ExxonMobil has agreed to divest its stake in the Ursa and Princess Fields (Ursa) in the Gulf of Mexico to investment firms Esperanza Capital Partners (ECP) and Andros Capital Partners.
Financial terms of the deal were undisclosed.
The two investment firms will acquire the assets as a JV, which will be focused on the acquisition and development of upstream assets in the deep-water Gulf of Mexico.
Located approximately 130 miles south-east of New Orleans, Louisiana, the Ursa spans several Mississippi Canyon Federal OCS Blocks including 765, 766, 808, 809, 810, 852, 853 and 854.
The Ursa sale covers current production of around 8,500 barrels of oil equivalent per day, predominantly oil, and related infrastructure such as the Ursa Tension Leg Platform host facility.
Shell Offshore, a subsidiary of Shell, operates Ursa.
Upon closing, Esperanza will hold a 15.96% interest in Ursa, while other partners include BP Exploration & Production with a 22.69% stake and ConocoPhillips holding 15.96%.
ECP managing partner David Dunwoody said: “This transformative transaction reflects the fundamental strategy that ECP set out to execute at our formation. Our dedicated team of Gulf of Mexico veterans has committed their careers to the basin. ECP is honoured to be joining the world-class partnership at Ursa as we launch our next chapter with this transaction.”
The transaction’s legal aspects were managed by Gibson, Dunn and Crutcher for Esperanza and Vinson & Elkins for Andros.
In a separate development, Argentina-based shale-oil producer Vista Energy is considering the purchase of assets from ExxonMobil, reported Bloomberg News.
The company aims to boost its presence in Argentina’s Vaca Muerta formation.
