Cantium buys shallow-water Gulf of Mexico assets from Chevron

Cantium buys shallow-water Gulf of Mexico assets from Chevron

Recently-formed oil and gas independent Cantium has bought a number of Gulf of Mexico assets from Chevron.

The package includes five offshore fields on the Outer Continental Shelf (OCS) and in Louisiana state waters.

Main attractions in the acquisition are Bay Marchand and Main Pass.

The newly established company, which is a privately-owned independent oil and gas outfit backed by York Capital Management and Sole Source Capital, announced the acquisition last week.

Money value of the deal has not been disclosed.

Early last year, San Ramon, California-based supermajor Chevron said it intended to sell around $10bn-worth of its shallow-water Gulf assets and would be focusing on its deep-water properties.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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