Corp. certain operating depths associated with the Droshky prospect on Green Canyon block 244 in the Gulf of Mexico, along with related infrastructure.
Offshore staff
HOUSTON– Helix Energy Solutions Group Inc. has acquired from Marathon Oil Corp. certain operating depths associated with the Droshky prospect on Green Canyon block 244 in the Gulf of Mexico, along with related infrastructure.
As part of the transaction, Helix will perform the required plug and abandonment operations for which Marathon Oil will pay certain agreed upon amounts.
Owen Kratz, president and CEO of Helix, said: “This transaction represents the first instance of executing our strategy to secure utilization for our assets in non-traditional ways during this continuing challenging market period. We may see some production revenues from the acquired property; however, the principal driver for this transaction is asset utilization.”
