Several new deepwater projects are planning to start up this year and contribute to higher production from the Gulf of Mexico (GoM).
The offshore GoM remains a critical hub for oil and gas exploration, attracting significant investment from major industry players such as BP, Chevron (CVX), ExxonMobil (XOM), and Shell (SHEL). New deepwater projects planning to start this year include Winterfell, Whale, and Anchor.
Beacon Offshore Energy recently announced a final investment decision for the Winterfell discovery. Beacon will use a subsea tieback to the Heidelberg spar in Green Canyon Block 860. The field is expected to yield first oil in 2Q24, with initial production estimated at ~22 Mboe/d.
The Whale and Anchor deepwater fields are also due to begin first production in 2024. Located in the Alaminos Canyon block, the Whale field is owned by Chevron (40%) and Shell (60%) and operated by Shell Offshore. Located in the Green Canyon area, the Anchor field is owned by Chevron (62.86%) and TotalEnergies (37.14%) and operated by Chevron USA. Whale production is expected to peak in 2026 at ~90 Mboe/d, while Anchor is projected to peak in 2027 at ~70 Mboe/d.
The offshore industry has also seen merger activity recently. Talos Energy announced it is acquiring QuarterNorth Energy for $1.29B. The move aims to enhance Talos Energy's GoM deepwater portfolio, adding expected production of about 30 Mboe/d in 2024. — Maria Paz Urdaneta Tickers: BP, CVX, SHEL, XOM.
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