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re: Chevron has sold last if shelf assets
Posted on 7/8/17 at 11:33 pm to GREENHEAD22
Posted on 7/8/17 at 11:33 pm to GREENHEAD22
I hear rumblings that there are business units from deep water that are going to relocate to Covington. I can't confirm or deny the rumors...
3
Posted on 7/9/17 at 3:26 am to smoke4life
Well have an idea who you make work for.
Hook a man up.
I was hoping like hell to get on through the DSM program and work out of the Cov office before everything went to shite.
Hopefully they will bring the program back.
Hook a man up.
I was hoping like hell to get on through the DSM program and work out of the Cov office before everything went to shite.
Hopefully they will bring the program back.
This post was edited on 7/9/17 at 10:54 pm
Posted on 7/9/17 at 3:27 am to smoke4life
It definitely helps that the feds just lowered the royalty rate on shallow water assets.
Posted on 7/9/17 at 7:13 am to smoke4life
quote:
The article you linked does not represent the price paid for the aggregate of the fields. BM, MP 41 & MP 299 et all fields make 16,000+ BOPD with minimal activity in 2+ yrs. lots of easy PDNP work overs, low risk PUDs, dump floods etc. There is a significant amount of ARO/P&A but the assets are very cash positive/ generative. More companies than you would think made a play at attempting to acquire these fields.
Sounds like you are very close to the situation. Best of luck. I hope you guys make a killing with these fields. These assets can be company makers but will require plenty of expertise, rigorous study, and a flurry of activity.
Posted on 7/9/17 at 3:30 pm to GREENHEAD22
quote:
Some newly formed company is taking it over, hopefully they retain the remaining employees.
Where did you hear this? Those Cantium assets aren't all of the CVX assets on the block.
Posted on 7/9/17 at 8:48 pm to Bayou Tiger
quote:
These assets can be company makers but will require plenty of expertise, rigorous study, and a flurry of activity
I don't think this will be a problem. For example, the gm operations of cantium was the gm operations at cvx (doesn't say where on linked in, but I am assuming at least some time was in GOM) for what looks like a number of years. Most of the decision makers at cantium are probably intimately familiar with the economics and strategies that were going into the tier 1 fields (such as the bm mcp that got cancelled about a 2 years ago).
Posted on 7/9/17 at 8:58 pm to barry
The article I read said that it was the last of Chevron shelf assets. I know they sold most of it a couple years back to Cox and it was my understanding that this was the last they were holding on to.
Posted on 7/9/17 at 9:53 pm to GREENHEAD22
so much wrong info in this thread
Posted on 7/9/17 at 10:50 pm to LSUpetro
Well why dont you enlighten us then buddy.
Was Cox not the company that took over a lot of the shelf assets? Also the last sentence in this article seems to infer that this was the last of their assets on the shelf.
LINK
Was Cox not the company that took over a lot of the shelf assets? Also the last sentence in this article seems to infer that this was the last of their assets on the shelf.
LINK
This post was edited on 7/9/17 at 10:52 pm
Posted on 7/9/17 at 10:54 pm to smoke4life
quote:
hear rumblings that there are business units from deep water that are going to relocate to Covington. I can't confirm or deny the rumors...
They already have DW petro/drilling engineers based in the Covington office. Would make sense to move more DW over there.
Posted on 7/10/17 at 7:26 am to GREENHEAD22
Cox bought some of them I know, because we have work for them coming up.
Posted on 7/10/17 at 8:14 am to b-rab2
Cox bought a good portion of CVX shelf assets a year or so ago and took a while to close. Arena recently exercised their options to take over some Eugene Island and S. Timb fields.
Posted on 7/10/17 at 1:59 pm to nolaks
Just talked to a buddy of mine that was in the Chevron office as a PETE. He moved out of the Covington office to Houston to get out of that mess, although he's looking to get in with Cantium now.
He said they've been kept in the dark on the Cantium deal, didn't mention the Cox acquisitions from last year.
I've been trying to get in over there, but being a recent MS in Geology grad with just a couple of internships doesn't hold a candle to much out there right now. Was contacting Cox, but haven't heard anything from them. Hopefully Cantium will be hiring soon and need a cheap new guy.
Smoke, do you have any good contact info for anyone in G&G?
He said they've been kept in the dark on the Cantium deal, didn't mention the Cox acquisitions from last year.
I've been trying to get in over there, but being a recent MS in Geology grad with just a couple of internships doesn't hold a candle to much out there right now. Was contacting Cox, but haven't heard anything from them. Hopefully Cantium will be hiring soon and need a cheap new guy.
Smoke, do you have any good contact info for anyone in G&G?
This post was edited on 7/10/17 at 2:02 pm
Posted on 7/10/17 at 9:13 pm to MadtownTiger
Cantium needs experience & efficiency at $43/bbl
Posted on 7/11/17 at 1:51 pm to GREENHEAD22
FYI from 1Derrick:
Chevron Corp has entered into an agreement to sell certain operated producing Bay Marchand and Main Pass assets in the shallow waters of GoM to Cantium LLC (backed by York Capital Management and Sole Source Capital), according to media articles dated 6-Jul-2017. The transaction is subject to necessary approvals.
Asset highlights:
-- Includes five fields located on the Outer Continental Shelf and Louisiana state waters;
-- Also includes 300 active wells, 151 platforms, caissons and other offshore structures;
-- Also includes the Port Fourchon onshore treatment plant.
Chevron Corp has entered into an agreement to sell certain operated producing Bay Marchand and Main Pass assets in the shallow waters of GoM to Cantium LLC (backed by York Capital Management and Sole Source Capital), according to media articles dated 6-Jul-2017. The transaction is subject to necessary approvals.
Asset highlights:
-- Includes five fields located on the Outer Continental Shelf and Louisiana state waters;
-- Also includes 300 active wells, 151 platforms, caissons and other offshore structures;
-- Also includes the Port Fourchon onshore treatment plant.
This post was edited on 7/11/17 at 1:55 pm
Posted on 7/11/17 at 11:32 pm to GREENHEAD22
Cox, bought some, Arena bought some, and this new company is picking up the rest - MP299, MP41, and maybe a few others. They have beefed up the operations crews on MP299, and MP41 over the last couple months (Scada Techs, A, and B class operators. I believe the are putting a few more operators out in the next few weeks.
Source: I placed the newly hired operators on the contract before the buyout.
Any guys in the production world looking for a spot, let me know, I may be able to help.
Source: I placed the newly hired operators on the contract before the buyout.
Any guys in the production world looking for a spot, let me know, I may be able to help.
Posted on 7/12/17 at 12:55 am to Jj283
Can you shoot me an e-mail at Tigertjg210@yahoo.com?
Posted on 7/12/17 at 1:30 am to Jj283
Greenhead2287@gmail
Shoot me an email if you don't mind.
Shoot me an email if you don't mind.
Posted on 7/12/17 at 9:24 am to GREENHEAD22
Just sent you guys emails.
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