Modiin Energy Acquires 12.5% Big Foot Stake from Marubeni, Chevron Operates Project
CVX•Marubeni divested its 12.5% interest in the deepwater Big Foot project to Modiin Energy. Chevron, as project operator holding the largest working interest, retains full operational control while Modiin replaces Marubeni in the development partnership.
1. Stake Sale to Modiin Energy
Marubeni completed the sale of its entire 12.5% working interest in the Big Foot offshore project to Modiin Energy on July 9. The financial terms were not disclosed, marking Marubeni’s exit from the Gulf of Mexico deepwater development.
2. Chevron's Operating Role
Chevron continues as operator of the Big Foot field, maintaining its majority working interest and control over drilling and production activities. The transaction does not alter Chevron’s governance structure or development timeline for the project.
3. Strategic Implications
Modiin’s acquisition introduces a new partner into Chevron’s deepwater portfolio and underscores Marubeni’s move to streamline its asset base. Project economics and long-term production forecasts remain anchored by existing reserves estimates and operational plans.
