Over the past year private…
A looming supply side risk…
Amid dollar strength, Nigerian truce…
Having originally set out from Korea, where it was built by the Daewoo Shipping and Marine Engineering Co., Chevron’s Big Foot deep water offshore platform has recently arrived in Texas after a three month voyage.
The monstrous rig left Korea in December aboard the Dockwise Mighty Servant 1 and arrived at Ingleside, Texas in early March where work will continue to receive more work at the Gulf Marine Fabrication yards in Aransas Pass, in order to prepare it for service in the Gulf of Mexico.
Water production, and water injection systems will be attached to the rig before it will be sent to the Gulf of Mexico in 2014 to a well 225 miles south of New Orleans where it will begin producing oil in 5,200 feet of water later that year.
Related article: Why the Rush to Return to the Gulf of Mexico?
The Big Foot platform has the capacity to process 75,000 barrels of oil and 25 million cubic feet of natural gas a day. Chevron estimates that the field where Big Foot will operate has a 20 year life, and a potential of more than 200 million barrels of recoverable oil equivalent.
Chevron, who will operate the platform, owns 60% of the $4.1 billion project; with Statoil owning 27.5%; and Marubeni the other 12.5%.
By. Charles Kennedy of Oilprice.com
Charles is a writer for Oilprice.com