Gulf of Mexico Deepwater - Market Analysis, Industry Developments, Competitive Landscape and Forecasts to 2020


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GlobalData

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Gulf of Mexico Deepwater Market Analysis, Industry Developments, Competitive Landscape and Forecasts to 2020

Gulf of Mexico Deepwater Market Analysis, Industry Developments, Competitive Landscape and Forecasts to 2020 is the latest report from GlobalData, the industry analysis specialist, which analyzes the global oil and gas industry. The report provides an overview of the deepwater oil and gas exploration and production (E&P) activities in the US Gulf of Mexico (GoM). It also provides information on investors interest in the US GoM, the impact of the Deepwater Horizon rig incident on the E&P activities in the GoM, and E&P companies operating in the deepwater GoM. The report is compiled using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis by GlobalDatas team of industry experts.

Deepwater GoM is very important for US energy security, as it contributes substantially to the countrys total oil production. The deepwater GoM has suitable geology for the existence of large-scale, commercially exploitable quantities of hydrocarbons, and consequently has emerged as part of the golden triangle (the other two areas being deep offshore discoveries of West Africa and Brazil) for the exploration and production of hydrocarbons in deep offshore areas of the world.

Scope

This report provides an analysis of the US deepwater GoM market, industry developments, competitive landscape and forecasts to 2020. The report primarily focuses on 
  • Recent oil and gas discoveries in the deepwater GoM.
  • The impact of the Deepwater Horizon rig disaster on drilling activity in the GoM.
  • Historic and forecast crude oil and natural gas production from the deepwater GoM until 2020.
  • Financial deals (mergers, acquisitions and asset transactions) activity in the GoM.
  • The competitive landscape of the companies engaged in E&P activities in the deepwater GoM.

Reasons to buy

This report will enhance your decision-making capabilities. It will allow you to 
  • Gain an insight on the geology of the deepwater GoM.
  • Learn about exploration and production activities in the deepwater GoM.
  • Understand the recovery of deepwater drilling in the GoM.
  • Be informed about the operations of key companies engaged in deepwater exploration and production in the deepwater GoM.
Table of Contents

1 Table of Contents
1 Table of Contents 3
1.1 List of Tables 5
1.2 List of Figures 6

2 Introduction 7
2.1 Overview 7
2.2 GlobalData Report Guidance 7

3 Deepwater Gulf of Mexico - An Introduction 8
3.1 The Search for Oil and Gas in the Gulf of Mexico Began in the 1940s 9
3.1.1 The Deepwater Gulf of Mexico Has Suitable Geology for the Accumulation of Hydrocarbons 10
3.2 Maturing Production Assets and Depleting Output in Shallow Waters Led to Increased Interest in the Deepwater Gulf of Mexico 11
3.3 The Gulf of Mexico has Emerged as Part of the Golden Triangle for Exploration and Production of Oil and Gas in Deep Offshore Areas of the World 13
3.4 Operators in the Deepwater Gulf of Mexico are Facing Several Technological Challenges 13
3.5 The Gulf of Mexico is Important for US Energy Security 14

4 Oil and Gas Exploration in the Deepwater Gulf of Mexico 16
4.1 The US Department of the Interiors Latest Lease Sale in 2012 in the Central Gulf of Mexico Attracted More than $1.7 Billion in Winning Bids 17
4.1.1 The Success of the 216/222 Lease Sale in the Central Gulf of Mexico Indicated the Strong Interest of Oil and Gas Companies in the Region 18
4.2 Deepwater Gulf of Mexico has Witnessed Several Oil and Gas Discoveries in the Past Two Years 19
4.2.1 Flying Dutchman Discovery 20
4.2.2 Vito 2 Discovery 20
4.3 Deepwater and Ultra-deepwater Discoveries Have Re-established the Potential of the Gulf of Mexico 21
4.3.1 Lower Tertiary Play is the Focus of Exploration and Production in the Gulf of Mexico 22

