EnVen Energy Ventures LLC has agreed to acquire BHP’s 35% ownership interest and operatorship of Neptune field in the deepwater Gulf of Mexico.
Neptune field consists of Atwater Blocks 573, 574, 575, 617, and 618, about 120 miles off Louisiana. Water depths are 4,200-6,500 ft.
Development includes six subsea wells tied back to a tension-leg platform (TLP) installed on Green Canyon Block 613 in 4,250 ft of water above the Sigsbee escarpment (OGJ Online, June 18, 2007). The single-column TLP can process as much as 50,000 bo/d and 50 MMcfd of natural gas.
Production began in July 2008 (OGJ Online, July 7, 2008). Crude oil is transported via the Caesar pipeline, while natural gas is exported via the Cleopatra pipeline.
The Neptune joint venture is operated by BHP (35%) with co-owners EnVen Energy Ventures LLC (30%), W&T Energy VI LLC (20%), and 31 Offshore LLC (15%).
BHP, who has served as Neptune operator for the last 10 years, will continue as such under contract as part of the transition agreement until transfer of both operatorship and ownership are approved by the regulator.
