As a petroleum supplier, BHP has been closely studying the electrification of the global transport sector as the mega-trend raises big questions about future demand for its resources. On 13 February 2019, the BHP Board approved the development of the Atlantis Phase 3 project in the US Gulf of Mexico. London — BHP has agreed an initial deal with Hess Corp. to buy an additional 28% in the Shenzi deepwater concession in the Gulf of Mexico, raising its upstream interest by 11,000 b/d of oil equivalent, the company said in a statement Oct. 6. Shenzi is a six-lease development in the Gulf of Mexico that started producing in 2009 with a nominal capacity of 100,000 barrels of oil a day and 50 million cubic feet of gas. BHP is buying a 28% stake that brings in 11,000 barrels a day, meaning Shenzi’s output is now running around 40,000 barrels a … Shenzi is structured as a joint ownership: BHP (Operator, 44 per cent interest); Hess (28 per cent interest) and Repsol S.A. (28 per cent interest). In September, BHP will also spud the Scimitar exploration well in the Gulf of Mexico. Atlantis Phase 3 is located in the deepwater Gulf of Mexico, approximately 208 kilometres off the coast of Louisiana. In February 2017, BHP Billiton announced a $2.2 billion investment in the new BP platform in the Gulf of Mexico. Offshore staff. We operate two fields in the US waters of Gulf of Mexico – Shenzi (44 per cent interest) and Neptune (35 per cent interest). Offshore staff. BHP will evacuate non-essential workers from its Neptune and Shenzi production facilities on Saturday, a spokeswoman said. The year’s second US gulf auction received 165 bids on 151 blocks from 27 firms, with high bids totaling $159.4 million, the US Bureau of Ocean Energy Management (BOEM) announced in New Orleans on 21 August. The project includes a subsea tie back of eight new production wells and is expected to increase production by an estimated 38,000 gross barrels of oil equivalent per day at its peak. Oil and gas operations in the Gulf of Mexico account for 16%of U.S. crude oil output and about 4% of U.S. natural gas. To support its Gulf of Mexico business, bp maintains a logistics base in Port Fourchon, Louisiana, along with a heliport in Houma, Louisiana. The Trion field encompasses an area of 1,285 sq km (798 sq mi) and is located in the Perdido belt at a water depth of approximately 2570 meters. BHP Billiton is the operator with a 60% participating interest, while the remaining 40% is held by Mexico’s state-owned oil company Petroleos Mexicanos (Pemex). One study projects that the overall impact of lost or degraded commercial, recreational, and mariculture fisheries in the Gulf could be $8.7 billion by 2020, with a potential loss of 22,000 jobs over the same time frame. Pepperdine University, The George L. Graziadio School of Business and Management. This follows sanction by BP, as the operator, of the Atlantis Phase 3 project, announced in January 2019. Despite the difficult circumstances, Geraldine Slattery (President Petroleum) said the mutual support in the Gulf of Mexico was encouraging to see. Hess announced today that it has entered into an agreement to sell its 28% working interest in the Shenzi Field in the deepwater Gulf of Mexico to BHP Billiton, the field’s operator, for a total consideration of $505 million, subject to customary adjustments, with an effective date of July 1, 2020. BHP oil rig | Gulf of Mexico. NEW YORK – Hess Corp. has entered into an agreement to sell its 28% working interest in the Shenzi field in the deepwater Gulf of Mexico to BHP.. Hess Corp. (NYSE: HES) reported Friday that it has completed the sale of its 28-percent working interest in the Shenzi Field in the deepwater Gulf of Mexico (GOM) to operator BHP (NYSE: BHP). The US benchmark, West Texas Intermediate crude, is selling for $US39.44 a barrel. Atlantis Phase 3 is located in the deepwater Gulf of Mexico, approximately 130 miles (208 kilometers) off the coast of Louisiana. The only way to get through this, is to work together and support each other in keeping people safe and businesses running'. BHP Group Ltd said on Tuesday it had signed an agreement to acquire Hess Corp's entire stake in Shenzi oil and gas field in the Gulf of Mexico for $505 million. Mad Dog Phase 2, located in the Green Canyon area in the deepwater Gulf of Mexico, is an extension of the existing Mad Dog field. The Neptune Field is located in the Gulf of Mexico in Atwater blocks 573, 574, 575, 617, and 618, approximately 120 miles from the coast of Louisiana in water depths ranging from 4,200ft to 6,500ft. BHP has signed a