Region-wide Gulf lease sale yields $244.3 million in high bids
The region-wide Gulf of Mexico Lease Sale 252 generated $244,299,344 in high bids for 227 tracts covering 1,261,133 acres in federal waters of the Gulf of Mexico. A total of 30 companies participated in the lease sale, submitting $283,782,480 in all bids.
Lease Sale 249 in 2017 saw $121 million in high bids, while Lease Sale 250 in 2018 had $124 million in high bids. Lease Sale 251 had $178 million in high bids.
Lease Sale 252 included 14,699 unleased blocks, located from 3 to 231 miles offshore in the Gulf's Western, Central and Eastern Planning Areas, in water depths ranging from 9 to more than 11,115 feet.
"The Gulf of Mexico remains a premier basin, covering about 160 million acres. It holds about 48.5 billion barrels of oil and 141 trillion cubic feet of undiscovered and technically recoverable gas," said Acting BOEM Director Walter Cruickshank.
For more information, visit www.doi. gov or call (504) 731-7815.
Chevron eyes 900,000 b/d from Permian by yearend 2023
Chevron Corp. unveiled it is expanding production over the next five years in the Permian Basin. Chevron's outlook is supported by strong performance in the Permian Basin, where the company has added almost 7 billion barrels of resource and doubled its portfolio value over the past two years. Permian unconventional net oil-equivalent production is now expected to reach 600,000 barrels per day by the end of 2020 and 900,000 barrels per day by the end of 2023.
The company's unique position in the Permian is "characterized by long-held acreage, zero-to-low royalty on more than 80 percent of our land position, and minimal drilling commitments," said Jay Johnson, executive vice president, upstream. These attributes, together with the deployment of new technologies, are driving higher returns, stronger cash flows and increased value.
For more information, visit www. chevron.com or call (925) 842-1456.
ExxonMobil adds 4.5 billion barrels to reserves
Exxon Mobil Corp. has added 4.5 billion oil-equivalent barrels of proved oil and gas reserves in 2018, replacing 313 percent of the year's production.
ExxonMobil's proved reserves totaled 24.3 billion oil-equivalent barrels at yearend 2018. Liquids represented 64 percent of the reserves, up from 57 percent in 2017.
ExxonMobil's reserves life at current production rates is 17 years. Over the past 10 years, ExxonMobil has added proved oil and gas reserves totaling approximately 17 billion oil-equivalent barrels, replacing 108 percent of produced volumes, including the impact of asset sales.
For more information, visit www. exxonmobil.com.
BSEE: Key to energy security lies within offshore industry
Bureau of Safety and Environmental Enforcement (BSEE) Director Scott Angelle recently emphasized BSEE's commitment to safe and environmentally sustainable energy production.
"BSEE's portfolio is offshore safety, providing leadership in environmental stewardship and making sure we are doing what we can to help America achieve energy security," said Angelle.
Angelle also emphasized BSEE's focus on driving safety performance and environmental stewardship through innovation and collaboration.
"When compared to calendar year 2016, in 2018, BSEE increased overall inspections, spent more time physically inspecting equipment, implemented more safety and environmental initiatives, and expanded its focus beyond prescriptive regulatory compliance to include managing and mitigating risk," said Angelle. "We are not looking at an 'either/or' approach; we are instituting the 'and' equation. We can have robust production, and it will be safe and responsibly produced."
For more information, visit www.bsee. gov or call (504) 736-2595.
BP starts gas production on third major project in 2019
BP Trinidad and Tobago (BPTT) unveiled first-gas production from its Angelin development. The project was delivered on time and under budget.
The Angelin development, originally discovered by the El Diablo well in 1995, includes a new platform and four wells. It is located 60 kilometers off the southeast coast of Trinidad in a water depth of approximately 65 meters.
The new platform, BPTT's 15th installation offshore Trinidad & Tobago, has a production capacity of 600 million standard cubic feet a day. Gas flows from the platform to the existing Serrette hub via a new 21-kilometer pipeline.
BP Upstream Chief Executive Bernard Looney said, "This safe and successful startup, less than two years after sanction, is a credit to our BP teams and contractors. Angelin is BP's 22nd new upstream project to come on line in just over three years and reflects our commitment to do what we said we would, safely and competitively."
For more information, visit www. bp.com or call +44 (0)20 7496 407.