Modiin Energy acquires 12.5% stake in Big Foot Gulf of Mexico oil field
Modiin Energy has acquired Marubeni’s 12.5% working interest in the Big Foot oil and gas field in the US Gulf of Mexico, marking a significant expansion of the Israeli company’s offshore energy portfolio.
The Big Foot field is located approximately 360 kilometers south of New Orleans, at a water depth of approximately 1,600 meters. Operated by Chevron, the field has been in production since 2018 and has crude oil production capacity of approximately 75,000 barrels per day.
The acquisition was made through ME BigFoot, an entity in which Modiin Energy holds a 90% stake, with Eventide Partners holding the remaining 10%. Following the transaction, ME BigFoot joins Chevron and Equinor as partners in the Big Foot asset.
Pillsbury represented Modiin Energy on the partnership agreement, with the team led by Ben Clark and Blake Berkey.
Epstein Rosenblum Maoz advised Modiin on the international legal processes, led by Asaf Rimon, Ori Nehmad, David Hacohen, and Tal Heller.
Porter Hedges served as Modiin’s US legal counsel. Agmon with Tulchinsky advised on transaction financing. FBC & Co. advised on the equity raise and capital markets.
