Beacon Offshore Power LLC has accomplished the divestment of non-operating stakes in a number of fields on the US facet of the Gulf of Mexico (GOM) to GOM 1 Holdings Inc., Beacon mentioned.
“The divestment contains Beacon’s 18.7 p.c curiosity within the Buckskin producing subject, 17 p.c curiosity within the Leon growth, 16.15 p.c curiosity within the Castile growth, 0.5 p.c curiosity within the Salamanca FPS/lateral infrastructure, and 32.83 p.c curiosity within the Sicily discovery”, the Houston Metropolis, Texas-based exploration and manufacturing firm mentioned in a press launch.
The deepwater property, whose sale worth was not disclosed within the announcement, sit in Keathley Canyon. In the meantime Beacon’s operated Shenandoah and Winterfell fields sit within the U.S. GOM deepwater areas of Walker Ridge and Inexperienced Canyon respectively. Each border Keathley Canyon to the east.
“The transaction demonstrates the worth Beacon has created for its shareholders by way of the environment friendly growth of excessive margin fields within the deepwater Gulf of Mexico and the well timed monetization of those property”, Beacon chair and chief govt Scott Gutterman commented.
“With the completion of the divestment, we can allocate 100% of our focus and sources to our deep stock of operated properties”, Gutterman added. “Pushed by our present sanctioned operated developments, together with Shenandoah and Winterfell, we anticipate to ship materials manufacturing and money movement progress commencing within the second quarter 2024 and persevering with by way of 2025”.
In January Beacon mentioned it had taken a last funding determination (FID) to develop Winterfell, the place it holds a 35.41 p.c working stake.
“The sector shall be developed through a newly put in 13 mile subsea tieback to the Heidelberg spar situated in Inexperienced Canyon Block 860 operated by Anadarko Petroleum Company”, Beacon mentioned in a information launch January 10.
Beacon expects to begin manufacturing in Winterfell by June with 22,000 barrels of oil equal (boe) per day from an preliminary three wells.
“At Winterfell we’re unlocking the sub-salt subject’s potential through the execution of horizontal drilling know-how utilized to open gap completions whereas securing entry to the close by Heidelberg spar and related downstream infrastructure with obtainable ullage”, Gutterman commented on the time.
“The Winterfell growth as soon as once more demonstrates the flexibility to supply oil and pure gasoline within the US Gulf of Mexico with a decrease carbon footprint than nearly all different areas”.
Beacon and its companions found Winterfell some three years in the past by way of an oil effectively. Drilling encountered about 26 meters of web oil pay, in response to a media launch by co-venturer Kosmos Power Ltd. on the time.
“The effectively in Inexperienced Canyon Block 944 de-risks prospectivity in a number of neighboring blocks held by Kosmos, with roughly 100 million barrels of gross potential inside Kosmos’ acreage place”, Kosmos mentioned in a media launch January 19, 2021.
After the divestments to GOM 1, there at the moment are 87 deepwater leases wherein Beacon holds stakes, spanning a complete of 500,000 acres gross, in response to Beacon.
Earlier than the divestments, Beacon had 400 million boe of “web useful resource potential”, as acknowledged within the Winterfell FID announcement.
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