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Released June 02, 2022 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Australian oil and gas major Woodside Energy Group (Perth, Australia) has completed its previously announced all-stock merger with mining giant BHP Group Limited (NYSE:BHP) (Melbourne, Australia) to acquire BHP's oil & gas operations. Industrial Info is tracking US$2.45 billion in active Oil & Gas Production projects attributed to BHP, with most of the activity in two oilfields in the Gulf of Mexico, and US$11.88 billion in active projects for Woodside.
"The merger delivers a diverse portfolio of quality operating assets, plus a suite of growth opportunities across oil, gas and new energy," said Meg O'Neill, chief executive officer of Woodside. "We believe the completion of the merger will enable Woodside to play a more significant role in the energy transition that is imperative as we respond to climate change while ensuring reliable and affordable supplies of energy to a growing and aspirational global population."
BHP's oil and gas assets include the Shenzi Field in the U.S. Gulf of Mexico, where several projects are planned for the coming years. In June 2023, a production drilling project is expected to begin, which involves drilling two wells with a capacity expected to reach about 30,000 barrels of oil equivalent (BOE/d). Completion is expected in March 2024. The field is estimated to hold recoverable reserves of between 350 million and 400 million BOE/d.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Project Database can click here for related project reports.
The majority of BHP's active oil and gas spending is for its Trion Deepwater Field Development Project in the Mexican side of the Gulf, of which it owns a 60% stake. Mexican national oil company Pemex (Mexico City) owns the remaining 40%.
This includes a US$800 million grassroot floating production unit (FPU) at the site and an accompanying grassroot floating, storage and offloading unit, which are expected to begin construction in October 2023, with completion in 2025.
A 2024-2025 drilling program would include 12 production wells, natural gas injection wells and water injection wells, and a subsea equipment installation involves constructing a crude oil export pipeline also to be connected with the FPU, among other components. Subscribers to Industrial Info's GMI database can click here for the project reports.
BHP in February announced capital and exploration expenditures of US$2.9 billion in the second half of 2021.
Meanwhile, Woodside announced total capital expenditures of US$762 million for the first quarter of 2022, up from US$385 million year over year. The company has projects planned across its three main pillars--"oil, gas and new energy," according to the company website.
Woodside expects to kick off major growth projects later this month related to the development of its Scarborough natural gas field offshore Western Australia and onshore Pluto liquefied natural gas (LNG) facility.
This includes a 400 million-standard-cubic-foot-per-day (MMCSF/d) FPU with eight wells in an initial phase and 13 wells drilled over the life of the field, according to the company website.
Meanwhile, a new, 430-kilometer natural gas pipeline will connect the FPU with the existing Pluto LNG plant, and a Train II expansion project would add a production capacity of 5 million tons per year to the plant, with first LNG cargo expected for 2026. Global Infrastructure Partners (GIP) (New York, New York) owns a 49% non-operating participating interest in the train, while Bechtel Corporation (Reston, Virginia) is the engineering, procurement and construction contractor for the project.
Subscribers can click here for a list of related projects.
Woodside's "new energy" strategy involves investing in solar generation projects, as well as renewable hydrogen and ammonia production. This includes a proposed 100-megawatt (MW) solar farm in Western Australia that could supply power to the Pluto facility. The project could be expanded to 500 MW. Subscribers to Industrial Info's GMI Power Project Database can click here for the project report.
Woodside also has plans to construct a liquid green hydrogen plant in Ardmore, Oklahoma (H2OK), which will use electrolysis of water to produce 90 tons per day of liquid hydrogen from a 290-MW unit. KBR Incorporated (NYSE:KBR) (Houston, Texas) has begun front-end engineering design (FEED) on the project, according to the company website. Subscribers to Industrial Info's GMI Chemical Processing Project Database can click here for the unconfirmed project report.
Woodside plans to cut Scope 1 and 2 emissions by 15% by 2025 and 30% by 2030, with a net-zero goal by 2050.
