Deal Insight
Plains acquires deepwater GoM assets from BP for US$5.6 billion
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Report summary
Plains is to acquire a portfolio of BP assets in deepwater Gulf of Mexico for US$5.55 billion. The assets include interests in three BP-operated platforms that have been onstream since as early as 1999: Holstein, Horn Mountain and Marlin hub, which includes the Marlin, Dorado and King fields. The agreement also includes non-operated stakes in the Hoover/Diana and Ram Powell platforms and underlying fields. We value the position acquired by Plains at US$4.3 billion (NPV10, discounted to ...
Table of contents
- Executive summary
- Transaction details
-
Upstream assets
- Holstein
- Horn Mountain
- Marlin Hub
- Hoover/Diana
- Ram Powell
- Deal analysis
-
Upsides and risks
- Near-field development prospects and effective use of EOR provide upside
- Lower reserves from near-field prospects and cashflow represents risk
-
Strategic rationale
- Plains Exploration & Production
- BP
- Oil & gas pricing and assumptions
Tables and charts
This report includes 8 images and tables including:
- Executive summary: Table 1
- Deepwater Gulf of Mexico assets in the BP Plains transaction
- Deal analysis: Table 1
- Deal analysis: Table 2
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
- Upstream assets: Table 1
- Production (net) from acquired assets: post-2012 WoodMac forecasts vs. Plains target
What's included
This report contains:
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