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Latham & Watkins Advises BHP in an Exchange of Deepwater Gulf of Mexico Leases with Shell

June 7, 2022
A Houston-based team represented BHP in the transaction.

BHP Billiton Petroleum (Deepwater) Inc. (BHP) and Shell Offshore Inc. (Shell) finalized an exchange of acreage in the deepwater Gulf of Mexico, which included 46 leases across approximately 265,000 acres. Shortly thereafter, BHP’s oil and gas portfolio was acquired by Woodside Petroleum Ltd (Woodside) in a separate merger. Post-lease exchange, Woodside will operate 20 leases and Shell will operate the remaining 26 leases, with Woodside retaining a significant non-operated position in each of the Shell-operated leases. As a result of the transaction, Woodside significantly expanded its footprint of exploratory acreage in the offshore Gulf of Mexico.

Latham & Watkins represented BHP in the transaction with a corporate deal team led by partners Mike King and Justin Stolte and associate Ashley Nguyen, with assistance from associates Sam Bentley and Joseph Kmetz. Advice was also provided on tax matters by partner Bryant Lee, with associate Marianne Standley.