5 Oil and Gas Production in the Deepwater Gulf of Mexico 23
5.1 Crude Oil Production in the Deepwater Gulf of Mexico Increased at an Average Annual Growth Rate of 1.8% During 2001-2011 23
5.2 Natural Gas Production in the Deepwater Gulf of Mexico Decreased at a Negative Average Annual Growth Rate of -3.2% During 2001-2011 25
5.3 Thunder Horse, Shenzi and Ursa/Princess are Some of the Key Crude Oil Production Fields in the Deepwater Gulf of Mexico 26
5.3.1 Thunder Horse Field Produced 39.3 MMbbls of Crude Oil in 2011 28
5.3.2 Shenzi Field Started Crude Oil and Natural Gas Production in 2009 30
5.3.3 Green Canyon 640 is a Production Field Located in the Central GoM 31
5.4 Deepwater Production in the Gulf of Mexico is Expected to Increase at an Average Annual Growth Rate of 2.2% During 2011-2020 31
5.4.1 The Deepwater Gulf of Mexico is Expected to Witness the Commencement of Production from 21 Planned Fields in Future 32
6 Impact of the Deepwater Horizon Rig Explosion and Subsequent Oil Spill on the Gulf of Mexico 34
6.1 The US Government Imposed a Moratorium and New Tax Laws in Response to the Gulf of Mexico Oil Spill 35
6.2 Oil Spill Temporarily Halted Investments in the Gulf of Mexico 36
6.3 Deepwater Drilling is Making a Comeback in the Gulf of Mexico 37
6.3.1 Deepwater Drilling in the Gulf of Mexico is Expected to Return to Pre-blowout Levels by the End of 2012 37
6.3.2 International Oil Companies Accounted for the Majority of New Drilling Permits Issued for the Gulf of Mexico After the Oil Spill in April 2010 39
6.3.3 The US and Mexicos Agreement on Transboundary Hydrocarbon Reservoirs in the Gulf of Mexico is Expected to Increase Drilling in the Gulf of Mexico 40

7 Deepwater Gulf of Mexico Industry Developments - Financial Deals 41
7.1 The Deepwater Horizon Rig Disaster in April 2010 has had Little Impact on the Gulf of Mexico Financial Deals 42
7.2 BP Plc is Expected to Sell Gulf of Mexico Oil Fields Worth $7.9 Billion, to Meet Oil Spill Claims 43
7.3 The Gulf of Mexico Witnessed 14 Financial Deals in 2012 (Up to August 21) 44
7.3.1 INPEX Agreed to Acquire 7.2% Interest in the Lucius Project from Anadarko Petroleum for $556m 45
7.3.2 NGP Capital Resources Acquired 5% Overriding Royalty Interest in Certain Oil and Gas Producing Properties in the Gulf of Mexico from ATP Oil & Gas for $25m 46
7.3.3 Hercules Offshore Acquired the Ocean Columbia Rig in the Gulf of Mexico for $40m 47

8 Exploration and Production Companies in the Deepwater Gulf of Mexico - Competitive Landscape 48
8.1 BP Plc had the Highest Number of Equity Stakes in Deepwater Exploration Blocks in the Gulf of Mexico for 2011 49
8.1.1 BP Exploration & Production was Awarded Nine Exploration Blocks in the Deepwater Gulf of Mexico in 2012 (Until August) 50
8.1.2 Shell Offshore Inc. had Equity Stakes in 163 Exploration Blocks by the End of 2011 51
8.1.3 Chevron U.S.A. Inc. is One of the Major Leaseholders in the Deepwater Gulf of Mexico 52
8.2 BP Plc was the Highest Producer of Crude Oil and Natural Gas in the Deepwater Gulf of Mexico for 2011 52
8.2.1 Deepwater Gulf of Mexico Plays an Important Role in BP Plcs Oil and Gas Production in the US 53
8.2.2 Anadarko Petroleum Corporation is the Second Largest Producer of Crude Oil and Natural Gas in the Deepwater Gulf of Mexico 54
8.2.3 BHP Billiton is a Leading Independent Oil and Gas Producer in the Deepwater Gulf of Mexico 56

9 Appendix 57
9.1 Market Definition 57
9.2 Abbreviations 57
9.3 Sources 58
9.4 Methodology 59
9.4.1 Coverage 59
9.4.2 Secondary Research 59
9.4.3 Primary Research 60
9.4.4 Expert Panel Validation 60
9.5 Contact Us 60
9.6 Disclaimer 60

