Cantium LLC acquired Chevron Corp.'s (NYSE: CVX) Bay Marchand and Main Pass Gulf of Mexico (GoM) assets, the Houston-based, privately-owned company said July 1.
The acquisition comprises five fields located on the GoM’s Outer Continental Shelf and in Louisiana state waters. The financial terms of the deal were not disclosed.
Cantium is backed by investment firms York Capital Management and Sole Source Capital. Established in 2016, the independent oil and gas company plans to “leverage an integrated data management and advanced analytics approach to liberate value from mature fields.”
In total, Cantium is acquiring 300 active wells, 151 platforms, caissons and other offshore structures, along with the Port Fourchon onshore treatment plant from Chevron. Field operations will continue to be based in Covington, La., according to Cantium's press release.
“This acquisition demonstrates Cantium’s commitment to reinvigorating the Gulf of Mexico’s Outer Continental Shelf,” Cantium's managing partners and founders Richard Kirkland, CEO, and Mark Ian Smithard, COO, said in a statement.
With primary offices in New York, London and Hong Kong, York Capital manages more than $16 billion, the release said.
Sole Source Capital focuses on special situations investments in the industrial, energy and materials sectors. The firm is headquartered in Los Angeles.