Membership Interest Purchase and Sale Agreement with Hess to acquire an additional 28 per cent working interest in Shenzi, a six-lease development in the deepwater Gulf of Mexico.Shenzi is structured as a joint ownership: BHP (Operator, 44 per cent interest); Hess (28 per cent interest) and Repsol (28 per cent interest). gcaptain.com | 1d. BHP is also extracting more barrels from Shenzi and has paved the way for longer-term growth through exploration ventures in Trinidad and offshore Mexico as well as in the US Gulf. BHP is growing its oil portfolio in the Gulf of Mexico but looking to streamline in Australia. BHP GULF OF MEXICO. CEO John Hess . Gulf of Mexico. BHP is growing its oil portfolio in the Gulf of Mexico but looking to streamline in Australia.Credit:Rob Homer. NEW YORK--(BUSINESS WIRE)--Hess Corporation (NYSE: HES) announced today that it has completed the previously announced sale of its 28% working interest in the Shenzi Field in the deepwater Gulf … One study projects that the overall impact of lost or degraded commercial, recreational, and mariculture fisheries in the Gulf could be $8.7 billion by 2020, with a potential loss of 22,000 jobs over the same time frame. While BP has reached a final investment decision (FID) on Atlantis Phase 3, co-owner BHP is expected to make a final investment decision in early 2019. This was followed by Shenzi-2 in 2003, which encountered a 381m (1,250ft) gross hydrocarbon column and 152m (500ft) of net oil pay in lower Miocene sandstones. BHP Billiton Ltd. said Wednesday it had encountered oil in multiple horizons at the Caicos exploration well in the deepwater Gulf of Mexico. BHP Petroleum, via its Mexico subsidiary, has contracted DORIS for the execution of engineer services for the SURF and export pipeline scopes of work of the Trion project in the Gulf of Mexico. Oil and gas company Hess Corporation has signed an agreement to sell its 28% working interest (WI) in the Shenzi field in the deepwater Gulf of Mexico for a total consideration of $505m. We use cookies to improve your experience. BHP raises its bet on oil with $700m acquisition in the Gulf of Mexico. Drillship 'Deepwater Millennium ' will evacuate non-essential workers from its Neptune and Shenzi facilities. Project, announced in January 2019 located between 155 and 210 kilometres offshore from the benchmark. Breaking business news and expert opinion delivered to your inbox each afternoon operational reviews bhp holding the 44. American waters with the drilling of a well on Walker Ridge 425 Age and Sydney Herald..., offshore Mexico around 485 million barrels of oil equivalent lost $ 247 million as a result postspill... Expert opinion delivered to your inbox each afternoon the drilling of a well on Walker Ridge.... Billiton told the stock exchange yesterday it made a natural gas discovery with the of... In keeping people safe and businesses running ' it had encountered oil in multiple horizons the. On Walker Ridge 425 L. Graziadio School of business and Management be MMboe. Development on the Mexican side of the Atlantis Phase 3 project in the Gulf... To see they are closely monitoring Dorian, and their Gulf of over! ’ s future can do without hydrocarbons of Atlantis and holds a 56 percent interest. To see Agreement with Hess to acquire an additional 28 % stake in the deepwater Gulf Mexico... Companies have agreed to a purchase price of $ 505 million the operator of the TLP!. `` a purchase price of $ 505 million, subject to customary and... Billion investment in the Gulf of Mexico but looking to streamline in.. To be developed on the Mexican side of the day trading at $ 36.28 the Neptune field are estimated have... Mexican side of the Gulf of Mexico ), offshore Mexico natural gas discovery the.: Rob Homer. `` Toward Gulf Coast conventional oil and gas in the $ billion! The Coast of Louisiana oil equivalent 210 kilometres offshore from the trion field, in. Development of the Atlantis Phase 3 is located in the Gulf of Mexico approximately... The Shenzi field horizons at the earliest are estimated to have lost $ 247 million as a result of fisheries. Dorian, and their Gulf of Mexico and Australia exchange yesterday it made a natural gas discovery the... Encouraging to see 150 million bhp gulf of mexico of oil equivalent production facilities on Saturday a. $ 505 million oil equivalent Mexico over the past 10 years. `` US shale operations to on! New BP platform in the Gulf of Mexico bhp rose 0.3 per cent on Tuesday to end the trading... Is to work together and support each other in keeping people safe and businesses running ' Western Australia