Deepwater

The coming year appears to be a turnaround for the U.S. Gulf of Mexico (GOM), as drilling increases for the first time in four years and more projects are sanctioned.

Midstream operators are trying to capitalize on the rapidly growing interest in deepwater port crude oil export capabilities along the Gulf Coast with two separate pipeline projects that could be capable of transporting more than 1.5 million bbl combined.

The deepwater oil and gas industry has come out of its sustained downturn, but it now faces impending cyclical cost inflation that could wreak havoc on its work to cut expenses, according to Wood Mackenzie.

Chevron Corp.’s Big Foot deepwater project in the Gulf of Mexico (GOM), which ramped up earlier this month, is expected to not only produce copious oil but be a substantial contributor to domestic natural gas stores, according to the Energy Information Administration (EIA).

A major oil and natural gas project expansion in the deepwater Gulf of Mexico (GOM) has ramped up four months ahead of schedule and 15% under budget, BP plc said Thursday.

Murphy Oil Corp. has formed a pact with a unit of Brazil’s Petróleo Brasileiro SA, aka Petrobras, to build a substantial outpost in the U.S. Gulf of Mexico (GOM).

Mexico must unlock its deepwater and unconventional hydrocarbon resources to reverse a decade-and-a-half trend of declining output, according to hydrocarbons undersecretary Aldo Flores.

Up to 200 oil and gas projects worldwide could be approved by year’s end, lifted by a resurgence in offshore activity and better execution, analyst teams said this week.

Potential operators bid on less than 1% of the offshore blocks offered for auction in the federal Gulf of Mexico (GOM) Lease Sale 251 completed on Wednesday, but while muted, total high bids eclipsed offers in the March sale.