Who are the new owners of Marubeni's 12.5% stake in the Big Foot field?

The 12.5% working interest was acquired by a consortium consisting of Modiin Energy, an Israeli energy partnership, and Eventide Partners, a US-based investment firm. They will join the existing joint venture partners, which include operator Chevron and Equinor.

Why did Marubeni decide to sell its interest in this deepwater asset?

The sale is part of Marubeni's broader corporate strategy to decarbonize its investment portfolio and reduce exposure to fossil fuels. By divesting non-operated upstream assets like Big Foot, the Japanese conglomerate can reallocate capital toward renewable energy projects and sustainable business lines.

What is the operational status of the Big Foot field in the Gulf of Mexico?

The Big Foot field is fully operational and produces oil and natural gas via a dry-tree tension-leg platform (TLP) designed to handle deepwater conditions. The field has been in commercial production since late 2018 and features a production capacity of up to 75,000 barrels of oil per day.

Offshore Technology · July 9, 2026 (Jul 9) · 1 min read

Marubeni sells 12.5% Big Foot stake to Modiin Energy

Analysis

AI-assisted analysis · reviewed by Yuri Kan

Japanese trading giant Marubeni has finalized the divestment of its 12.5% non-operated working interest in the deepwater Big Foot oil and gas field in the US Gulf of Mexico. The stake was acquired by a consortium comprising Israeli partnership Modiin Energy and US-based Eventide Partners. This transaction highlights a broader strategic shift by major Japanese conglomerates to optimize their upstream portfolios by shedding capital-intensive, non-core fossil fuel assets in favor of energy transition initiatives.

Key Facts

Marubeni Corporation has successfully divested its entire 12.5% working interest in the deepwater Big Foot oil and gas project.
The buyers of the divested asset are Israel-based Modiin Energy and US investment firm Eventide Partners.
The Big Foot field is located in the US Gulf of Mexico, specifically within the Green Canyon Block 26.
Chevron operates the Big Foot development with a majority working interest, utilizing a state-of-the-art tension-leg platform (TLP).
The transaction reflects Modiin Energy's strategic ambition to expand its international upstream footprint beyond the Eastern Mediterranean.
Marubeni's exit from this asset aligns with its long-term corporate strategy to reduce greenhouse gas emissions and reallocate capital to green energy.

Background & Context

The Big Foot field, discovered in 2006 in water depths of approximately 5,200 feet, is one of the Gulf of Mexico's ultra-deepwater assets. The project faced significant delays, including a major setback in 2015 when several tension-leg platform tendons damaged during installation postponed first oil to late 2018. Marubeni had held its stake in the project through its subsidiary, Marubeni Oil & Gas (USA), but rising pressure on Japanese trading houses to decarbonize has prompted a systematic review of their global oil and gas portfolios.

Market Impact

This transaction demonstrates the ongoing reallocation of deepwater assets from diversified conglomerates to specialized independent energy firms and financial sponsors. For Modiin Energy, the acquisition provides immediate, cash-generating production in a stable regulatory jurisdiction, balancing its high-risk exploration portfolio in the Levant Basin. The entry of Eventide Partners underscores the persistent appetite of private capital for cash-flowing, infrastructure-backed offshore assets despite broader ESG headwinds. Chevron, as the operator, faces no operational disruption but will manage a more fragmented partner group.

What to Watch

Looking ahead, market observers will monitor how Modiin Energy integrates this Gulf of Mexico asset into its broader financial reporting and whether it leverages this foothold for further US offshore acquisitions. The Big Foot joint venture will continue focusing on reservoir management and subsea tie-back opportunities to maximize the recovery factor of the field. Additionally, Marubeni's next capital allocation moves will be closely watched to see how rapidly the proceeds are redeployed into renewable energy and hydrogen technologies.

Why This Matters for Cyprus

This transaction is highly relevant to the Eastern Mediterranean as it involves Modiin Energy, a prominent Israeli oil and gas exploration partnership active in the Levant Basin. Modiin's acquisition of a cash-producing asset in the Gulf of Mexico provides the company with steady cash flow that could potentially be redeployed to fund future exploration and development activities in offshore Israel and Cyprus.

Frequently Asked Questions

Who are the new owners of Marubeni's 12.5% stake in the Big Foot field?: The 12.5% working interest was acquired by a consortium consisting of Modiin Energy, an Israeli energy partnership, and Eventide Partners, a US-based investment firm. They will join the existing joint venture partners, which include operator Chevron and Equinor.
Why did Marubeni decide to sell its interest in this deepwater asset?: The sale is part of Marubeni's broader corporate strategy to decarbonize its investment portfolio and reduce exposure to fossil fuels. By divesting non-operated upstream assets like Big Foot, the Japanese conglomerate can reallocate capital toward renewable energy projects and sustainable business lines.
What is the operational status of the Big Foot field in the Gulf of Mexico?: The Big Foot field is fully operational and produces oil and natural gas via a dry-tree tension-leg platform (TLP) designed to handle deepwater conditions. The field has been in commercial production since late 2018 and features a production capacity of up to 75,000 barrels of oil per day.

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