deepwater

The international major's low-cost development plan calls for a subsea tieback that will transport oil and gas through a single flowline to an existing floating production facility.

New long-term contracts between offshore drillers and equipment makers reduce downtime and risks associated with key components, from blowout preventers to risers.

Mexico’s long awaited deepwater auction saw 8 out of 10 blocks awarded but there remains plenty of work to be done before activity ramps up, including finalizing regulatory rules, upgrading ports, and optimizing the bid rules for future auctions.

The unique properties of deepwater formations pose significant ­challenges to the capabilities of conventional drilling rigs. Using automated drilling equipment, including MPD, efficiency and cost savings can accompany safety.

Mexico’s historic public tender for its deepwater real estate resulted in the awarding of eight out of 10 blocks on offer.

Successful rejuvenation of two declining fields was enabled through innovation in both engineering and procurement strategy.

The sharp downturn in the offshore oil business has sparked interest in using subsea pumps to add production. If those conversations turn into orders, it may convert this rarely used option into a commonly used tool for extending the life of offshore fields.

For deepwater development, panelists at OTC emphasized the need for scalable technology, the standardization and simplification of projects, patient capital investment in innovation, greater collaboration, and new perspectives coming from outside the industry.

Offshore exploration will be slow to come back as companies have delayed billions in projects through 2020. Exploration projects also must complete for funds with brownfields developments like EOR that potentially provide a shorter time to show a return.

A panel discussion at the 2016 OTC in Houston focused on the factors that influence deepwater developments, the scenario for the future, and the opportunities available within the industry. One key question asked was: What oil price is required to keep deepwater viable over the long term?