Insight
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
-
Bidders pursue individual strategic objectives
- 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:
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