deepwater oil production | Bud's Offshore Energy (BOE)

Posts Tagged ‘deepwater oil production’

With deepwater projects ramping up, modest production growth should continue over the near to intermediate term.

At the end of September, when the July production figures are released, we should get a better sense of the temporary reduction in production caused by zinc contamination in the Mars pipeline system.

It’s OTC week and optimism abounds. “We are so back!”

“Deepwater is back in vogue.” (Pablo Medina, Welligence)
“Newer deepwater projects have the attributes oil and gas companies are looking for: longer-term production, lower breakeven costs, big resource potentials and lower carbon emissions.” (Medina)
Capital spending on all-new deepwater drilling is poised to hit a 12-year high next year (Rystad)
Investment in all-new and existing deepwater fields could hit $130.7 billion in 2027, a 30% jump over 2023 (Rystad)
Deepwater resources offer lower carbon emissions intensity than shale and other tight oils, averaging 2kg of carbon dioxide per barrel less than shale. (Rystad)
“The return of offshore and deepwater operations is going to be a big topic at OTC, and Namibia is going to be talk of the show.” (James West, Evercore)
Enthusiasm for offshore has climbed with discoveries and technology breakthroughs. Namibia’s Mopane is forecast to hold as much as 10 billion barrels of oil. (Portuguese oil company Galp Energia)
Rates for some rigs have surpassed $500,000 a day and contract durations are lengthening as supply dwindles.
Deepwater development: simpler, safer, greener!
Chevron is preparing to start ultra-high pressure production at their Anchor platform.

So as not to kill the buzz, I won’t mention the 5 Year (no)Leasing Plan and other troubling US matters, at least for one day.