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Released January 05, 2024 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--U.S. oil production is expected to grow by about 400,000 barrels per day (BBL/d) in 2024--a lower rate than the 1 million-barrel-per-day growth in 2023, but still profitable for the industry's top producers, according to analytics firm Enverus. As in previous years, much of the activity is centered around the Permian Basin and the Gulf of Mexico. Industrial Info is tracking more than $5.7 billion worth of active crude oil production projects across the U.S. that are set to begin construction through the end of March.
Click on the image at right for a graph detailing investments related to first-quarter crude oil-exploration kickoffs across the U.S., by parent company.
Ovintiv Incorporated (NYSE:OVV) (Calgary, Alberta), formerly Encana, bolstered its position last year in both the Permian Basin and Texas and Oklahoma's exploration and production (E&P) market. In the Permian, the company is preparing for a $420 million drilling program at its Nichols A oil lease and a $375 million program at its Wessendorff A oil lease, each of which is expected to drill 40 to 45 new wells through the end of the year. At its existing assets in Oklahoma, Ovintiv is preparing for 30 to 35 new wells at its lease in Kingfisher County and 25 to 30 new wells at its lease in Canadian County.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Project Database can learn more from detailed reports on the Nichols A, Wessendorff A, Kingfisher County and Canadian County projects. For more information on Ovintiv's overall ambitions, see April 4, 2023, article - Ovintiv Strengthens Hand in Permian Basin with EnCap Deal.
Last year saw one of the biggest marriages in the crude oil industry in recent memory: Chevron Corporation's (NYSE:CVX) (San Ramon, California) agreement to acquire Hess Corporation (NYSE:HES) (New York, New York). While much of the industry's attention has focused on how the deal would affect their assets offshore Guyana, where a conflict with Venezuela could be brewing, both companies have a swath of active projects across the Gulf of Mexico. For more on the deal, see October 24, 2023, article - Chevron to Buy Hess, Add Bakken Shale to Oil & Gas Holdings.
Chevron's Ballymore Field Development offshore Louisiana is expected to see drilling begin on five to 10 wells, while Hess' Pickerel-1 Field Development, about 50 miles to the west, is expected to see a new well drilled to explore an oil discovery made last summer. Subscribers can read detailed reports on the Ballymore and Pickerel-1 developments.
Shell plc (NYSE:SHEL) (London, England) has its own plans for the Gulf. The industry stalwart is preparing to drill a well in the Mississippi Canyon Oil Field in the coming weeks, and is overhauling a well in the Stone Oil Field to be tied back to its Turritella floating production, storage and offloading (FPSO) facility. Subscribers can read detailed reports on the Mississippi Canyon and Stone projects.
One of the largest oil-drilling projects set to move forward in early 2024 took a major step forward last month, when ConocoPhillips (NYSE:COP) (Houston, Texas) reached a final investment decision (FID) on its Willow oil-drilling project in Alaska, which is expected to produce 200,000 BBL/d, and up to 600 million barrels across the lifetime of the project. Subscribers can click here for a list of related project reports and learn more from Industrial Info's December 27, 2023, article - ConocoPhillips Reaches FID for Willow Oil Project in Alaska.
Another major Alaskan project is set to move forward in the coming months: the Pikka Development in the North Slope's Nanushuk Oil Field, a joint venture between Santos (Adelaide, Australia) (51%) and Repsol (Madrid, Spain) (49%). The project comprises an 80,000-BBL/d central processing facility (CPF); three drill sites, with 17, 31 and 30 well slots, respectively; and the tie-back of two exploratory oil wells (both from the 2019-20 drilling season) to the CPF. The full project currently is estimated to cost $2.6 billion. Subscribers can read detailed reports on the CPF; drilling Site 1, Site 2 and Site 3; and the tie-back.
Other long-term crude-production projects are exiting the stage. Freeport-McMoRan Incorporated (NYSE:FCX) (Phoenix, Arizona) ended production at its 60,000-BBL/d Harvest Offshore Platform in the Pacific Ocean in early 2020, and it's preparing for a $190 million removal to begin this quarter. The company expects the process will be completed by the summer. Subscribers can learn more from a detailed project report.