Industrial Info Resources (IIR) is the world's leading provider of market intelligence across the upstream, midstream and downstream energy markets and all other major industrial markets. IIR's Global Market Intelligence Platform (GMI) supports our end-users across their core businesses, and helps them connect trends across multiple markets with access to real, qualified and validated project opportunities. Follow IIR on: LinkedIn.
"The merger delivers a diverse portfolio of quality operating assets, plus a suite of growth opportunities across oil, gas and new energy," said Meg O'Neill, chief executive officer of Woodside. "We believe the completion of the merger will enable Woodside to play a more significant role in the energy transition that is imperative as we respond to climate change while ensuring reliable and affordable supplies of energy to a growing and aspirational global population."
BHP's oil and gas assets include the Shenzi Field in the U.S. Gulf of Mexico, where several projects are planned for the coming years. In June 2023, a production drilling project is expected to begin, which involves drilling two wells with a capacity expected to reach about 30,000 barrels of oil equivalent (BOE/d). Completion is expected in March 2024. The field is estimated to hold recoverable reserves of between 350 million and 400 million BOE/d.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Project Database can click here for related project reports.
The majority of BHP's active oil and gas spending is for its Trion Deepwater Field Development Project in the Mexican side of the Gulf, of which it owns a 60% stake. Mexican national oil company Pemex (Mexico City) owns the remaining 40%.
This includes a US$800 million grassroot floating production unit (FPU) at the site and an accompanying grassroot floating, storage and offloading unit, which are expected to begin construction in October 2023, with completion in 2025.
A 2024-2025 drilling program would include 12 production wells, natural gas injection wells and water injection wells, and a subsea equipment installation involves constructing a crude oil export pipeline also to be connected with the FPU, among other components. Subscribers to Industrial Info's GMI database can click here for the project reports.
BHP in February announced capital and exploration expenditures of US$2.9 billion in the second half of 2021.
Meanwhile, Woodside announced total capital expenditures of US$762 million for the first quarter of 2022, up from US$385 million year over year. The company has projects planned across its three main pillars--"oil, gas and new energy," according to the company website.
Woodside expects to kick off major growth projects later this month related to the development of its Scarborough natural gas field offshore Western Australia and onshore Pluto liquefied natural gas (LNG) facility.
This includes a 400 million-standard-cubic-foot-per-day (MMCSF/d) FPU with eight wells in an initial phase and 13 wells drilled over the life of the field, according to the company website.
Meanwhile, a new, 430-kilometer natural gas pipeline will connect the FPU with the existing Pluto LNG plant, and a Train II expansion project would add a production capacity of 5 million tons per year to the plant, with first LNG cargo expected for 2026. Global Infrastructure Partners (GIP) (New York, New York) owns a 49% non-operating participating interest in the train, while Bechtel Corporation (Reston, Virginia) is the engineering, procurement and construction contractor for the project.
Subscribers can click here for a list of related projects.
Woodside's "new energy" strategy involves investing in solar generation projects, as well as renewable hydrogen and ammonia production. This includes a proposed 100-megawatt (MW) solar farm in Western Australia that could supply power to the Pluto facility. The project could be expanded to 500 MW. Subscribers to Industrial Info's GMI Power Project Database can click here for the project report.
Woodside also has plans to construct a liquid green hydrogen plant in Ardmore, Oklahoma (H2OK), which will use electrolysis of water to produce 90 tons per day of liquid hydrogen from a 290-MW unit. KBR Incorporated (NYSE:KBR) (Houston, Texas) has begun front-end engineering design (FEED) on the project, according to the company website. Subscribers to Industrial Info's GMI Chemical Processing Project Database can click here for the unconfirmed project report.
Woodside plans to cut Scope 1 and 2 emissions by 15% by 2025 and 30% by 2030, with a net-zero goal by 2050.
Industrial Info Resources (IIR) is the world's leading provider of market intelligence across the upstream, midstream and downstream energy markets and all other major industrial markets. IIR's Global Market Intelligence Platform (GMI) supports our end-users across their core businesses, and helps them connect trends across multiple markets with access to real, qualified and validated project opportunities. Follow IIR on: LinkedIn.
