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INDUSTRY   Insights

PLUNGING into the deepest depths

of the sea, energy companies are

constantly searching for new oil

and gas resources to meet the globalpopulation’s growing demand for en-

ergy. New technologies for deep water

drilling are allowing companies to push

the limits of oil exploration and give op-

erators the power to unlock reserves 500

feet or more below the surface. Some of

the biggest discoveries in the world are

located in offshore fields like the Libra

oil field off the coast of Brazil–estimated

to contain up to 12 billion barrels of oil.

Here are five companies that could

continue their dominance in offshore

development now and in the future:

1. Shell

Shell has been a pioneer in offshore

oil development with the company

announcing it would stay on target to

create the deepest offshore oil and gas

production project in the world last

year. The Dutch firm said it wouldmake an offshore oil platform in the

Gulf of Mexico that would produce

almost 2 miles down the surface.

The Gulf of Mexico is becoming

a hotbed of offshore oil and gas devel-

opment after the Mexican govern-

ment opened up its energy sector to for-

eign investors. The region is already

equipped with an extensive pipeline

infrastructure system with companies

such as Shell contemplating adding

pipe to account for growth in offshore

oil. Shell produced 3.2 million barrelsof oil equivalent per day in 2013 with

sales of liquefied natural gas sales reach-

ing 19.6 million tons. However, the

company reported a drop in revenue

from the previous year with net cash

flow decreasing to $40 billion from $46

billion in 2012.

Shell said it aims to work on deliver-

ing new projects, highlighting its proj-

ects off the coast of Mexico and Bra-

zil. Looking to the future, Shell said its

Mars field–discovered by the firm in

1989–in the Gulf of Mexico started pro-

duction in February this year and will

reach a peak production of 100,000 bar-

rels of oil equivalent per day in 2050.

The company also signed a production-

sharing contract for the Libra oil field.

2. Statoil AS

Based in Norway, Statoil is a major ener-gy producer with 40 years of oil and gas

production experience on Norwegian

waters. Statoil said it had more than $26

billion in adjusted earnings and $25 bil-

lion in net operating income for 2013.

The company previously announced it

added 1.25 billion barrels of oil equiva-

lent from exploration, recently achiev-

ing its highest organic reserve replace-

ment ratio with 1.47 last year.

Statoil projects include the Oseberg

East field, an offshore oil field in the

North Sea, which has 41.5 million bar-rels of recoverable oil, according to Nor-

wegian Petroleum Directorate. Recent-

ly, ExxonMobil and Statoil announced

a major offshore discovery in the Piri

prospect in offshore Tanzania–where

Statoil has been operating since 2007.

The company is banking on the prof-

itability of emerging technologies, say-

ing new innovations will be critical in

keeping the company’s costs low. Statoil

said it is considering producing a subsea

compressor that could increase its natu-

ral gas production and reduce the impact

of its operations on the environment.

3. Chevron

In Chevron’s 2013 annual report, the

company headquartered in Califor-

nia said it earned $21.4 billion in sales,

increasing its annual dividend payout to

stockholders for the 26th-straight year.The company said it added an estimat-

ed 800 million barrels of net oil equiv-

alent proved reserves with projects last

year. Chevron aims to increase produc-

tion with a capital and exploratory bud-

get of almost $40 billion in 2014, focus-

ing on core areas as well as building new

legacy positions in the upstream market.

This year, the company has several

5 Top Offshore Oil Companiesand their Future Outlook 

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big-budget projects. Chevron boasts 15

projects that will receive more than $1

billion each in investment, such as thedeep water projects Jack/St. Malo and Big

Foot in the Gulf of Mexico. The Jack/St.

Malo project is expected to yield 170,000

barrels per day of oil and 42.5 million

cubic feet per day of natural gas from 43

subsea wells once it is fully operational.

4. Ex xonMobil

 As a truly international firm, ExxonMobil

has oil and natural gas operations in sixcontinents. The Houston-based company

earned $32.6 billion for 2013, ending the

year with a peak of $42.5 billion in cap-

ital and exploration expenditures. While

the company said its capital spending will

decrease to $39.8 billion in 2014, Exx-

onMobil plans on diversifying its portfo-

lio with 10 new projects this year that are

forecasted to add about 300,000 net oil

equivalent barrels per day.

