Chevron Corp. (NYSE: CVX) is selling Gulf of Mexico (GoM) assets through three, separate sealed-bid offerings handled by EnergyNet.
The offer includes nonoperated working interest held by Chevron subsidiaries in three oil fields in the GoM’s Outer Continental Shelf offshore Alabama and Louisiana.
Chevron is attempting to sale up to $10 billion in assets by the end of 2017. In 2016, the company made about $2.8 billion in divestitures and in first-quarter 2017 agreed to sell Indonesia geothermal assets for $2.1 billion.
The company plans to reap an additional $5 billion by selling interests in its Canadian downstream, GoM shelf, South Africa and Bangladesh assets.
Bids for the GoM interests are due by 4 p.m. CT June 15. For information visit energynet.com or contact EnergyNet's Denna Arias at 281-949-8463.
Eugene Island 10 Field—Offshore Louisiana
Union Oil Co. of California (Unocal) is selling its nonoperated working interest in the Eugene Island 10 Field in the GoM's Outer Continental Shelf offshore Louisiana.
Highlights:
- Six-month average 8/8ths production of 83.039 million cubic feet per day (MMcf/d) of gas and 520 barrels per day (bbl/d) of oil;
- Six-month average monthly net income of $799,155 per month;
- 9.28571%-14.28571% working interest and 6.73431%-10.714282% net revenue interest;
- 14 surface locations
- Nine active wells;
- 12 active pipelines;
- Operated by Contango Oil & Gas Co. (NYSE MKT: MCF);
- Additional partners and working interest vary by well;
- 2016 financials (net) include 2,018 net barrels of oil equivalent per day (boe/d), $1.06/boe unit operating expenditure and $11.1 million before-tax cash flow; and
- Pay sands comprise two sands ranging from 15,000 ft to 16,500 ft total vertical depth.
Mobile 823/868 Field—Offshore Alabama
Chevron U.S.A. Inc. is selling its nonoperated working interest in the Mobile 823/868 Field in the GoM's Outer Continental Shelf offshore Alabama.
Highlights:
- Six-month average 8/8ths production of 26.932 MMcf/d of gas and 10 bbl/d of oil;
- Six-month average monthly net income of $199,466 per month;
- 25% working interest and 20.83% net revenue interest at the MO 823 unit;
- 21% working interest and 17.5% net revenue interest at MO 869 unit (Mobile 868 Field);
- Three surface locations;
- Five active wells;
- Nine active pipelines
- Operated by Mobil Oil Exploration & Production Southeast Inc.;
- 2016 financials include 970 net boe/d, $11.29/boe unit operating expenditure and $840,000 before-tax cash flow; and
- Pay sands comprise one sand ranging from 21,400 ft to 21,800 ft total vertical depth.
Vermilion 131 Field—Offshore Louisiana
Chevron U.S.A. Inc. is selling nonoperated working interest in the Vermilion 131 Field in the GoM's Outer Continental Shelf offshore Louisiana.
Highlights:
- Six-month average 8/8ths production of 2.677 MMcf/d of gas and 96 bbl/d of oil;
- 50% working interest and 41.16667% net revenue interest;
- Five surface locations;
- Two active wells;
- Six temporarily abandoned wells;
- Two active pipelines;
- Operated by Talos Energy LLC;
- 2016 financials include 239 net boe/d and $22.42/boe unit operating expenditure; and
- Pay sands comprise 30 sands ranging from 4,100 ft to 14,700 ft total vertical depth.