Chevron said to be ready to quit Moccasin, Buckskin

NEW ORLEANS, January 22, 2016 – Chevron is to withdraw from some ultra-deepwater developments in the Gulf of Mexico according to unnamed sources cited by Upstream Online today.

Five of the six leases associated with the Buckskin field will expire this month, the last will expire in 2018. The block 692 lease in the Moccasin prospect expired last year.

Prior to the potential cancellation, development of the Keathley Canyon assets would have utilised subsea tie-backs linking US upstream firm Anadarko Petroleum’s Lucius spar to the plays.

Should the decision move forward it will follow the entrance of Iran into the global market and the lowest Brent crude barrel price in over a decade at USD 27.67.

Chevron controls the Buckskin field with a 55% interest along with Denmark’s Maersk Oil (20%), Spain headquartered Repsol (12.5%) and India’s Samson Offshore (12.5%). The super-major held an 87.5% interest in the Moccasin play with Samson holding the remaining share.

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