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The largest oil and gas project ever developed in the Republic of Congo has started production, multinational oil giant Chevron confirmed Friday morning.
Atwood’s new contract for the rig is 60 percent smaller than a previous three-year contract with Noble.
The world’s largest offshore operator is also cutting back its workforce and consolidating most of its support functions in Houston.
Appraisals of the Chevron’s Anchor discovery deep in the Gulf of Mexico indicate the prospect could hold large stores of oil, but more testing needs to be done, Chevron and its partners announced Thursday.
OTC Tech Awards: WiSub helps deepwater developers maintain power and data connections from the sea floor
In today’s undersea oil and gas industry, an astounding amount of data and power runs up and down the drillstring and out across the seafloor. It’s a constant struggle to send power down and data up.
Total production of the project is expected to reach about 300 million cubic feet of gas and 3,000 barrels of liquids per day from two wells.
The number of wells will fall this year, but drilling should recover by next year as oil companies “seize their chance to drill at lower cost,” the report notes.
The flurry of drilling may be slowing on land because of falling oil prices, but production in the Gulf of Mexico shows no signs of slowing down, a new report finds.
Anadarko executives said on a Tuesday call with analysts that capital expenditures would fall in 2015, though they offered few specifics.
Oil has begun flowing at the Jack/St. Malo project in the deep-water Gulf of Mexico.