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active crude oil production projects across the U.S. that are set to begin construction through the end of March.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
Click on the image at right for a graph detailing investments related to first-quarter crude oil-exploration kickoffs across the U.S., by parent company.Ovintiv Incorporated (NYSE:OVV) (Calgary, Alberta), formerly Encana, bolstered its position last year in both the Permian Basin and Texas and Oklahoma's exploration and production (E&P) market. In the Permian, the company is preparing for a $420 million drilling program at its Nichols A oil lease and a $375 million program at its Wessendorff A oil lease, each of which is expected to drill 40 to 45 new wells through the end of the year. At its existing assets in Oklahoma, Ovintiv is preparing for 30 to 35 new wells at its lease in Kingfisher County and 25 to 30 new wells at its lease in Canadian County.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Project Database can learn more from detailed reports on the Nichols A, Wessendorff A, Kingfisher County and Canadian County projects. For more information on Ovintiv's overall ambitions, see April 4, 2023, article - Ovintiv Strengthens Hand in Permian Basin with EnCap Deal.
Last year saw one of the biggest marriages in the crude oil industry in recent memory: Chevron Corporation's (NYSE:CVX) (San Ramon, California) agreement to acquire Hess Corporation (NYSE:HES) (New York, New York). While much of the industry's attention has focused on how the deal would affect their assets offshore Guyana, where a conflict with Venezuela could be brewing, both companies have a swath of active projects across the Gulf of Mexico. For more on the deal, see October 24, 2023, article - Chevron to Buy Hess, Add Bakken Shale to Oil & Gas Holdings.
Chevron's Ballymore Field Development offshore Louisiana is expected to see drilling begin on five to 10 wells, while Hess' Pickerel-1 Field Development, about 50 miles to the west, is expected to see a new well drilled to explore an oil discovery made last summer. Subscribers can read detailed reports on the Ballymore and Pickerel-1 developments.
Shell plc (NYSE:SHEL) (London, England) has its own plans for the Gulf. The industry stalwart is preparing to drill a well in the Mississippi Canyon Oil Field in the coming weeks, and is overhauling a well in the Stone Oil Field to be tied back to its Turritella floating production, storage and offloading (FPSO) facility. Subscribers can read detailed reports on the Mississippi Canyon and Stone projects.
One of the largest oil-drilling projects set to move forward in early 2024 took a major step forward last month, when ConocoPhillips (NYSE:COP) (Houston, Texas) reached a final investment decision (FID) on its Willow oil-drilling project in Alaska, which is expected to produce 200,000 BBL/d, and up to 600 million barrels across the lifetime of the project. Subscribers can click here for a list of related project reports and learn more from Industrial Info's December 27, 2023, article - ConocoPhillips Reaches FID for Willow Oil Project in Alaska.
Another major Alaskan project is set to move forward in the coming months: the Pikka Development in the North Slope's Nanushuk Oil Field, a joint venture between Santos (Adelaide, Australia) (51%) and Repsol (Madrid, Spain) (49%). The project comprises an 80,000-BBL/d central processing facility (CPF); three drill sites, with 17, 31 and 30 well slots, respectively; and the tie-back of two exploratory oil wells (both from the 2019-20 drilling season) to the CPF. The full project currently is estimated to cost $2.6 billion. Subscribers can read detailed reports on the CPF; drilling Site 1, Site 2 and Site 3; and the tie-back.
Other long-term crude-production projects are exiting the stage. Freeport-McMoRan Incorporated (NYSE:FCX) (Phoenix, Arizona) ended production at its 60,000-BBL/d Harvest Offshore Platform in the Pacific Ocean in early 2020, and it's preparing for a $190 million removal to begin this quarter. The company expects the process will be completed by the summer. Subscribers can learn more from a detailed project report.
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active crude oil production projects across the U.S. that are set to begin construction through the end of March.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
