Privately held Cantium LLC, formed last year, is stocking its shelves with some of Chevron Corp.’s shallow water assets in the Gulf of Mexico (GOM), including the Bay Marchand and Main Pass properties.

The transaction with Covington, LA-based Cantium for an undisclosed amount includes five fields on the Outer Continental Shelf and in Louisiana state waters. Included in the package are 300 active wells, 151 platforms, caissons and other offshore structures, as well as the Port Fourchon, LA, onshore treatment plant.

“This acquisition demonstrates Cantium’s commitment to reinvigorating the Gulf of Mexico’s Outer Continental Shelf,” said CEO Richard Kirkland and COO Mark Ian Smithard, who co-founded the company. “We are working with the Chevron team to ensure a smooth transition of operatorship,” with Chevron employees expected to join Cantium.

Kirkland most recently was CEO of North American-focused Lera Energy, and he previously worked for RDK Consulting & Services Ltd.. Before that, Kirkland was an executive with Baker Hughes Inc. for several years. Smithard, formerly COO of Lera, spent close to two decades working for Chevron and predecessor Texaco, including as exploration manager for Chevron’s Keathley Canyon assets in the deepwater GOM.

Cantium’s field operations would continue to be based in Covington. Named for the Iron Age Cantii tribe in Kent, England, Cantium was established with backing by private-equity funds York Capital Management and Sole Source Capital.

Chevron has plans to divest $5-10 billion in global assets by the end of this year. Since 2016 it has sold several assets, including other GOM natural gas properties, Canadian natural gas storage assets, California pipeline assets and its New Zealand marketing division.