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In disaster's wake, British Petroleum doubles down on deepwater despite surging shale

In disaster’s wake, British Petroleum doubles down on deepwater despite surging shale

In disaster’s wake, British Petroleum doubles down on deepwater despite surging shale

Approximately 300 bp currently travel 150 miles here by helicopter from the Louisiana coast to the offshore drilling rig that can produce more oil in one day a facility in West Texas can pump in a year.

At Thunder Horse Bridge, working two-week shifts drink sea water desalination plant and eat ribs and chicken transported by boat. At the bottom of the ocean, robots provide eyes and arms at a distance, while drills draw up to 265,000 barrels per day.

“There’s a whole city below us,” said Jim Pearl, chief of the Navy’s team on the platform.

This is just one of four platforms in the Gulf of Mexico, where BP has bet its future on oil production in the United States.

Seven years after the Deepwater Horizon oil spill and oil spill, BP accuses ten billion dollars of the possibility of reducing offshore drilling costs by half or more – as shale oil producers have on land.

The company says it can do so without paying an estimated cost of $ 61 billion and damages caused by the worst spill in history – and without compromising security.

BP Gulf Platforms are essential for a global strategy to require 17 billion annual investment through 2021 to increase production by 5% annually, said CEO Bob Dudley investors recently.

“Our strategy is to make this investment that we have spent so much money on the platform’s capacity, and Richard Morrison, BP’s regional president for the Gulf of Mexico, told Reuters in the first round of a BP drilling platform Gulf from disaster. “They are also exploring the large oil pools.”

Deep-water double down BP is the even more striking contrast with its main competitors, who have cooled foreign investment in the light of cost reduction and a faster return plays in shale land.

While BP American developments on the ground, the company is particularly absent from the industry’s precipitation in Permian Basin West Texas shale oil fields.

Majors such as Exxon Mobil Corp., Chevron Corp. and Royal Dutch Shell, have maintained Gulf operations, but have focused their expansion on the United States of shale. Exxon Mobil has doubled its size in the Permian in a deal earlier this year.

Freeport-McMoRan and Devon Energy Corp. have all left Gulf drilling in recent years. Anadarko Petroleum Corp. had a $ 435 million reduction in May on its Shenandoah Gulf project, deciding that it could not enjoy oil prices by around $ 50 a barrel.

“In a world of $ 50 to $ 60, we have always felt that the development of Greenfield, in the Gulf, in particular, has been questioned enough,” said Anadarko’s CEO, Al Walker, investors last month.

Oil prices fell sharply last week, standing at the lowest at $ 40 a barrel.

BP said its next Gulf development – Phase 2 of Mad Dog 9 billion – would be profitable even at $ 40 a barrel. In 2013, BP announced that it could not start new Gulfwater deepwater projects at prices below $ 100 a barrel.

Billion barrels

Over time, BP offshore expansion could generate a big gain. The company announced last month that it had discovered a thousand additional barrels of oil below its four boldly-called Gulf platforms: Thunder Horse, Atlantis, Na Kika and Mad Dog.

The research – worth more than $ 40 billion at today’s market prices – is more than three times proven reserves in the Na Kika area or the equivalent of three new fields in the Gulf.

“It looks like every decade there’s another breakthrough” that opens up most Gulf oil, Morrison said on deck Thunder Horse.

On the shoulder, a three-mile driller operated a new well that will boost production on the massive platform.

Following the 2010 BP disaster, deepwater production was reduced by a moratorium on drilling in the United States government for six months and already uncertainty about regulation. But production has rebounded to new highs until the end of projects sanctioned there for years, and existing centers, such as the development of Thunder Horse.

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