Investment firms to acquire ExxonMobil’s interests in Ursa, Princess fields

Feb. 22, 2024
Esperanza, Andros Capital Partners to create joint venture for deepwater Gulf.

Offshore staff

HOUSTON – Esperanza Capital Partners and Andros Capital Partners LLC have announced the execution of a definitive purchase agreement to acquire Exxon Mobil Corporation’s assets in the Ursa and Princess fields in the Gulf of Mexico.

The two investment firms also announced the formation of a strategic joint venture focused on the acquisition and development of upstream and infrastructure assets located in the deepwater Gulf. 

Ursa is located approximately 130 miles southeast of New Orleans, Louisiana, and encompasses Mississippi Canyon blocks 765, 766, 808, 809, 810, 852, 853 and 854. The Ursa acquisition includes current production of ~8,500 Boe/d (82% oil) net to ExxonMobil’s interest as well as associated infrastructure, including the Ursa TLP host facility. Ursa is operated by Shell Offshore Inc. 

Upon closing, Esperanza (ECP) will join other non-operated working interest partners BP Exploration & Production Inc (22.69%) and ConocoPhillips (15.96%).

The privately negotiated acquisition represents ECP’s third investment in the GoM through its partnership with Cockrell Interests since 2021.