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Page added on January 11, 2019

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A billion barrels: BP expands Gulf work

Production

BP has approved a $1.3 billion expansion at one of its oil projects in the Gulf of Mexico and discovered an additional 1.4 billion barrels at two of them.
“BP’s Gulf of Mexico business is key to our strategy of growing production of advantaged high-margin oil. We are building on our world-class position, upgrading the resources at our fields through technology, productivity and exploration success,” Bernard Looney, BP’s Upstream chief executive, said in a news release Tuesday.
“And these fields are still young — only 12 percent of the hydrocarbons in place across our Gulf portfolio have been produced so far. We can see many opportunities for further development, offering the potential to continue to create significant value through the middle of the next decade and beyond.”
The announcement comes amid a 4½-year offshore oil bust that has cost St. Mary Parish about 7,000 jobs, and Houma-Thibodaux area about 16,000 jobs.
Over the past few months, several reports from economists and consultants have predicted an uptick in the Gulf this year, forecasts that hinge on how high oil prices rise above current levels of just under $50 a barrel.
The development of Atlantis Phase 3 will include the construction of a new subsea production system from eight new wells that will be tied into the current platform, 150 miles (240 kilometers) south of New Orleans. The company says it’s scheduled to begin operating in 2020 and is expected to boost production by an estimated 38,000 barrels of oil equivalent a day gross at its peak.
BP operates Atlantis and holds a 56 percent working interest, with BHP holding the remaining 44 percent. BHP is expected to make a final decision early this year on whether to proceed with the expansion.
BP’s actions come after the company’s recent breakthroughs in advanced seismic imaging and related technology that revealed an additional 400 million barrels of oil in place at the Atlantis field, officials said. The same innovation helped the company find an additional 1 billion barrels oil at its nearby Thunder Horse field, officials said.
And new discoveries near BP’s Na Kika platform provide additional development opportunities, officials said.
BP is already the Gulf’s largest oil producer, and officials say the latest discoveries will help it grow output to about 400,000 barrels a day within the next decade.
All of the platforms are roughly 140-160 miles southeast of the Gulf’s main oilfield service hub at Port Fourchon.
BP’s announcement comes a day after Danos, an oilfield service company based in Gray, said two new contracts in the Gulf prompted it to hire 150 workers.

stmarynow



3 Comments on "A billion barrels: BP expands Gulf work"

  1. roccman on Fri, 11th Jan 2019 12:05 pm 

    like 2 weeks of global supply…

  2. Free Speech Message Board on Sat, 12th Jan 2019 6:05 pm 

    WTF?

    Obeying the law is difficult when everything is illegal.

    Americans are no better than beasts and slaves now that the US is a police state. Tyranny turns people into animals.

    The government tells Americans what to wear, what to eat, where to live, what to buy, what to do, and what to think.

    Law is not justice.

    The government destroy lives. What if a genius researching cancer cures was arrested for withdrawing less than $10,000 from his own bank account and then couldn’t get a job because he has an arrest record?

    Americans who love the Gestapo today seem like rape victims who defend their rapists.

    Do Americans feel like traitors when they support tyranny?

    Do Americans think tyranny only affects other people? Do Americans believe that freedom only benefits others?

    What country is this?

  3. Anonymous on Sun, 13th Jan 2019 11:41 am 

    The hits keep coming for peak oil.

    Interested to see what George Kaplan says. He writes very detailed technical posts on GOM. Much better than I could do. Albiet I fault him for just splatting details down versus explaining/teaching, but still…he is the real deal, knows this stuff way well.

    George has said in the past that GOM decline was imminent. Instead we actually hit a new monthly record this year (probably have an annual record also). Now there is this report.

    It’s hard to interpret Kaplan as he does these massive detail charts but then doesn’t really show how things translate to his negative impressions.

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