MP299 - Cantium

MP299 - Cantium Oil and Gas Asset Profile

Location

The MP299 - Cantium Oil and Gas Asset is located in the Federal offshore waters of the United States, specifically in the Gulf of Mexico. The exact coordinates are 29.2703, -88.7625.

Discovery and Production History

• The MP299 field was discovered in 1962.
• It reached its peak production in 1992, with over 45,000 Barrels of Oil Per Day (BOPD).

Operator and Ownership

• The asset is operated by Cantium LLC, which acquired the field in 2017 as part of its acquisition of Chevron's Gulf of Mexico Shelf assets.

Production Details

• Current Production:
  • As of 2022, the field produces approximately 1.24 million barrels of oil per year and 40.25 million cubic meters of gas per year.
• Cumulative Production:
  • By 2019, the field had produced 172.9 million barrels of oil and 3,375.34 million cubic meters of gas.
• Reserves:
  • As of 2019, the remaining reserves were estimated at 6.7 million barrels of oil and 147.25 million cubic meters of gas.

Field Characteristics

• Water Depth:
  • The MP299 field is located in water depths ranging from 200 to 220 feet.
• Facilities and Wells:
  • Cantium operates over 90 active wells across 12 facilities in the MP299, MP144, and MP313 fields. These fields operate independently but are managed together.

Operations and Infrastructure

• Support Base:
  • Operations for the MP299 field are supported from Cantium’s shorebase in Venice, Louisiana.
• Facilities:
  • The field includes multiple facilities for gas compression, dehydration, and oil treatment. The operations are integrated with other nearby fields, such as MP144 and MP313.

Development and Exploration

• Seismic Reprocessing:
  • In 2021, Cantium completed a multi-field wide seismic reprocessing project over MP299, MP144, and MP313, which significantly improved the subsurface imaging and de-risked the current opportunity portfolio.
• Drilling Programs:
  • Cantium has implemented successful development drilling programs, which have increased production and enhanced the company’s drilling opportunity set through facility engineering, workovers, and new drill programs.

Environmental and Safety Considerations

• Cantium emphasizes safe and sustainable operations, minimizing adverse environmental and social impacts, and achieving high standards of health and safety.

Strategic Focus

• Cantium’s strategy includes buying high-quality assets, operating efficiently, deploying capital prudently, hedging to protect investments, and delivering returns to investors. This approach has allowed the company to consistently deliver high returns on investment across its Gulf of Mexico assets.