Total in GoM acquisition, Saudi petchem MoU

Total has acquired assets worth approximately USD 300 million in the Gulf of Mexico at Cobalt International Energy’s bankruptcy auction, the French super-major announced on Wednesday.

Following the auction, Total becomes the operator of the North Platte discovery with a 60% interest and Statoil as a partner with a 40% stake. The company also increases its stakes in the Anchor discovery, operated by Chevron, to 32.5% and gains a further 13 offshore exploration blocks.

“The sale of Cobalt’s assets gives us the opportunity to further enhance our portfolio in the Gulf of Mexico under particularly attractive conditions and to be able to apply our expertise as a deep offshore operator,” said Arnaud Breuillac, Total’s president for E&P.

The news came a day after Total signed an MoU with Saudi Aramco to jointly build a USD 9-billion petrochemicals plant in Jubail, Saudi Arabia. FEED works for the complex are scheduled to start in Q3 2018 and USD 4 billion of investment is expected to come from third-party investors, the super-major said in a separate statement.