Australia’s BHP announced on Friday that it will divest its 35% stake in the Neptune field in the U.S. Gulf of Mexico to Houston-based EnVen Energy Corp. The financial terms of the transaction were not disclosed. 

BHP has operated the Neptune field for the last 10 years, and the company said it will continue to operate the field under contract until regulators approve the transfer.

Geraldine Slattery, BHP’s president of petroleum operations, 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.”

The deal raises EnVen’s interest in the deepwater field from 30% to 65%, while other partners W&T Offshore subsidiary W&T Energy VI and 31 Offshore will maintain their respective 20% and 15% stakes.

The Neptune development came on stream in 2008 and includes six subsea wells tied back to a tension leg platform is installed in 1,300 meters water depth on Green Canyon block 613, off the coast of Louisiana. The field comprises five blocks: Atwater Valley 573, 574, 575, 617 and 618 where water depths range from 1,275 to 2,000 meters.

“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,” Slattery said.

Elsewhere in the Gulf of Mexico, BHP holds a 44% interest an is operator of the Shenzi field, and the company also holds stakes in two other fields, Atlantis (44% interest) and Mad Dog (23.9% interest).

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