bhp gulf of mexico

Trion is an oil field under development on the Mexican side of the Gulf of Mexico. The Mexican operator estimates the gross recoverable resource to be 485 MMboe. The project includes a new floating production facility with the capacity to produce up to 140,000 gross barrels of crude oil per day from up to 14 production wells. BHP Group’s future can do without hydrocarbons. The BHP Board has approved BHP’s US$696 million (~AUD$973m) share in funding to develop the Atlantis Phase 3 project in the US Gulf of Mexico. Join to Connect. The Trion field, located in the Perdido belt in the Mexican part of Gulf of Mexico, was discovered in 2012. Overview of BHP Billiton's oil & gas operations in the Gulf of Mexico. To support its Gulf of Mexico business, bp maintains a logistics base in Port Fourchon, Louisiana, along with a heliport in Houma, Louisiana. First production from the Trion find could be expected in mid-2020s at the earliest. Opening of Mexico's oil & gas space gave BHP a major opportunity. These pipelines transport oil and gas from the Green Canyon area, where our US Gulf of Mexico fields are located, to connecting pipelines that transport product onshore. Previously, BHP sold its US shale operations to focus on conventional oil and gas in the US Gulf of Mexico and Australia. By Erwin Seba HOUSTON, Oct 26 (Reuters) – Oil producers on Monday shut offshore production and pulled workers off platforms in the U.S. Gulf of Mexico as the 27th named storm of the season strengthened into a hurricane and took aim at the U.S. Gulf Coast. 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. Hess Corp. has completed the sale of its 28% working interest in the Shenzi field in the deepwater Gulf of Mexico to BHP for $505 million. 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.. Offshore staff. Image taken in the US Gulf of Mexico, courtesy of BP. BHP oil rig | Gulf of Mexico. In February 2017, BHP Billiton announced a $2.2 billion investment in the new BP platform in the Gulf of Mexico. 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 … 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. 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. BHP GULF OF MEXICO. 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 raises its bet on oil with $700m acquisition in the Gulf of Mexico. Following the company's acquisition of Hess Corporation's shares, BHP's remaining partner in the venture will be Spain's Respol with 28 per cent. SYDNEY, Australia – BHP Billiton has accelerated its Wildling appraisal well to establish the resource scale and potential for commerciality of its Caicos oil discovery in the Gulf of Mexico, the company said in its half-yearly 2016 results. 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. Gulf of Mexico. Top Australian miner BHP is increasing its bet on the future of oil, shelling out $700 million to lift its stake in a large oil and gas field in the Gulf of Mexico. (Courtesy BHP) Offshore staff. Thirty percent stakeholder in the Stabroek Block, Hess Corporation, has completed the previously announced sale of its 28% working interest in the Shenzi Field in the deepwater Gulf of Mexico to BHP, the field’s operator, for a total consideration of $505 million, with an effective date of July 1, 2020. BHP Billiton told the stock exchange yesterday it made a natural gas discovery with the Vortex-1 wildcat in its Atwater Valley acreage. View Image Gallery . Production is expected to begin in CY2022. BHP Billiton has entered into an agreement with Hess to acquire 28% stake in the Shenzi field in the Gulf of Mexico. Australia’s BHP Billiton and the recently acquired Anadarko Petroleum submitted the largest dollar totals of high bids in US Gulf of Mexico Lease Sale 253. Exxon Mobil Corp and Occidental Petroleum said they are closely monitoring Dorian, and their Gulf of Mexico operations were operating normally. A concise wrap of the day on the markets, breaking business news and expert opinion delivered to your inbox each afternoon. BHP chief executive Mike Henry this year has embarked on plans to clean up the miner's portfolio including seeking to sell several coal mines and its stake in the Bass Strait oil and gas fields off Victoria's coast. Recoverable reserves at the Neptune field are estimated to range between 100 and 150 million barrels of oil equivalent. The companies have agreed to a purchase price of $505 million, subject to customary pre and post-closing adjustments. Future Mad Dog and Atlantis developments stand out. BHP Group’s future can do without hydrocarbons. Australian company BHP has set aside $256 million for another offshore well following a recent oil discovery at the Trion field, offshore Mexico. 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). Several wells underway in ultra-deepwater. In September, BHP will also spud the Scimitar exploration well in the Gulf of Mexico. Shenzi-1, which was drilled in 2002, encountered a gross hydrocarbon column of 142m (465ft) with a net pay of 42.5m (140ft). BHP is growing its oil portfolio in the Gulf of Mexico but looking to streamline in Australia. He has also flagged BHP would unlikely remain a long-term partner in the $34 billion North West Shelf joint-venture in Western Australia. The deal, which BHP said would allow it to add about 11,000 barrels of oil equivalent a day to its portfolio, comes after global oil prices collapsed and remain subdued as pandemic-related travel restrictions slash demand for fuel. Offshore staff. (Alliance News) - Anglo-Australian miner BHP Group on Tuesday said it will acquire an additional 28% interest in Shenzi, a six-lease development in the deepwater Gulf of Mexico … 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. "And that’s relative to 900 billion over the past 30 years.". Mr Henry has launched plans to boost BHP's exposure to the "future-facing" commodities nickel and copper, which are expected to greatly benefit from electrification due to their use as ingredients in electric batteries. Earlier reports by Pemex put Trion’s total P3 reserves at around 485 million barrels of oil equivalent. BHP. However, Mr Henry has said he continues to see positive growth and returns in oil investments for "at least the next decade" and would continue to explore opportunities. The field is operated by BHP Billiton with a 60% working interest. 