The US Gulf of Mexico region is welcoming a major shift in the type of exploration operators. Oil giants led by Exxon Mobil, the largest US oil company, are generally beginning to divest assets in the region, while small and medium-sized independent explorers in the US are filling vacancies in an effort to become The backbone of the region.
ExxonMobil "partial" abandonment of assets
According to Platts Energy's October 5 report, ExxonMobil is seeking to sell some of its assets in the US Gulf of Mexico to raise funds to develop the more attractive Permian basin, Brazil's subsalt oil and gas, and offshore oil fields in Guyana. .
ExxonMobil did not disclose which assets, oil or gas fields or leased areas may be sold, but its operational Julia and Hadrian South fields are located in the deep waters near the US territorial waters. Julia was discovered in 2007 and started in 2016 with a first phase production of approximately 34,000 barrels per day; Hadrian South was discovered in 2008 and started production in 2015.
ExxonMobil spokesman Julie King said: "We are evaluating the market benefits of some of the operational and non-operating assets in the US Gulf of Mexico, if there is a failure to meet the company's overall operational needs, fail to achieve financial goals and not highlight the company's potential value. Assets can only be stripped." The data shows that ExxonMobil's daily net production in several major oil and gas fields in the US Gulf of Mexico in 2017 was close to 100,000 barrels of oil equivalent.
The analysis pointed out that ExxonMobil "partially" abandoned the assets of the US Gulf of Mexico in order to "free up the development space" for shale oil and gas, subsalt basins and new oil and gas discoveries.
It is understood that Exxon Mobil has continuously discovered oil and gas resources in Guyana. By the end of August, it has acquired nine important oil discoveries in this small South American country, which further strengthened the company's oil and gas development prospects in Guyana. In addition, ExxonMobil plans to invest billions of dollars in the next few years to increase production in the Permian basin. Last year, it spent more than $5 billion to acquire exploration rights for some of Bass's land. This year it made a "to 2025" The annual production increase of the Permian production to 600,000 barrels per day or more.
Brazilian salt assets are equally attractive. At the end of September, Exxon Mobil and Qatar Petroleum jointly won the Tita exploration block in Brazil's fifth round of salt bidding, indirectly adding a new exploration area to the ExxonMobil Brazil Salt portfolio. ExxonMobil and Qatar Petroleum own 64% and 36% of the Tita exploration block, respectively, and ExxonMobil will be the operator.
World Oil pointed out that the Tita exploration block brought more than 71,500 net acres of exploration area to Exxon, which increased the company's total exploration area in Brazil to approximately 2.3 million acres. Steve Greenlee, president of ExxonMobil Exploration, said that by acquiring the Tita exploration block, ExxonMobil will continue to increase its stake in Brazilian salt assets, which is a good opportunity to improve the company's global asset portfolio.
Small and medium-sized companies become regional "new forces"
Right now, the US Gulf of Mexico is undergoing a shift in the type of exploration operators, and the “big retreat†is gradually becoming a trend. Oil giants led by ExxonMobil, BP and Shell have been withdrawing from the region after making progress in the past few years; headed by Apache and Devon Energy. American independent small and medium-sized oil and gas explorers are replacing it and becoming the backbone of the region.
Bloomberg News recently said that Shell is negotiating to sell the $1.3 billion worth of assets in the Caesar Tonga oil field in the Gulf of Mexico to Focus Oil. CNOOC's Nexen is also seeking to dispose of its stake in the Gulf of Mexico oil and gas business.
According to data from the US Marine Energy Administration (BOEM), Nixon did not lease a new exploration area in the Gulf of Mexico since it was acquired by CNOOC. Last year and this year, it sold parts of the area to Total and Cox Oil.
ExxonMobil used to be the most active buyer in the US Gulf of Mexico exploration area leasing tender, and the rental area has expanded over the biennial auction. In August, the company remained the highest-paid oil company in the second Gulf of Mexico rental sale this year, or $40.5 million. However, this still does not conceal the result of its “gradual drifting away†from the region.
Analysts pointed out that Apache and Devon Energy are shifting from shallow waters to deep waters, which makes their exploration experience more sophisticated and more sophisticated. Explorations such as Talos Energy and Kosmos Energy are following the footsteps of these companies and are “staking in the US Gulf of Mexicoâ€.
Talos Energy acquired Stone Energy, a veteran operator in the US Gulf of Mexico, in May and stressed that it will continue to seek acquisitions related to existing production cores. Kosmos Energy acquired Deep Gulf Energy in September and said it will further strengthen its exploration and development activities in the US Gulf of Mexico.
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