neptune divestment

BHP divests ownership interest in Neptune

BHP today announced that it has completed a transaction with EnVen Energy Ventures, LLC (EnVen) to transfer its 35 per cent ownership interest and operatorship of the Neptune field in the deepwater Gulf of Mexico. Neptune is structured as a joint venture and is operated by BHP (35 per cent) with co-owners EnVen Energy Ventures, LLC (30 per cent), W&T Energy VI, LLC (20 per cent) and 31 Offshore, LLC (15 per cent).

BHP President Petroleum Operations, Geraldine Slattery said:

“As a reputable operator with deepwater experience in the Gulf of Mexico, EnVen is ideally-placed to take operatorship of Neptune and we’re committed to a safe and smooth transition of operations.

We’re proud of the safety performance, high uptime and operational excellence we’ve achieved over the last ten years as operator of Neptune.This divestment enables BHP to further reshape our portfolio in line with our long-term strategy. The Gulf of Mexico remains a heartland for BHP and we continue to look for opportunities to grow and further develop our business in the region.”

BHP will continue to operate Neptune under contract as part of the transition agreement until transfer of both operatorship and ownership are approved by the regulator.