Offshore - GOM
In addition to Shell’s latest find, the deepwater Norphlet trend has given birth to several GoM discoveries in recent years.
An expansion of oil drilling in the eastern Gulf of Mexico (GoM) would interfere with U.S. military testing unless the Pentagon and another agency develop rules to govern the work, the U.S. Department of Defense said in a report this week.
The proposed sale will clear about $320 million P&A obligations and also give the Houston-based E&P much needed capital.
The acquisition is the Houston-based pipeline operator's largest purchase to date and marks a significant milestone for the company, says Shell Midstream CEO Kevin Nichols.
Chevron views deep water as a material part of its overall upstream portfolio with plans this year to invest billions of dollars in Gulf of Mexico projects.
The project utilizes a commercial model that consolidates BHGE engineering, products and services expertise in order to reduce total project costs and time to first production.
Stone Energy said April 27 it had agreed to purchase the Ram Powell Unit in the U.S. Gulf of Mexico from Shell Offshore, ExxonMobil and Anadarko.
Operators are cutting costs and utilizing subsea tiebacks, pushing U.S. Gulf of Mexico production to new heights.
The largest winning bid was a $339 million joint offer by Statoil and Total for Cobalt’s 60% operated interest in the North Platte discovery.
Hanna has more than 30 years of executive experience in the E&P and oil service sectors and formerly served as CEO of EPL Oil & Gas, which Energy XXI acquired for $2.3 billion in 2014.