en.Wedoany.com Reported - Japanese trading house Marubeni has officially transferred its 12.5% working interest in the Big Foot oil and gas project in the Gulf of Mexico to Modiin Energy and Eventide Partners.

The interest transfer was executed through a wholly owned subsidiary of Marubeni. The acquirer is ME BigFoot, in which Israel's Modiin Energy holds a 90% stake, with Eventide Partners holding the remaining 10%.

The Big Foot oil field is located approximately 360 kilometers south of New Orleans, Louisiana, USA, in waters with a depth of about 1,600 meters. The project is equipped with a rig capable of full-load operations, which can be used for subsequent development drilling and routine maintenance.

Electric submersible pumps installed in the production wells reach depths of up to 16,000 feet. The oil field's peak crude oil production is approximately 75,000 barrels per day, with peak natural gas production of about 25 million cubic feet per day.

The project operator is Chevron, and the oil field has been in stable production since 2018. Marubeni has been involved since the project planning and offshore platform construction phases.

Marubeni's divestiture of this asset comes as it advances its medium-term management strategy, GC2027. This strategy aims to accelerate investment recovery and reallocate capital to areas with higher growth prospects. By expanding its natural gas asset portfolio, Marubeni plans to strengthen its business foundation in the energy value chain.

The Japanese group views the sale of the Big Foot project as part of the implementation of this strategy and stated that it will continue to promote asset swaps to build a more resilient natural gas value chain.

This transaction marks Marubeni's complete exit from the project. The current equity structure of the Big Foot project is held by Chevron as the majority shareholder (60% stake) and Equinor (27.5% stake).

For Modiin Energy, this acquisition marks its successful entry into the Gulf of Mexico operating area. The Israeli company received advisory support from multiple parties in the transaction, with international legal matters handled by Epstein Rosenblum Maoz, US legal and purchase agreement guidance provided by Porter Hedges, and financing arrangements assisted by Agmon with Tulchinsky.

Fischer provided support in equity financing and capital markets, while Petrie Partners served as the financial advisor for this transaction.