Table 1: Oil and Gas Exploration and Production Industry, Gulf of Mexico, Deepest Water Depths of Seven Hydrocarbon Plays in Deep Waters of the Gulf of Mexico, Ft, 2010 10
Table 2: Oil and Gas Exploration and Production Industry, Gulf of Mexico, Oil Production from Select Fields in Shallow Waters, MMbbl, 2001-2011 12
Table 3: Oil and Gas Exploration and Production Industry, Gulf of Mexico, Proved Oil and Gas Reserves in the Gulf of Mexico by Water Depth, Feet, 2009 15
Table 4: Oil and Gas Exploration and Production Industry, Gulf of Mexico, Past Lease Sales in the Gulf of Mexico by Water Depth, m, 2000 to 2010 17
Table 5: Oil and Gas Exploration and Production Industry, Gulf of Mexico, Top 10 Companies in Terms of Total Amount Exposed in the 216/222 Lease Sale, $m, 2012 18
Table 6: Oil and Gas Exploration and Production Industry, Gulf of Mexico, Oil and Gas Discoveries, 2010 to August 2012 19
Table 7: Oil and Gas Production Industry, Gulf of Mexico, Crude Oil Production in the Deepwater Gulf of Mexico* and Total Production in the Gulf of Mexico, MMbbl, 2001-2011 24
Table 8: Oil and Gas Production Industry, Gulf of Mexico, Natural Gas Production in the Deepwater Gulf of Mexico* and Total Natural Gas Production in the Gulf of Mexico, tcf, 2001-2011 26
Table 9: Exploration and Production Industry, Gulf of Mexico, Major Crude Oil Production Fields in the Deepwater Gulf of Mexico*, MMbbl, 2011 26
Table 10: Exploration and Production Industry, Gulf of Mexico, Major Natural Gas Production Fields in the Deepwater Gulf of Mexico*, MMcf, 2011 27
Table 11: Oil and Gas Production Industry, Gulf of Mexico, Crude Oil and Natural Gas Production of the Thunder Horse Field, MMbbl and MMcf, 2008-2011 28
Table 12: Oil and Gas Production Industry, Gulf of Mexico, Crude Oil and Natural Gas Production Forecasts for the Thunder Horse Field, MMbbl and MMcf, 2011-2020 29
Table 13: Oil and Gas Production Industry, Gulf of Mexico, Crude Oil and Natural Gas Production of the Shenzi Field, MMbbl and MMcf, 2009-2011 30
Table 14: Oil and Gas Production Industry, Gulf of Mexico, Crude Oil and Natural Gas Production of the Green Canyon 640 Field, MMbbl and MMcf, 2007-2011 31
Table 15: Oil and Gas Exploration and Production Industry, Gulf of Mexico, the US Department of the Interior Recommendations to Increase Safety in Deepwater Drilling, 2010 35
Table 16: Exploration and Production Industry, Gulf of Mexico, Top 10 Companies in the Gulf of Mexico in Terms of Equity Stakes, Number of Active Exploration Blocks, 2006-2011 39
Table 17: Exploration and Production Industry, Gulf of Mexico, Select BP Operated Rigs in the Gulf of Mexico, 2012 40
Table 18: Exploration and Production Industry, Gulf of Mexico, BP Plc Financial Deals in the Gulf of Mexico, April 2010 to August 2012 43
Table 19: Exploration and Production Industry, Gulf of Mexico, Details of Select Financial Deals in the Gulf of Mexico, 2012 (up to August 21) 44
Table 20: Oil and Gas Exploration and Production Industry, Deepwater Gulf of Mexico, Exploration Blocks Awarded to BP Exploration & Production, 2012 50
Table 21: Oil and Gas Exploration and Production Industry, Deepwater Gulf of Mexico, BPs Major Crude Oil and Natural Gas Production Fields, MMbbl and bcf, 2011 53
Table 22: Oil and Gas Exploration and Production Industry, Deepwater Gulf of Mexico, Anadarko Petroleums Major Crude Oil Production Fields, Mbbl, 2011 55
Table 23: Oil and Gas Exploration and Production Industry, Deepwater Gulf of Mexico, Anadarko Petroleums Major Natural Gas Production Fields, MMcf, 2011 55
Figure 1: Oil and Gas Exploration and Production Industry, Gulf of Mexico, Location Map, 2012 8
Figure 2: Oil and Gas Exploration and Production Industry, Gulf of Mexico, Map Illustrating Pliocene, Upper Miocene and Lower Tertiary Plays in the Gulf of Mexico, 2012 9
