Cobalt accepts almost $600m in bids for its Gulf of Mexico assets at bankruptcy auction

Cobalt accepts almost $600m in bids for its Gulf of Mexico assets at bankruptcy auction

Houston, Texas-based E&P firm Cobalt International Energy has accepted a total of $577.9 million in bids for its Gulf of Mexico assets at the company’s bankruptcy auction.

The auction was held on March 6 but the outcomes have just been revealed.

Biggest gainers from the sell-off are Norway’s Statoil and France’s Total who posted a winning $339 million joint bid for Cobalt’s 60% operated interest in the North Platte discovery.

Total will take over the operating role at North Platte, effective backdated to January 1 this year, and has increased its stake from 40% to 60%.

Statoil now has a 40% non-operated stake in North Platte, which is about 275 km off of Louisiana in about 1,300 metres of water.

Total also successfully bid for a 20% stake in the Anchor discovery for $181 million.

Cobalt filed for bankruptcy on December 14 last year.

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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