Porter Hedges Represents Modiin Energy in its Acquisition of Offshore Oil and Gas Interests from Marubeni

Porter Hedges advised Modiin Energy International Inc. (an indirect subsidiary of Modiin Energy LP) and Eventide Partners LLC in their joint acquisition, through ME Bigfoot LLC, of Marubeni Oil & Gas (USA) LLC’s 12.5% working interest in the producing Big Foot oil field located in the Gulf of America / Gulf of Mexico. With closing, ME Bigfoot LLC becomes a partner in the Big Foot asset alongside two of the industry's leading energy companies: Chevron U.S.A. Inc., the operator (60%), and Equinor Gulf of Mexico LLC (27.5%).

Big Foot is located approximately 225 miles (362 km) south of New Orleans, Louisiana, at a water depth of approximately 5,200 feet (1,584 meters). The platform supports an onboard, full-capacity drilling rig for development well drilling and future interventions. Production wells are equipped with electric submersible pumps at a depth of 16,000 feet. Operated by Chevron U.S.A. Inc., the asset has maintained stable operations since the commencement of production in 2018.

Modiin Energy LP is a publicly traded limited partnership, traded on the Tel Aviv Stock Exchange. Modiin Energy’s portfolio consists of high-quality oil & gas assets in the US and Israel. Modiin focuses its producing assets on low-cost production assets with significant growth potential and strong reliable local partners. Modiin’s management team is an experienced team with years of energy sector experience and knowhow with a proven track record in developing and managing high-quality energy assets.

Eventide Partners LLC is an independent energy investment, operating, and advisory firm focused on creating long-term value in the offshore oil and gas industry. Eventide acquires and improves high-quality offshore assets, provides technical and commercial advisory services, and connects buyers and sellers across the offshore market. Combining deep operational experience with disciplined commercial execution, Eventide helps owners, investors, and partners unlock value.

For additional details about the transaction, see the Marubeni press release here and the Modiin announcement here. For additional details about the Big Foot asset, see the Chevron release here.