PERTH (miningweekly.com) – Diversified miner BHP has struck a deal to transfer its 35% of its ownership and operatorship in the Neptune field, in the Gulf of Mexico, to joint venture (JV) partner EnVen Energy Ventures.
EnVen already holds a 30% interest in the project, with JV partner W&T Energy VI holding a 20% interest and 31 Offshore holding 15%.
“As a reputable operator with deepwater experience in the Gulf of Mexico, EnVen is ideally-placed to take operatorship of Neptune and we’re committed to a safe and smooth transition of operations,” BHP president petroleum operations Geraldine Slattery said.
“We’re proud of the safety performance, high uptime and operational excellence we’ve achieved over the last ten years as operator of Neptune.
“This divestment enables BHP to further reshape our portfolio in line with our long-term strategy. The Gulf of Mexico remains a heartland for BHP and we continue to look for opportunities to grow and further develop our business in the region.”
BHP will continue to operate Neptune under contract as part of the transition agreement until transfer of both operatorship and ownership are approved by the regulator.
The Neptune field comprises five blocks: Atwater Valley 573, 574, 575, 617 and 618 where water depths range from 4 200 to 6 500 feet.
The project reached full oil capacity in 2008, producing 50 000 b/d of oil.