Total and other oil giants like Shell are interested in acquiring interests in deepwater oil fields in the Gulf of Mexico, USA.

Four people with knowledge of the matter say that European energy giants such as TotalEnergies and Shell are considering acquiring a majority stake in one of the most promising oil fields in the U.S. Gulf of Mexico. Because conflicts in the Middle East have boosted interest in North American energy assets, the potential deal has drawn widespread attention.

In addition, five other people with knowledge of the matter say that London-listed BP is also showing interest, and Spanish Repsol is likewise considering participating. Two more people with knowledge of the matter say that Chevron is also expected to assess whether to make an offer.

Three people with knowledge of the matter say that the two owners of the Shenandoah offshore oil field have recently initiated a stake sale process, offering potential buyers 51% of the project’s equity. The sellers are Beacon Offshore Energy, an oilfield operator backed by Blackstone, and HEQ Deepwater, jointly owned by Quantum Capital Group and Houston Energy. The remaining stake in the field is held by Navitas Petroleum, an Israeli company.

People familiar with the matter say that initial bids are expected to be submitted within the coming weeks. Another person with knowledge of the matter said that other large energy producers from the Middle East and Asia could also be drawn into the process.

The people familiar with the matter did not want to be named because negotiations involve confidentiality requirements. They said not all of the above parties will ultimately place bids, and the deal valuation will depend on factors such as the proportion of the Shenandoah field that is ultimately sold and the trajectory of oil prices.

TotalEnergies, Repsol, BP, Beacon, Quantum, Blackstone, and Shell all declined to comment. A representative for HEQ also declined to comment. A Chevron spokesperson said: “Chevron will regularly evaluate its business opportunities and asset portfolio. We do not disclose our business development strategy.”

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