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. gcaptain.com | 1d. CEO John Hess . 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. On 13 February 2019, the BHP Board approved the development of the Atlantis Phase 3 project in the US Gulf of Mexico. The benchmark Brent crude oil price, which collapsed from $US65 a barrel at the start of the year to below $US20 a barrel in April, is now trading around $US40. We use cookies to improve your experience. 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). bhp gulf of mexico. Offshore staff. To support its Gulf of Mexico business, bp maintains a logistics base in Port Fourchon, Louisiana, along with a heliport in Houma, Louisiana. Hess Corp. plans to sell its interest in a Gulf of Mexico deepwater project to BHP Billiton for $505 million. BP is the operator of Atlantis and holds a 56 percent working interest, with BHP holding the remaining 44 percent. 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). BHP GULF OF MEXICO. Shenzi-3, drilled by GlobalSantaFe’s drillship CR Luigs in May 2004, encountered hydrocarbons in lower Miocene-aged reservoirs with approxima… The US benchmark, West Texas Intermediate crude, is selling for $US39.44 a barrel. BHP Petroleum set a new record for deep-water drilling in American waters with the drilling of a well on Walker Ridge 425. UK-Australian resources firm BHP plans to buy the 28pc stake of US independent Hess in the Shenzi oil and gas field in the US Gulf of Mexico for $505mn, which will lift its stake in … This follows sanction by BP, as the operator, of the Atlantis Phase 3 project, announced in January 2019. Oil Producers Shut-In as Hurricane Zeta Barrels Toward Gulf Coast. The Shenzi TLP is installed in about 4,300 ft (1,300 m) of water on Green Canyon block 653. 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 approves US Gulf of Mexico project. By Erwin Seba HOUSTON, Oct 26 (Reuters) – Oil producers on Monday shut offshore production and pulled workers off platforms in the U.S. Gulf of Mexico as the 27th named storm of the season strengthened into a hurricane and took aim at the U.S. Gulf Coast. Shenzi produced an average of 11,000 net boe/d in the first eight months of 2020. 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). Pepperdine University, The George L. Graziadio School of Business and Management. Ms Slattery said. BHP oil rig | Gulf of Mexico. BHP produces oil and gas predominantly in our heartland basins of the US Gulf of Mexico, Australia, Trinidad and Tobago. Trion is a deep-water oil field planned to be developed on the Mexican side of the Gulf of Mexico. We are also working to find our future heartlands through an active appraisal and exploration program in Mexico, Trinidad and Tobago, Western Gulf of Mexico, and Eastern Canada. "We are purchasing the stake in Shenzi at an attractive price, it's a tier-one asset with optionality and key to BHP’s Gulf of Mexico heartland," said Geraldine Slattery, BHP's president of petroleum operations. 18 Feb, 2019. 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. Bhp is ramping down operations at its Shenzi and Neptune oil platforms in the Gulf of Mexico ahead of back-to-back storms moving into the region, a spokeswoman said on Sunday. The purchase price of the Shenzi field stake is $505m. The Gulf of Mexico commercial fishing industry was estimated to have lost $247 million as a result of postspill fisheries closures. BHP Billiton in 2016 submitted a winning bid to acquire a 60 percent interest in blocks containing the Trion discovery located in the deep-water Gulf of Mexico offshore Mexico. 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. Sign up for the Herald's here and The Age's here. BHP Petroleum set a new record for deep-water drilling in American waters with the drilling of a well on Walker Ridge 425. We operate two fields in the US waters of Gulf of Mexico – Shenzi (44 per cent interest) and Neptune (35 per cent interest). 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. "This transaction aligns with our plans to enhance our petroleum portfolio by targeted acquisitions in high-quality producing deepwater assets and the continued de-risking of our growth options." bhp gulf of mexico. Australia’s BHP Billiton and the recently acquired Anadarko Petroleum submitted the largest dollar totals of high bids in US Gulf of Mexico Lease Sale 253. 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. 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. BP is the largest investor in the Deepwater Gulf of Mexico over the past 10 years. Trion is a deep-water oil field planned to be developed on the Mexican side of the 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. BHP, formerly known as BHP Billiton, has approved $696 million in funding to develop the Atlantis Phase 3 project in the US Gulf of Mexico. In its Q1 2017 report, BHP Billiton says it was the apparent high bidder on two leases adjacent to the Scimitar prospect (GC260 and GC304) in the Central Gulf of Mexico Lease Sale 247. 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 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). 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. 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). BHP Billiton Ltd. said Wednesday it had encountered oil in multiple horizons at the Caicos exploration well in the deepwater Gulf of Mexico. On 13 February 2019, the BHP Board approved the development of the Atlantis Phase 3 project in the US Gulf of Mexico. To change your settings please see our, Financial results and operational reviews. 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. Despite the difficult circumstances, Geraldine Slattery (President Petroleum) said the mutual support in the Gulf of Mexico was encouraging to see. 'Covid has interrupted our lives in ways we've never seen before. BHP Group Ltd evacuated workers as it shut in production on the Neptune platform in the U.S.-regulated northern Gulf of Mexico, a company spokeswoman said. 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 … We hold non-operating interests in two other fields – Atlantis (44 per cent interest) and Mad Dog (23.9 per cent interest). 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