The Chief Executive of offshore oil and gas driller Fieldwood Energy LLC, Matt McCarroll, says he is not scared of the hurricanes, geological risks and costs that keep some oil companies out of the Gulf of Mexico. Instead, he is doubling down, Reuters reported. The private equity-backed company — already the largest operator on the U.S. outer continental shelf — announced today that it is closing a $480 million acquisition of Noble Energy’s assets in the Gulf of Mexico that will add 25,000 barrels per day (bpd) to its current net production of 72,000 bpd of oil equivalent. Fieldwood initiated the deal while in the midst of bankruptcy and the acquisition will close on the day it emerges. “Where others may see it as maturing or dead, we think (the U.S. Gulf of Mexico) still holds vast opportunities for those of us with the unique experience to manage the challenges,” he said. McCarroll said Fieldwood will start a drilling program on the newly-acquired assets that are not currently producing within six to twelve months, and will evaluate its existing acreage before making another acquisition.
