TotalEnergies has decided not to take the final investment decision on the deep-water North Platte field development in the US Gulf of Mexico and is walking away with immediate effect.

“The decision not to continue with the project was taken as the company has better opportunities of allocation of its capital within its global portfolio,” the French supermajor said.

Before the surprise announcement on Thursday, TotalEnergies was well advanced in the tender process for a semi-submersible platform to exploit North Platte with South Korea’s Samsung Heavy Industries and Hyundai Heavy Industries battling it out for the lucrative prize.