In 2013, the company listed proved

reserves at 25.2 billion oil equivalent bar-

rels and has more than 120 projects that

are expected to develop 24 billion oil

equivalent barrels of oil and natural gas.

ExxonMobil’s long-term investments

include the Cravo, Lirio, Orquidea and

 Violeta (CLOV) offshore fields in Ango-

la, which are located between 3,600 feet

or 4,593 feet below the sea. The project

is projected to have a production capacityof 160,000 barrels of oil per day after the

company confirmed the CLOV project is

on schedule. ExxonMobil has also started

work on a $4 billion project to develop the

Julia oilfield in the Gulf of Mexico.

5. ConocoPhillips

 As the world’s largest independent explo-

ration and production company, Cono-

coPhillips is quickly making a name for

itself outside of Texas with operations

and activities in 27 countries. The com-pany reported $9.2 billion in earnings for

2013 and has made breakthroughs in its

exploration program, predicting it will

grow its exploration operations in 2014.

Since the company began drilling

in the deep waters of the Gulf of Mex-

ico starting in the 1980s, the company

has interest in 454 deep water blocks in

the region, which span about 2.2 million

net acres. The company has tested outemerging drilling technologies in Mag-

nolia, formerly the world’s deepest ten-

sion-leg platform in the Gulf of Mex-

ico and is expected to make an impact

in the region. In an auction for drilling

rights in the western Gulf of Mexico last

year, the company submitted the highest

bid. ConocoPhillips had the largest total

of bids with $50.3 million, topping Chev-

ron’s $32.8 million. In addition to win-

ning the bid for drilling rights, the com-

pany also revealed its fourth deep water

discovery in the Gulf of Mexico in the

same year. The Gila discovery was made

under approximately 4,900 feet of water.

Outside of the Gulf of Mexico, the

company said it has exploration activities

in Australia and Senegal. ConocoPhil-

lips said it plans on expanding its asset

portfolio and deliver 3 to 5 percent com-

pound annual production growth. ⊗

Sources

http://online.wsj.com/news/articles/SB10001424052702303442004579123560225082786

http://www.bloomberg.com/news/2013-10-11/brazil-sweetens-libra-oil-field-sale-terms-to-lure-bids.html

Shell

http://reports.shell.com/annual-report/2013/servicepages/downloads/files/ 

entire_shell_ar13.pdf 

http://www.reuters.com/article/2013/05/08/ 

shell-gom-stones-idUSL2N0DP1I420130508http://www.shell.com/global/aboutshell/ major-projects-2/mars-b.html

Statoil

http://www.statoil.com/en/investorcen-tre/annualreport/annualreport2013/pages/ default.aspx?redirectShortUrl=http%3a%2f%2fwww.statoil.com%2f2013

http://www.statoil.com/en/NewsAndMedia/ News/2014/Pages/IORJune2014.aspx

http://www.reuters.com/article/2014/07/03/ statoil-oil-idUSWEB00P7E20140703

http://www.statoil.com/en/InvestorCentre/  AnnualReport/AnnualReport2013/Pages/ CEOletter2013.aspx

http://www.statoil.com/en/InvestorCentre/ QuarterlyResults/2013/Downloads/Finan-cial%20statements%20and%20review%204Q%202013.pdf 

Chevron

http://www.chevron.com/annualreport/2013/ documents/pdf/Chevron2013AnnualRe-port.pdf 

ExxonMobil

http://news.exxonmobil.com/press-release/ exxon-mobil-corporation-announces-esti-mated-fourth-quarter-2013-results

http://news.exxonmobil.com/press-release/ exxonmobil-oil-production-increase-time-startup-clov-project

http://www.offshoreenergytoday.com/exxon-mobil-10-new-projects-to-come-in-produc-tion-in-2014/ 

ConocoPhillips

http://www.reuters.com/article/2013/08/28/ us-usa-oil-offshore-idUSBRE97R-

0ZT20130828http://www.conocophillips.com/ investor-relations/Company%20Reports/2013_Annual_Report_CR.pdf 

http://www.businesswire.com/news/ home/20131218005644/en/ConocoPhillips-

 Announces-Fourth-Oil-Discovery-Deepwa-ter-Gulf#.U8mOooBdXXE

http://www.conocophillips.com/what-we-do/ producing-energy/oil-and-gas/offshore/Pag-es/going-deep-in-the-gulf-of-mexico.aspx

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