BP Doubles Down on Deepwater
oil fields of the West Texas Permian Basin. Majors including Exxon Mobil Corp, Chevron Corp and Royal Dutch Shell have maintained Gulf operations but focused expansions on U.S. shale. Exxon Mobil doubled its acreage in the Permian in a deal earlier this year. Freeport-McMoRan and Devon Energy Corp have pulled out of Gulf drilling entirely in recent years. Anadarko Petroleum Corp took a $435-million dollar write-down in May on its Shenandoah project in the Gulf, deciding it could not profit with oil prices hovering at about $50 a barrel. "In a $50 to $60 world, we always
Increase in Demand for the Hot Subsea Vessel Market
as this region continues to develop deepwater assets and move towards ultra deepwater (>2,000m) such as Petrobras’ pre-salt basins. A large amount of deepwater production has already occurred in Latin America with the vast majority off Brazil. Companies active include BG, BP, Chevron, Devon Energy, Petrogal/Galp, El Paso, Pemex (Mexico NOC), PDVSA (Venezuela NOC), Petrobras (Brazil NOC), Repsol, Shell, Statoil and Total. Expenditure in Latin America was left relatively unscathed by the economic downturn. The region is expected to have the largest vessel spend led primarily by Brazil,
February 2025
