oil and gas

MODEC secures ExxonMobil contract for Hammerhead FPSO in Guyana

Oil & Gas‚ Oil and Gas Industry‚ Uncategorized | intent | April 22, 2025 | Comment off

The contract, issued as a Limited Notice to Proceed (LNTP), allows MODEC to begin early-phase work on the FPSO while awaiting regulatory and government approvals. Phase one of the project will involve front-end engineering and design (FEED), followed by engineering, procurement, construction, and installation (EPCI) in phase two—pending final project sanction by ExxonMobil Guyana and its Stabroek Block co-venturers.

The Hammerhead FPSO will have a production capacity of 150,000 barrels of oil per day, along with processing facilities for associated gas and water. It will be moored in approximately 1,025 meters of water using a SOFEC spread mooring system.

The LNTP enables MODEC to begin FPSO design activities to support an early project startup target of 2029, should approvals move forward.

Chevron, TotalEnergies begin oil production at Ballymore project in deepwater Gulf

Oil & Gas‚ Oil and Gas Industry | intent | April 22, 2025 | Comment off

Chevron Corp. has started oil and natural gas production from the Ballymore field, a deepwater subsea tieback in the Gulf of Mexico/Gulf of America.

The project, located about 160 miles southeast of New Orleans in the Mississippi Canyon area, is Chevron’s first development in the Norphlet trend. Ballymore connects three production wells to the existing Blind Faith facility, eliminating the need for a new offshore platform.

Oil Dips as Tariff Tensions Linger

Oil & Gas‚ Oil and Gas Industry | intent | April 16, 2025 | Comment off

Oil has dropped about $10 this month as the trade fight started by President Donald Trump stoked fears of a global recession that would hurt energy demand, especially in the US and China, the biggest crude consumers. Concerns about the growth outlook have led agencies to cut projections for oil usage and analysts to slash price forecasts, with the possibility of a glut amplified by OPEC+’s surprise decision to bring back output more quickly than expected.

Turkey, Pakistan To Explore World’s Fourth Largest Oil & Gas Reservoir

Oil & Gas‚ Oil and Gas Industry | intent | April 14, 2025 | Comment off

The two countries this week signed an agreement at the 2025 Pakistan Minerals Investment Forum in Islamabad to jointly bid on 40 offshore blocks. A bidding round for the granting of exploration licenses for the blocks, located in the Makran and Indus basins, was announced by the Pakistan government in February.