Figure 3: Oil and Gas Exploration and Production Industry, Gulf of Mexico, Oil and Gas Production in Shallow Waters, MMboe, 2001-2011 11
Figure 4: Oil and Gas Exploration and Production Industry, Gulf of Mexico, Oil Production from Select Fields in Shallow Waters, MMbbl, 2001-2011 12
Figure 5: Oil and Gas Exploration and Production Industry, Global, The Golden Triangle for Deep Offshore Production, Location Map, 2010 13
Figure 6: Oil and Gas Exploration and Production Industry, Gulf of Mexico, Share of Shallow Water, Deepwater and Ultra-deepwater in the Oil and Gas Production, %, 2011 14
Figure 7: Oil and Gas Exploration and Production Industry, Gulf of Mexico, Blocks and Active Leases by Planning Areas, 2012 16
Figure 8: Oil and Gas Exploration and Production Industry, Gulf of Mexico, Location of Vito Discovery, 2012 20
Figure 9: Oil and Gas Exploration and Production Industry, Gulf of Mexico, Number of Oil and Gas Discoveries, 2004-2012 21
Figure 10: Oil and Gas Exploration and Production Industry, Gulf of Mexico, Location of the Lower Tertiary Play, 2012 22
Figure 11: Oil and Gas Exploration and Production Industry, Gulf of Mexico, Share of Deepwater Crude Oil Production in the Gulf of Mexicos Total Production*, MMbbl and %, 2001-2011 23
Figure 12: Oil and Gas Exploration and Production Industry, Gulf of Mexico, Share of Deepwater Natural Gas Production in the Gulf of Mexicos Total Natural Gas Production*, %, 2001-2011 25
Figure 13: Oil and Gas Exploration and Production Industry, Gulf of Mexico, Location of the Thunder Horse Field, 2012 28
Figure 14: Oil and Gas Exploration and Production Industry, Gulf of Mexico, Location of the Shenzi Field, 2012 30
Figure 15: Oil and Gas Exploration and Production Industry, Gulf of Mexico, Gross Crude Oil and Natural Gas Production in the Deepwater Gulf of Mexico*, MMboe, 2011-2020 31
Figure 16: Oil and Gas Exploration and Production Industry, Gulf of Mexico, Location of the Kaskida Field, 2012 32
Figure 17: Oil and Gas Exploration and Production Industry, Gulf of Mexico, Location of the St. Malo Field, 2012 33
Figure 18: Oil and Gas Exploration and Production Industry, Gulf of Mexico, Location of the Deepwater Horizon Rig and Extent of the Oil Spill, 2010 34
Figure 19: Oil and Gas Exploration and Production Industry, Gulf of Mexico, Comparison Between Total Bonus and Acreage Sold, $m, 2007-2010 36
Figure 20: Oil and Gas Exploration and Production Industry, Gulf of Mexico, New Deepwater Drilling Permits Issued for the Gulf of Mexico, 2009 to 2012 (Until March) 38
Figure 21: Oil and Gas Exploration and Production Industry, Gulf of Mexico, Comparison Between Deals Value and Number of Deals, $m, 2004 to 2012 (Up to August 21) 41
Figure 22: Oil and Gas Exploration and Production Industry, Gulf of Mexico, Comparison Between Deals Value and Number of Deals, $m, Q1 2010 to Q2 2012 42
Figure 23: Oil and Gas Exploration and Production Industry, Gulf of Mexico, Location of the Lucius Project, 2012 45
Figure 24: Oil and Gas Exploration and Production Industry, Gulf of Mexico, Stakeholding in the Lucius Project After the Deal, 2012 46
Figure 25: Oil and Gas Exploration and Production Industry, Deepwater Gulf of Mexico, Competitive Landscape of Major Companies, 2011 48
Figure 26: Oil and Gas Exploration and Production Industry, Deepwater Gulf of Mexico, Number of Exploration Blocks Participated in by Major Companies, 2011 49
Figure 27: Oil and Gas Exploration and Production Industry, Deepwater Gulf of Mexico, Shells Exploration and Production Activities, 2012 51
Figure 28: Oil and Gas Exploration and Production Industry, Deepwater Gulf of Mexico, Top 10 Gross Crude Oil and Natural Gas Producers, 2011 52
Figure 29: Oil and Gas Exploration and Production Industry, Deepwater Gulf of Mexico, Anadarko Petroleums Deepwater Activities, 2012 54
Figure 30: Oil and Gas Exploration and Production Industry, Deepwater Gulf of Mexico, Location of Mad Dog Project, 2012 56