ExxonMobil has announced a $10 billion commitment to a new development in Guyana’s prolific offshore Stabroek block. The company has received approval from the government of Guyana for the Yellowtail project, which would be the company’s largest to-date asset in the country. Production is slated for 2025 and is expected to hit 250,000 b/d. “Yellowtail’s…
Offshore
Articles from Offshore
Shell Rouses PowerNap in Deepwater GOM, with Peak Capacity of 20,000 Boe/d
PowerNap, a subsea development in the deepwater Gulf of Mexico (GOM) tied back to the Olympus platform in the Mars Corridor, has begun producing oil and natural gas, Shell plc said Tuesday. Estimated peak production from the development in the Mars Corridor of Mississippi Canyon is 20,000 boe/d, according to subsidiary Shell Offshore Inc. PowerNap…
‘Unprecedented Lapse’ in U.S. Offshore Oil, Natural Gas Leasing Imminent, Warns Industry
Hope is fading that the Department of the Interior (DOI) will hold offshore oil and gas lease sales anytime soon, industry lobbyists said Tuesday. “The Biden administration’s lack of progress on offshore leasing is a clear example of the large gap between rhetoric and reality,” the American Petroleum Institute’s (API) Frank Macchiarola, senior vice president…
BP, Equinor Upgrading New York Terminal to Offshore Wind Hub
Supermajors BP plc and Equinor ASA plan to invest $200-250 million to redevelop the South Brooklyn Marine Terminal (SBMT) in New York City as the site of a major regional offshore wind hub. BP and Equinor would upgrade the 73-acre facility’s infrastructure to develop a wind turbine generator staging and assembly area. The companies also…
ExxonMobil Brings Online Second Major Offshore Guyana Project
At a time when oil prices are surging and global supply is struggling to meet fast recovering energy demand, ExxonMobil and its partners have added 220,000 b/d oil production capacity to their offshore Guyana project. Production has begun at the second offshore oil development at the prolific Stabroek block. The Liza Phase 2 development is…
Major Oil and Gas Companies Disillusioned with Mexico Uncertainty, Veteran Executive Says
“Among the majors, there’s definitely a disillusionment and disappointment for how things are evolving in the sector, which wasn’t what many expected” when they invested in Mexico, said Alfredo García, managing director at Siete Energy and 31-year veteran in oil and gas exploration and development services. “I think the reasons for inactivity or abandoned projects…
Worldwide Oil, Natural Gas Discoveries in 2021 Said Lowest in Decades
Global oil and natural gas discoveries in 2021 were tracking to hit their lowest full-year level in 75 years and decline considerably from 2020. Total discovered volumes through November were calculated at 4.7 billion boe, according to an analysis by Rystad Energy. No major discoveries had been announced through the first three weeks of December,…
Activist Groups Seeking to Nullify November’s GOM Oil, Gas Lease Sale
The federal oil and gas auction held last month for tracts in the Gulf of Mexico (GOM) is being challenged by activist groups that are seeking “any and all communications” regarding the sale since President Biden took office in January. Lease Sale 257, the eighth offshore auction and first in a year, was overseen last…
Private Sector E&Ps Unearthing Mexico Oil and Gas as Commercial Phases Advance
New oil and gas auctions are stalled in Mexico, but that hasn’t stopped private sector companies from continuing to find success with their exploration and production (E&P) projects. The Ichalkil and Pokoch shallow water fields in Campeche Bay operated by Fieldwood Energy E&P México have officially begun commercial operations, the company said Monday. The fields…
‘Compelling Industry Logic’ Leads Noble, Maersk to Tie Knot, Merge Offshore Drilling Fleets
Houston-based Noble Corp. and Denmark’s Maersk Drilling Co. on Wednesday agreed to merge their estimable offshore fleet, comprised of 20 floaters and 19 jackup rigs, in an all-stock merger valued at $3.4 billion. Offshore drilling is an expensive undertaking because developments often take years to complete before production is flowing. In addition, moving equipment and…