Marubeni has sold its 12.5% interest in the Big Foot oil and gasfield in the US Gulf to Modiin Energy and Eventide Partners, the companies said on Thursday.
The stake was sold through a wholly owned Marubeni subsidiary to ME BigFoot, which is 90% owned by Israel-based Modiin Energy and 10% by Eventide Partners. The transaction marks Modiin Energy’s entry into the US Gulf while Marubeni exits the project to accelerate investment recovery and reallocate capital to higher-growth businesses.
Located around 360 kilometres south of New Orleans in water depths of approximately 1,600 metres, the Big Foot field is operated by Chevron with a 60% interest and has Equinor as a third partner with 27.5%. The field began production in 2018, and its peak output is 75,000 bopd plus 0.7 mcm (25 mcf) of gas per day.
Marubeni is a Japanese trading and investment group with operations across energy, chemicals, infrastructure and natural resources. In energy, the company has interests globally in oil and gas development, LNG production and trading, petroleum products and low-carbon energy businesses.
Listed in Tel Aviv, Modiin Energy is an oil and gas company with a portfolio of low-cost producing assets in Israel and the US.