Professional Documents
Culture Documents
EXPLORATION
KATHRINE SCHMIDT
Houston
Photo: US COAST
GUARD
US GULF DRILLING
TARGETS
Antrim GC 364
Hendrix WR 67
Buckskin KC 829
Coronado WR 143
Gator Lake GC 720
Circius MC 767
Mormont 2 GC 478
Wildling 2 GC 520/521
Scimitar GC 348
Samurai GC 432
FIELD DEVELOPMENT
Collaboration: the semi-submersible floating production unit at Chevrons Jack-St Malo development
Photo: CHEVRON
son Ofshore and Venari Resources sell all or part of its share in the 80,000 and 100,000 barrels of oil
both on 12.5%. discovery, and was due to take per day.
Tigris, which would be set to bids in early July. Responses to that query have
include development of the Tiber, The ind is estimated to contain been few due to the ownership
Guadalupe and Gibson inds, is recoverable resources of between questions, and it remains unclear
seen as more complex, given the 500 million and 800 million bar- whether that discussion would
three ields involved in the Keath- rels of oil equivalent. hold any bearing with a new
ley Canyon area. The independent operates owner.
Another top discovery seen as North Platte with a 60% share, Cobalt previously envisaged
prospective for development is with Frances Total holding the irst oil for North Platte in 2022
the Cobalt-operated North Platte remaining 40%. and Anchor in 2023.
ind. While the broader ield of inter-
est remains unclear, Upstream Work shelved
Questions remain previously reported that Norwe- Anadarkos Shenandoah discovery
However, there are big questions gian major Statoil is seen as a key had until recently been seen as
about the future prospects for that potential buyer of Cobalt proper- among the top candidates for a
development given the heavy debt ties given its hunger for operated greenield development in the
load of the operator and its frus- assets in the region. area, with a FEED study under
trated eforts to untangle itself Cobalt had previously begun a way from SBM Ofshore.
from a collapsed asset deal of An- compressed tender process for However that work was shelved
gola. development ideas on a mid-sized earlier this year after Anadarko
Left with few options, Cobalt semi-submersible, a patented took a writeof following disap-
has been running a data room to design with capacity for between pointing appraisal results.
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FOCUS US GULF 21 July 2017
FIELD DEVELOPMENT
Moving ahead: Llog will develop the Buckskin field as a two-well tieback to Anadarkos Lucius spar Photo: ANADARKO
Senior Representative H.E. Dharmendra Pradhan John Watson Darren Woods David Carroll Fatih Birol Rachel Kyte
National Energy Minister of Petroleum Chairman & CEO Chairman & CEO President Executive Director Special Representative of
Administration of China & Natural Gas Chevron ExxonMobil International Gas Union International Energy the UN Secretary-General
Ministry of Petroleum Agency & CEO
& Natural Gas, India SE for All
Alexey Miller Sheikh Khalid Bin Isabelle Kocher Omar Mith Bob Dudley Charif Souki Jack A Fusco
Chairman & CEO Khalifa Al-Thani CEO Chairman & CEO Group Chief Executive Chairman of the Board President & CEO
Gazprom CEO Engie ENH BP Tellurian Cheniere
Qatargas
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WGC2018.COM
28
FOCUS US GULF 21 July 2017
DEEP WATER
Longer term
view needed to
make most of
deep potential
Sector still has a key role to play but investment in
exploration and project sanctioning now at a crucial
point if operators are to keep production levels stable
LUKE JOHNSON
Houston
On the move: the Stampede platform has now moved out to its location in the
deep-water US Gulf Photo: HESS
SHALLOW WATER
Photo: AFP/SCANPIX
CM
MY
CY
CMY
SHALLOW WATER
Operators
see great
future for
the shelf
US Gulf of Mexico shallow-water
operators say many projects are
now economically competitive
with onshore shale plays
CAROLINE EVANS
New Orleans
W orkboat operators
devastated by low
dayrates and dwin-
dling demand may
soon see a wave of consolidation
in their industry as US Gulf of
Mexico drilling activity appears
Laborde said at the Louisiana
Energy Conference last month.
Laborde Marine has a leet num-
bering 23 workboats, including
crewboats and supply vessels that
service the US ofshore oil and gas
industry.
to be on the verge of bottoming. Laborde said he chose not to
Workboat companies, many of build any new vessels from 2011 to
which have been forced into bank- 2014 because he saw the number
ruptcy in the course of the indus- of units under construction and
try downturn, could beneit from suspected there would be a chance
an increase in activity this year to buy in the future.
and next as ofshore drilling sees The company intends to come
a resurgence after years of out of the downturn with some
under-investment, according to additional equipment, he added.
analysts at research company That opportunity is still there,
Evercore. its just a more diicult pro-
Oversupply issues will need to gramme to acquire at this point,
be worked out further to bring the Laborde said. The impairment
market back into balance, but issue now is becoming the biggest
early signs of rationalisation are issue for all of us, and lenders now
starting to materialise and we are very skittish about moving
believe the market will inevitably forward.
force a more tenable supply-de- Another likely consolidator in
mand dynamic, Evercore said. the ofshore vessel industry is Sea-
The early phases of the ofshore cor Marine Holdings, according to
recovery will likely centre around Evercore.
deferred maintenance work,
decommissioning, personnel Cash on hand
transport, and shelf production. The company has little debt and Deals: Hornbeck Ofshore Services chief executive Todd Hornbeck Photo: ERIC MARTIN
plenty of cash on hand after gen-
Acquisitions erating $174 million in proits
That means better-positioned from the sale of 380 vessels from
companies could beneit from ac- 1997 to 2015, and getting a $175
quisitions if vessel values recover. million boost from Carlyle Group
The sentiment that consolida- in 2015.
tion is just on the horizon is so The industry desperately needs ONSHORE. OFFSHORE. EVERY SHORE.
strong that the question appears vessels to exit the market and for
REGULATIONS
a irst