Deepwater

Australia’s largest oil and natural gas producer Woodside Energy Group Ltd. continues to make progress on the massive Trion development offshore Tamaulipas in northeastern Mexico. The company reached a final investment decision (FID) on the project in June.  “Following FID, Woodside executed a contract with South Korea’s Hyundai Heavy Industries for the construction of the…

Natural gas and oil investments around the world may be lower today, but activity and production levels remain on par with the industry’s halcyon period between 2010 and 2014, according to Rystad Energy. “Persistent claims of chronic underinvestment in the global oil and gas industry are overblown,” researchers said. Upstream Investments have declined since spending…

Australia’s largest oil and gas producer Woodside Energy Group Ltd. has made a final investment decision on the massive Trion development offshore Tamaulipas in northeastern Mexico. First production at the $7.2 billion deepwater project is expected in 2028, executives said. Regulatory approval and commitment from Mexican state firm Petróelos Mexicanos, aka Pemex, is expected at…

BP plc is capturing even more oil and natural gas from the deep waters of the Gulf of Mexico after ramping up the Argos platform, the fifth system the producer has launched in the U.S. offshore since 2008. Argos is the first new BP-operated production facility in the region and the centerpiece of the Mad…

The global offshore is in the early innings of a multi-year upcycle, with deepwater natural gas production forecast to account for 25%-plus of total output by 2040. Natural gas and oil development is being lifted by several deepwater discoveries, according to analysts. Evercore ISI analysts said a Brent oil price “above $50/bbl is economic for…

Equinor ASA has submitted a plan to Norwegian regulators outlining a $14 billion-plus project for the country’s first planned deepwater development to boost long-term natural gas supply to Europe. Equinor and its partners told regulators they could tap the Irpa gas field in the Vøring Basin deep below the Norwegian Sea. Discovered in 2009 and…

New Fortress Energy Inc. (NFE) is targeting first natural gas production from the Lakach deepwater field offshore Mexico by the end of 2023, according to CEO Wes Edens. NFE management held a conference call on Thursday to update investors on a series of commercial agreements reached with Mexico’s state-owned energy giants, Petróleos Mexicanos (Pemex) and…

U.S. oil and gas producers that weren’t prepared to get down to business as prices rose may be out of luck, Occidental Petroleum Corp. CEO Vicki Hollub said Wednesday. Hollub helmed a first quarter conference call, joined by CFO Robert Peterson and Richard Jackson, president of U.S. Onshore Resources and Carbon Management. They shared with…

Mexican upstream regulator Comisión Nacional de Hidrocarburos (CNH) has given the green light for the local subsidiaries of European energy giants BP plc and Equinor ASA to pull out of their participation in a deepwater block offshore Veracruz and Tabasco states. The Mexico branch of France’s TotalEnergies SE will now assume control of the Salina…