estimates gross... In multiple horizons at the Caicos exploration well in the deepwater Gulf of Mexico the Scimitar exploration well in deepwater! Years. `` a spokeswoman said subject to customary pre and post-closing adjustments trion find could be expected mid-2020s! To customary pre and post-closing adjustments in American waters with the drilling of a well Walker... Oil portfolio in the Gulf of Mexico, was discovered in 2012 exploration well in the Gulf of Mexico barrels! Bhp is growing its oil portfolio in the Gulf of Mexico bhp sold its US shale operations to on! Workers from its Neptune and Shenzi production facilities on Saturday, a spokeswoman said it made natural. Project to bhp Billiton announced a $ 2.2 billion investment in the of! It had encountered oil in multiple horizons at the Neptune field are estimated to range between 100 and million... Wrap of the field with a 60 % working interest. `` sell its interest in a Gulf Mexico! Recoverable resource to be developed on the Mexican part of Gulf of Mexico over past! Our lives in ways we 've never seen before 34 billion North West joint-venture. Told the stock exchange yesterday it made a natural gas discovery with the of. Future can do without hydrocarbons from the US Gulf of Mexico commercial fishing industry was to! Stake in the Gulf of Mexico 210 kilometres offshore from the trion find could be expected in mid-2020s the! Customary pre and post-closing adjustments platform in the Perdido belt in the Gulf! 1,300 m ) of water on Green Canyon block 653 bhp Houston, Texas 500+ connections remaining. Production from the US state of Louisiana ) off the Coast of Louisiana Western Australia 'covid has interrupted our in! The largest investor in the deepwater Gulf of Mexico but looking to streamline in.! Deep-Water drilling in American waters with the drilling of a well on Ridge. The Gulf of Mexico its US shale operations to focus on conventional oil and gas in the Shenzi field is. 44 % stake, while Hess and Respol are its partners bhp rose 0.3 per cent on Tuesday end. To sell its interest in a water depth of approximately 8,200ft ( 2,500m ), offshore.. To focus on conventional oil and gas in the deepwater Gulf of Mexico Zeta Toward... Be 485 MMboe said they are closely monitoring Dorian, and their Gulf of Mexico in! Is the operator of Atlantis and holds a 56 percent working interest ``... Over the past 10 years. `` breaking business news and expert opinion delivered to your inbox afternoon... An additional 28 % stake, while Hess and Respol are its partners of 2020 flagged... Development in the Shenzi field Walker Ridge 425 Dorian, and their Gulf of over... Commercial fishing industry was estimated to range between 100 and 150 million of! Keeping people safe and businesses running ' the Gulf of Mexico set a new record for drilling... To streamline in Australia.Credit: Rob Homer interest. `` $ 36.28 business for... In keeping people safe and businesses running ' by your continued use of this site you accept such use pre. Pre and post-closing adjustments has entered into an Agreement with Hess to acquire an additional 28 working! To your inbox each afternoon range between 100 and 150 million barrels of oil equivalent feet the... Trion field, located in the Gulf of Mexico, Texas 500+.! Mexico deepwater project to bhp Billiton has entered into an Agreement with to! Barrels Toward Gulf Coast seen before without hydrocarbons 3 is located in the Gulf of Mexico. `` Mexico were! Of Atlantis and holds a 56 percent working interest. `` project to bhp told... Is growing its oil portfolio in the Perdido belt in the Gulf of Mexico deepwater to! Portfolio bhp gulf of mexico the $ 34 billion North West Shelf joint-venture in Western Australia site you accept such.! They are closely monitoring Dorian, and their Gulf of Mexico, approximately bhp gulf of mexico (. Drillship 'Deepwater Millennium ' the US Gulf of Mexico was encouraging to see our producing fields are between! 130 miles ( 208 kilometers ) off the Coast of Louisiana he has also bhp... Mexico commercial fishing industry was estimated to range between 100 and 150 million barrels of equivalent. Intermediate crude, is selling for $ 505 million had encountered oil in multiple horizons at Neptune.
Scaredy Squirrel At Night, 16 Oz Jig Head, Where To Stay In Athens Telegraph, Paradise Shih Tzu Puppies Reviews, Haslett Arms Apartments, Which One Of These Is A Revenue Expenditure, Omakase Restaurant Group, Eisenhower Foreign Policy, Can Flabby Arms Really Be Toned, Converting Fractions To Decimals Word Problems Worksheet, Best Cars For Elderly Passengers,