• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 3 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 14 hours Will Uncle Sam Step Up and Cut Production
  • 2 days Movie Script: Epstein Guards Suspected Of Falsifying Logs
  • 20 hours In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 16 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 3 hours Continental Resource's Hamm (Trump Buddy) wants shale to cut production.Can't compete with peers. Stock will drop in half again.
  • 3 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 1 day Significant: Boeing Delays Delivery Of Ultra-Long-Range Version Of 777X
  • 12 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 2 days I think I might be wrong about a 2020 shakeout
  • 2 days Kremlin Says WTO's Existence Would Be In Doubt If the U.S., Others Left
  • 52 days To be(lieve) or Not To be(lieve): U.S. Treasury Secretary Says U.S.-China Trade Deal Is 90% Done
  • 2 days Why Oil is Falling (including conspiracy theories and other fun stuff)
Oil Demand Growth Slowdown Isn’t Over Yet

Oil Demand Growth Slowdown Isn’t Over Yet

Oil demand growth forecasts continue…

Oil Markets Battle For Stability

Oil Markets Battle For Stability

After a dire week for…

Chevron Makes Major Oil Discovery In Deepwater Gulf Of Mexico

BP oil rig Gulf of Mexico

Chevron has struck a significant oil discovery at the Ballymore prospect in the deepwater U.S. Gulf of Mexico, the corporation said late on Tuesday.

The Ballymore prospect lies in the Mississippi Canyon area of the U.S. Gulf of Mexico, some three miles from Chevron’s Blind Faith platform, in water depth of 6,536 feet. Chevron, operator of the Ballymore prospect with a 60-percent stake, and co-owner Total with 40 percent, are currently drilling a sidetrack well to further assess the discovery and begin to define development options, the U.S. supermajor said.

“This discovery is an important addition to our portfolio, especially with its combination of size, quality and proximity to existing infrastructure,” said Jeff Shellebarger, president of Chevron North America Exploration and Production.

“While already deemed commercially viable, we will work together on the appraisal of this discovery and a cost-effective scheme to ensure a rapid, low breakeven development”, Arnaud Breuillac, President Exploration & Production at Total, said in the French company’s statement about the discovery.

“Ballymore is the largest discovery by Total in the prolific Gulf of Mexico and bolsters our new exploration strategy put in place since 2015”, Kevin McLachlan, Senior Vice President Exploration at Total, said.

After three years of depressed investment and activity, the Gulf of Mexico is set to stage a comeback this year, energy consultants Wood Mackenzie said in a new insight earlier this month.

Related: China, U.S. Join Forces In EV Race

The U.S. tax overhaul “drastically increased the fiscal competitiveness of deepwater Gulf of Mexico, relative to other offshore basins,” WoodMac said.

“Although deepwater Gulf of Mexico has taken quite a beating over the last three years, the industry has clawed its way back to being competitive by significantly cutting costs, improving efficiencies and tightening up the supply chain. 2018 will be a forward looking year for the sector as it lays the foundation for longer term resurgence in 2019 and beyond,” William Turner, Wood Mackenzie’s Senior Research Analyst and lead author of the insight, said.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com: 



Join the discussion | Back to homepage

Leave a comment
  • Bill Simpson on January 31 2018 said:
    Like in Texas, there is probably a lot more oil down there in the deep water, where drilling hasn't been nearly as extensive as on land, or on the shallow continental shelf where many thousands of wells have been drilled. Horizontal wells might be able to get a lot more oil out of the existing fields too.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play