TotalEnergies

The oil price downturn spawned a lull in deepwater enthusiasm, but better project execution and reduced project lead times have helped operators achieve lower costs and better returns. What does the landscape for deep water look like in the near term? Will operators get more involved?

The French major is racking up barrels of deepwater production as part of its large-scale West African push.

Chevron, ConocoPhillips, Equinor, Shell, and Total are among nine firms looking to explore the Pearl River Mouth Basin.

The French major will become operator of the Ruwais Diyab concession, and ADNOC says additional companies are lining up to partner on the emirate’s other unconventional areas.

Despite a trend toward renewables and low-carbon energy production among European majors, Total remains wholeheartedly committed to deepwater production.

The company will manage the position-keeping for the deepwater project offshore Nigeria, which is scheduled to start production later this year.

Sanctioned in 2014, the project is the largest deepwater offshore development in Angola. It will produce an estimated 230,000 BOPD from six different fields at peak.

The $1.5-billion deal delivers a world market share of 10%, including a 16.6% stake in the US Cameron LNG project.

Total is determined to push ahead with its plans to drill for oil in the Amazon basin, it said on 1 June as Greenpeace activists interrupted its annual general meeting in protest over the project.

The US re-imposing sanctions on Iran has prompted Total to consider dropping its stake in a project designed to bolster output from the world’s largest gas field.