Nov. 25–Chevron has begun producing oil and gas at one of its major projects off Louisiana.
The Big Foot deepwater project, in the Gulf of Mexico about 250 miles southeast of Port Fourchon, is expected to produce about 200 million barrels of oil over 35 years, the company said last week.
“The Big Foot project strengthens Chevron’s deepwater portfolio and further demonstrates that the Gulf of Mexico is an integral part of our diverse global portfolio and long-term strategy,” Jeff Shellebarger, president of Chevron North America Exploration and Production, said in a news release. “The project advances our interest in safely providing reliable, affordable energy to meet a growing global demand.”
The tension-leg platform, a floating structure moored to the seafloor by long, steel pipes, sits in 5,200 feet of water, making it the deepest of its kind in the world, company officials said. The platform is designed to produce up to 75,000 barrels of oil and 25 million cubic feet of natural gas per day.
The Big Foot field, discovered in 2006, was supposed to start production in 2015, but Bloomberg news service reported at the time that equipment failures put the project on hold. At the time, the project’s cost was estimated at $5.1 billion, up from the $4 billion Chevron had estimated in 2010.
Chevron is the operator of Big Foot, with a 60 percent ownership. Equinor Gulf of Mexico owns 27.5 percent, and Marubeni Oil & Gas owns 12.5 percent.
The announcement comes as the Gulf oilfield works to recover from a four-year bust sparked by a global crude glut that caused prices to plummet, costing the Houma-Thibodaux area about 16,000 jobs.
The Gulf rig count, a key barometer for the local economy, stood at 25 last week, up three for the week and one compared to a year ago, according to figures released Friday by the Houston-based oilfield-services company Baker-Hughes. But it remains down 55 percent from the 56 rigs working in August 2014, when the offshore oil bust began.
— Executive Editor Keith Magill can be reached at 857-2201 or firstname.lastname@example.org. Follow him on Twitter @CourierEditor.
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