Deepwater

Oil prices may be slumping of late, but fewer global startups in the next two years at a minimum may pressure supply growth around the world, according to Raymond James & Associates Inc.

Oil prices may be slumping of late, but fewer global startups in the next two years at a minimum may pressure supply growth around the world, according to Raymond James & Associates Inc.

The oilfield services sector may see a slew of global oil and natural gas projects reach sanctioning heading into 2020, with high demand foreshadowing a shortage of qualified contractors and manpower.

Houston-based W&T Offshore Inc. has become the operator and majority owner of the Magnolia field in the deepwater Gulf of Mexico (GOM) in a $20 million acquisition from ConocoPhillips.

Chevron Corp. on Thursday sanctioned the massive Anchor oil and natural gas project in the U.S. Gulf of Mexico (GOM), the first greenfield launch in nine years and the first high-pressure project for the domestic offshore.

Stung by the continued slump in natural gas prices, Chevron Corp. plans to cut back spending in Appalachia and a long-delayed gas export project proposed for the west coast of Canada, the supermajor said.

A major natural gas discovery offshore Mauritania may be the largest deepwater discovery this year and holds the potential for an export project, according to Kosmos Energy Ltd.

Chevron Corp. has sanctioned a waterflood project in the St. Malo field of the deepwater Lower Tertiary using technology designed to increase recovery and maximize existing resources in the Gulf of Mexico.

Oil and natural gas producers in the latest federal offshore auction on Wednesday kept their bids narrowed and tailored to deepwater areas of the Gulf of Mexico (GOM) with existing infrastructure.