8,433 Active Recruiters     Over 2 Million Candidates Globally

  1. Keep me logged in
  2. forgot password

Checkout Jobs Basket (0)

You can checkout a maximum of 150 jobs.

Signup Better for Candidates

  • Create a free virtual CV and let recruiters find you
  • Automatically have your profile matched to suitable Oil & Gas positions
  • Link to your profile using it as a free online CV
  • Store all your employment documents to your profile for easy sending
  • Always receive feedback on positions applied for

Signup Better for Recruiters

  • Suitable candidates automatically matched to your position
  • View candidate profiles for free
  • No more waiting for candidates to respond to job advertisements
  • Only ever pay when you match a candidate to a position
  • No more cold calling and sorting through out dated CVs

BP Approves Latest Expansion at Giant Gulf of Mexico Thunder Horse Field

Published in Oil Industry News on Wednesday, 8 May 2019

Graphic for News Item: BP Approves Latest Expansion at Giant Gulf of Mexico Thunder Horse Field

BP has given the green light to its Thunder Horse South Expansion Phase 2 project in the deepwater Gulf of Mexico, further boosting output at one of the region's largest fields by 50,000 b/d oil equivalent gross after two recent earlier expansions.

The expansion project, sited two miles south of the existing Thunder Horse platform, will add two new subsea production units in the near term, and eventually eight wells to be drilled overall, BP said in a statement Monday.The company declined to disclose the cost of the project, which it characterized as "major."

Hot Tip

Thousands of recruiters use oilandgaspeople.com to post jobs and find suitable candidates. We are the industry’s most popular job and news site. If you are in the market for a new job you need to have a profile on our site.

First oil is expected in 2021. The Thunder Horse platform can produce 250,000 b/d of crude oil and 200,000 Mcf/d of natural gas.

This latest project follows at least two other major expansions in recent years at Thunder Horse, discovered in 1999. An earlier South Expansion project in early 2017 also raised production at the field by an additional 50,000 boe/d. And, last October, the Thunder Horse Northwest Expansion project came online and is anticipated to boost production an estimated 30,000 boe/d.

BP's latest announcement adds to a growing list of new activities in the US Gulf that include exploration, development and field expansions.

"Over the past few years, deepwater has gotten into shape, offering faster return on investment, earlier cash flow and shorter cycle times," William Turner, Gulf of Mexico analyst for Wood Mackenzie, said in a presentation to the Offshore Technology Conference.

"We're seeing some indication that the investment pendulum is starting to swing back to deepwater," Turner said. "It's long and slow but we're headed that way."

Starlee Skyes, BP's regional president for the Gulf of Mexico and Canada, said her company's latest expansion at Thunder Horse will "[unlock] significant value" and grow an already high-margin business.

"It also highlights our continued growth and momentum in a region that will remain a key part of BP's global portfolio for years to come," Sykes added.

BP's expansions also follow a public show of renewed enthusiasm for upstream US Gulf activity. In January, the company said it was "back with a vengeance" in the Gulf after having paused its active program there after the Macondo oil spill in the region in 2010.

In January 2019, BP, which produces more than 300,000 boe/d from the US Gulf and expects to hit 400,000 boe/d by the mid-2020s, said recent breakthroughs in advanced seismic imaging had identified an additional 1 billion barrels of oil in place at Thunder Horse, which suggested an added potential for further development in the future.

The attention BP has paid to technology in its US Gulf operation has also resulted in more and better quality finds. The company said in January that 70% of its offshore wells are now top quartile, versus 25% in 2013, and well completion costs are down 70%.

As a result, a business which just two years ago was "flat to down" is now a growth engine, it said.

Aside from BP, most operators that stayed in the Gulf through the industry downturn of 2015-17 have recently said they are eager to return to exploration and appraisal work in the region.

Hess, for instance, outlined in late December applauded the region's opportunities and outlined plans for its first US Gulf exploration well in years, while Murphy Oil is actively exploring and developing a former Anadarko Petroleum discovery, Samurai.

Moreover, consolidation has taken place in the Gulf and more is expected. Last year, small Gulf operator Talos Energy bought veteran Gulf player Stone Energy, while Kosmos Energy entered the US offshore arena by purchasing Deep Gulf Energy.

With the international production base declining, operators are stepping up exploration offshore in Mexico and Central America as well as sub-Saharan Africa, Western Egypt, and the Norwegian North Sea, Evercore ISI analyst James West said.

"There is a sizable pipeline of [final investment decisions] moving to sanction," West said.

Source: www.spglobal.com/

Please leave comments and feedback below


Gulf of Mexico Oil and Gas, BP Oil and Gas, Oil and Gas News

Oil and Gas News Archive

Latest Oil & Gas News

Featured Companies

  • View All JobsOMPA

    Offshore Marine People & Academy (OMPA) is a global provider of personnel and training to the renewables, oil & gas, telecommunications and marine industries.

    With over 15 years' industry experience, we work with candidates to match them to the right roles and equip them with the skills and knowledge needed to succeed. Our job is to exceed your expectations.

    Visit us online: offshorempa.com

  • View All JobsChronos Oil and Gas

    Chronos Oil and Gas is one of the fastest growing and best placed recruitment agencies in the sector.

    With over 300,000 candidates on our database and an international team of specialist recruiters we work with clients to staff major projects around the world.

    Register your CV at www.chronosoilandgas.com

  • View All JobsNatural Resources

    Natural Resources is a UK based recruitment company providing personnel of all disciplines and nationalities worldwide.

    We represent clients and candidates at all levels who operate globally within oil & gas, renewables, nuclear, power, mining, marine, drilling, construction and petrochemicals. Our client base includes energy and construction.

    Visit Natural Resources at natural-resources.com