When Shell and Esso sold their jointly-owned Anasuria cluster of North Sea assets to two independents earlier this year, it was a rare case in which the buyer received some protection from decommissioning liabilities.
Bullish on oil? Too cheap an opportunity to ignore? Or confident of using the latest technologies to extract value? Regardless of its motives, Cox Oil Offshore’s purchase of 19 fields and associated assets from Chevron shows there is life in the Gulf of Mexico’s shallow-water market.
Offshore oil producers are increasingly using predictive analytics to make operational decisions, and this is having a knock-on effect on their relationships with services firms, industry sources have told Upstream Intelligence.
Only a handful of operators are actively exploiting small pools in UK waters, but cheaper and more-advanced technology could provide access to an untapped 3 billion barrels-of-oil equivalent in those pools.