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Cobalt bankruptcy auction: growth opportunity one, growth opportunity two, sold!

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13 March 2018

Cobalt bankruptcy auction: growth opportunity one, growth opportunity two, sold!

Report summary

On 7 March 2018, the top bidders were announced in the Chapter 11 bankruptcy auction for Cobalt International Energy's deepwater Gulf of Mexico assets. Successful bidders include Total, Statoil, W&T Offshore and Navitas. Cobalt's portfolio was primarily comprised of pre-development, high-impact assets. Development of these assets not only represents a material growth opportunity for all bidders, but also a strategic priority in each of their portfolios. All bidders, however, will face the same challenges as Cobalt did in monetising these assets; chief among these challenges is the deployment of ultra-high pressure/ high temperature (ultra HP/HT) technology. Several key leases are also nearing expiration. We expect the transactions to close in Q2 2018.

Table of contents

  • Technical success; commercial failure
    • Total expands its position at Anchor
    • Total and Statoil jointly bid on the operating stake at North Platte
    • Shelf player W&T Offshore picks up position at Heidelberg
    • Buckskin partner Navitas enters Shenandoah

Tables and charts

This report includes 3 images and tables including:

  • Cobalt net reserves
  • Total's net deepwater GoM production profile
  • Cobalt's deepwater Gulf of Mexico assets

What's included

This report contains:

  • Document

    Cobalt bankruptcy auction: growth opportunity one, growth opportunity two, sold!

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