Chevron has sold a number of assets in the Gulf of Mexico to privately-owned Cox Oil.
The acquisition includes 19 fields and associated assets located on the region’s outer shelf and in Louisiana state waters.
The financial aspects of the deal have not been disclosed but also incorporate 170 active wells, 70 platforms, 70 caissons and other offshore structures.
Craig Sanders, chairman of Cox Oil, said: “This transaction contributes to our long term, strategic focus in the oil and gas industry. We are grateful to Chevron and their professional staff for their dedication and efforts in this process.”
The company said more than 100 employees will also join the team to work on the deal.