The production of gas and oil from deep seas will grow by 60% by 2030. The great success of green policies…
According to a new report by Wood Mackenzie, cited by Rig Zone, deepwater oil and gas production is set to increase by 60% by 2030, to contribute 8% of overall upstream production.
Ultra-deepwater production will continue to grow at breakneck speed and will account for half of all deepwater production by 2030. In the oil and gas exploration and production (E&P) industry, deepwater means a water depth greater than 300 meters, while ultra-deep water is defined as a depth greater than 1600 meters, 5000 feet.
Deepwater production remains the fastest growing oil and gas segment, with production expected to reach 10.4 million boe/d in 2022, compared to just 300,000 barrels of oil equivalent per day (boe/d ) in 1990. Wood Mackenzie predicted that by the end of the decade this figure will exceed 17 million boe/d. US oil and gas major Exxon Mobil is the latest to discover deepwater oil and gas. Last month, Exxon announced it had made two more discoveries at wells Sailfin-1 and Yarrow-1 in the Stabroek block off Guyana, bringing the block to more than 30 discoveries since 2015. Exxon said the well Sailfin-1 was drilled to a depth of more than 1500 meters in the ocean and encountered 100 meters of sandstone containing hydrocarbons, while the Yarrow-1 well was drilled in 1200 meters of water depth and encountered 25 meters of sandstone containing hydrocarbons .
Exxon did not disclose how much oil or gas it estimates the new discoveries may contain, but it raised earlier forecasts of third-quarter production stemming from older discoveries in the region.
The American oil company has ramped up development and production in offshore Guyana at a rate that "far exceeds the industry average." Exxon's two projects offshore Guyana, Liza Phase 1 and Liza Phase 2, are producing above design capacity and have already averaged nearly 360,000 bbl/d of oil. The supermajor expects Guyana's total production to exceed 1 million barrels a day by the end of this decade.
Exxon said a third project, Payara, is expected to start by the end of 2023, while a fourth project, Yellowtail, could come online in 2025. Exxon is the operator of the Stabroek block, in which it has a 45% stake. %, while partners Hess Corp. and Cnooc hold 30% and 25%, respectively. Exxon's oil and gas production is well below record levels, averaging 3.7 million boe/d at midyear, in line with last year but nearly 9% below 4, 1 million boe/day in 2016.
ENI is also moving in the sector, with an agreement to be concluded for an ultra-deep well off Indonesia in 2023. It has also offered deep oil and gas drilling services to ten African countries. The Italian oil company has drilled very deep off the coast of Kenya, in the Mlima-1 basin .
However it is curious how the more the world invests in green energy, the more it is hungry for oil and gas, as if the whole first part were nothing but appearances.
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The article The production of gas and oil from deep waters will grow by 60% by 2030. The great success of green policies… comes from Scenari Economici .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/la-produzione-di-gas-e-petrolio-da-acque-profonde-crescera-del-60-entro-il-2030-il-grande-successo-delle-politiche-green/ on Fri, 25 Nov 2022 12:30:30 +0000.