Orrick Advises Statoil on Acquisition of U.S. Gulf of Mexico Deepwater Assets from Cobalt

Orrick advised Statoil on its acquisition with Total of Cobalt International Energy’s 60% operated interest in the North Platte discovery in the U.S. Gulf of Mexico.

The United States Bankruptcy Court for the Southern District of Texas (Houston Division) confirmed Cobalt’s Chapter 11 plan and the sale of its Gulf of Mexico assets on April 5, 2018. The closing of the sale of Cobalt’s interest in North Platte to Statoil and Total occurred on April 10, 2018. Statoil now owns a 40% non-operated interest in North Platte, and Total has increased its existing 40% interest to 60% and will take over operatorship.

North Platte is a Paleogene oil discovery covering four blocks in the Garden Banks area of the U.S. Gulf of Mexico. It has been fully appraised since its discovery in 2012 with four drilled wells and multiple sidetracks.

For additional information, view Statoil’s announcement.

The Orrick team advising Statoil included Joe Roger, Laura Metzger, Adam Kowis, Carlos Treistman, Jonathan Guy, Peter Amend, Ryan Wooten, Shaila Rahman Diwan, Monica Perrigino, Andrea Memovic, Grace Lentz, John Narducci, Jamie Larkin, Bob Lawrence, Dan Colonna and Tom Ryan.