EnVen Energy Corp. has closed a transaction to acquire 35 percent ownership interest in the Neptune field from BHP Billiton Petroleum Inc. through its affiliate, EnVen Energy Ventures LLC. EnVen will increase its ownership interest in the Neptune field from 30 percent to 65 percent and assume the role of operator after regulatory approvals.

With a deepwater infrastructure portfolio and an inventory of subsea tieback projects, EnVen is committed to the deepwater Gulf of Mexico. This acquisition aligns with EnVen’s strategy to own and operate infrastructure.

Steve Weyel, EnVen’s chairman and chief executive officer, said, “We are excited to acquire Neptune which is consistent with our proactive and disciplined strategy to acquire assets that are accretive and provide optionality around operated and non-operated subsea tieback opportunities. These opportunities, coupled with company-owned infrastructure, provide tremendous potential to bolster near-term reserves and production growth.”