Oil major Chevron has joined forces with BP and ConcoPhillips to explore and appraise 24 jointly-held leases in the Gulf of Mexico. The companies will combine their efforts on moving two Paleogene discoveries closer to development and provide expanded exploration into the emerging market. Under the agreement, BP will sell to Chevron half of its current equity interest in the Gila and Tiber fields.
Chevron has struck a deal with South Korean conglomerate SK Group to buy 4.15million tonnes of LNG over five years. The oil major has been looking to secure long-term contracts for its Australian liquefied natural gas. The deal will see the SK Group purchase the gas over a five year period from its Gorgon LNG project.
Oil major Chevron has made a significant oil discovery at the Anchor prospect in the Gulf of Mexico. The Green Canyon block 807 well number two encountered oil pay in multiple Lower Tertiary Wilcox Sands. It was spudded in August 2014 and drilled to a depth of 33,749 feet.
Seismic acquisition technology firm Magseis has won a contract with Chevron North Sea. The contract is for seabed seismic acquisition using the company’s MASS system and Artemis Athene.
Oil major Chevron has begun production from its Jack and St Malo deepwater project in the Gulf of Mexico. The company said the delivery is a key part of its upstream work with plans to reach 3.1 million barrels per day by 2017. The fields are among the largest in the Gulf of Mexico and were discovered in 2004 and 2003.
US firm ConocoPhillips has become the latest oil major to warn of job losses in the UK North Sea, although it refused to say how many or where exactly the axe is likely to fall. ConocoPhillips, which is poised to take over as the biggest oil producer in the region in terms of production volume by the end of this year, told the Press and Journal it had recently launched a review of its UK business. It added: “Like other operators in the North Sea, we are focused on improving the operating efficiency and production outlook for our business. “We have now started a consultation process with staff relating to organisational restructuring to establish a model to drive our UK business forward in an efficient and sustainable manner. “We do anticipate some redundancies but at this stage the actual number has not yet been defined.” ConocoPhillips is the world’s largest oil and gas exploration and production company. It currently employs about 1,000 people directly and a further 600 contract workers in the UK. A spokeswoman for the firm said the totals included about 700 staff and 400 contractors working out of Aberdeen. The group’s Granite City-based UK business either operates or has stakes in assets including the Britannia field and its satellites, Judy/Joanne, Jade, Jasmine, CMS, Galleon, LOGGS, Saturn Unit, V-Fields, Victor, Viking, Calder, Darwen, Crossens, Asland, Millom, Dalton, Clair, MacCulloch and Nicol. Onshore, the company has interests in the Rivers terminal at Barrow-in-Furness, the Teesside oil terminal at Seal Sands, Middlesbrough, and Theddlethorpe gas plant in Lincolnshire. Its job cutting comes hot on the heels of BP launching a cost reduction exercise in the North Sea in line with rivals such as Shell and Chevron which have axed hundreds of roles as low oil prices and high overheads take their toll. BP has declined to reveal the likely impact of its review on its 4,000-strong North Sea workforce.
Chevron and Hess have started crude oil production from the Tubular Bells deepwater project in the Gulf of Mexico. The project is expected to produce 50,000 barrels of oil equivalent per day from three wells. The field is 135 miles southeast of New Orleans in 4,300 feet of water in the Mississippi Canyon area and was discovered in 2003.
Chevron's profits have risen for the third quarter income for the first time in three years. The oil major credited refining costs as one of the key factors in boosting their revenue. However the company did see a slight drop in its sales and operating revenues for the third quarter, pulling in $52billion, compared with $57billion last year.
Oil major Chevron will invest an estimated $6billion in the development of the Hess Corporation operated Stampede project in the Gulf of Mexico. The company’s subsidiary, Union Oil Company of California (Union), will run the deepwater subsea development which will be tied back to a newly constructed Tension Leg platform.
Oil major Chevron and state-owned Pemex have signed an MOU (Memorandum of Understanding) to explore opportunities for collaboration in deepwater and heavy oil fields. The companies signed the document in Mexico City, which will provide the opportunity to work jointly across a wide range of projects which could be beneficial for both.
Oil major Chevron has made a new oil discovery in the Gulf of Mexico. The company said a significant oil pay had been made at the Keathley Canyon Block 10 in the Guadalupe prospect.
Chevron will sell a 30% stake in one if its ventures to produce oil and natural gas in North America to the Kuwait Foreign Petroleum Co for $1.5 billion. The agreement will create a partnership for the appraisal and development of liquids-rich shale resources in an area of 330,000 acres in the Kaybob area of the Duvernay.