Coming up .. what to watch in the oil patch
- Apache is gearing up to drill its first exploration well in Block 58, offshore Suriname. This is slated to be drilling sometime around mid-September. The Noble Sam Croft is the contracted drillship, and presently it is drilling off the coast of Louisiana at Gladden Deep. Suriname shares a massive basin with Guyana and is hoping to replicate Exxon’s series of 13 discoveries in Guyana. Apache’s block 58 is adjacent to Exxon’s Hairmara find.
- Right next door in Guyana, HESS has announced the arrival of the Liza Destiny at the Stabroek Block (the scene of the Exxon/Hess discoveries). This is Guyana’s first oil production vessel and is definitely worth keeping an eye on progress. This means that the development of Liza Phase 1 is on track to start by Q1 2020, with plans to produce 120,000 gross barrels of oil per day.
- Watch Kosmos Energy’s progress on an agreement to sell down stakes in projects off the coast of Mauritania and Senegal (partner is BP). This deal is expected to see some sort of agreement by the end of the year. Kosmos is looking to reduce its 30% stake in Senegal and its 28% stake in Mauritania. Kosmos would hold on to a 10% stake. The stakes are part of the Greater Tortue Ahmeyim gas project, which includes the Tortue floating liquified natural gas (FLNG) facilities, which will produce 2.5 million tonnes of LNG per year.
- Investors might also do well to keep an…