Monday, March 27, 2023

TotalEnergies pulls out of US Gulf of Mexico; cites better options elsewhere

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TotalEnergies, through its affiliate TotalEnergies E&P USA, Inc., on Thursday announced its decision to withdraw from the North Platte deepwater project in the US Gulf of Mexico.

“The decision not to continue with the project was taken as the Company has better opportunities of allocation of its capital within its global portfolio,” TotalEnergies said.

TotalEnergies held a 60% operated interest in North Platte, alongside its joint-interest owner Equinor (40%).

The company said it has duly notified its partner and the relevant authorities of its immediate withdrawal from the project, and of its resignation as operator which will be effective following a short transition period to ensure an orderly hand-over of operatorship.

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