Cox Oil Offshore, Chevron complete Gulf of Mexico transaction
Cox Oil Offshore, L.L.C. has successfully completed a transaction in which it acquired a number of assets in the Gulf of Mexico from Chevron.
DALLAS – Cox Oil Offshore, L.L.C. reports that it has successfully completed a transaction in which it acquired a number of assets in the Gulf of Mexico from Chevron. The acquisition includes 19 fields and associated assets located primarily on the GoM outer continental shelf and in Louisiana state waters.
Chevron said in February that it intended to place some of its Gulf of Mexico assets up for sale, aiming to fully withdraw from the acreage by the end of next year. The company said it is turning its focus to deepwater opportunities.
The asset acquisition package includes 170 active wells, 70 platforms, 70 caissons, and other offshore structures. The financial aspects of the deal were not disclosed. The closing date for the transaction was April 15, 2016.
Brad E. Cox, chairman and founder of Cox Oil, said: “Today’s closing further demonstrates Cox Oil’s dedication to the Gulf of Mexico and the outer continental shelf. We look forward to welcoming the more than 100 Chevron employees that will be joining our team.”
Cox Oil Offshore, L.L.C. is an established, privately owned, independent oil and gas company with offices in New Orleans and Dallas.