July 23, 2019

June 2019 Projects Update: UK North Sea Faces Exodus of U.S. Giants

Stratas Advisors

Global Upstream Summary

In June 2019, global upstream was busy with all sorts of activities including a new licensing round in Dominican Republic, one significant gas discovery offshore Malaysia, 13 key development projects status updates, and seven acquisition and divesture (A&D) transactions involving operating assets. Total A&D transaction value could amount up to $3 billion. Notably, while UK Oil and Gas Authority awarded 37 licenses covering 141 blocks to 30 companies in its 31st Offshore Round, the attraction of the North Sea to U.S. giants ExxonMobil, Apache and Total appears to have waned, following the trend of Chevron, ConocoPhillips and Marathon Oil’s exit in the area.

Development projects on Stratas’ radar by country include the Whale project and the Buckskin project in the U.S. Gulf of Mexico (GOM); the Lxachi project onshore Mexico; the Wisting project, the Culzean project, and the Rosebank and Lochnagar project in the North Sea; the Laverda and Cimatti project, the MDA-MBH project, the Block B Gas Development project, the MJ-1 project, and the Ubon project in Asia Pacific; the Golfinho and Atum project in East Africa; and the Absheron Phase 1 project in Caspian Sea.

Looking forward, Stratas Advisors is monitoring the following global upstream projects and activities, among others: 1) The bidding result of ExxonMobil’s assets divesture in the Norwegian Sea region; 2) The UK Oil & Gas Authority launched the 32nd offshore licensing round in July; 3) Stratas is adjusting its first production schedule on Leviathan offshore Israel to reflect the early move of its platform into the field ahead of initial plans. The main analysis and data information is only available for subscribers.

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More details about upstream projects updates are included in Stratas Advisors’ Global Upstream Project Analytics (GUPA) service. The Global Upstream Project Analytics service delivers timely and relevant insights and forecasts on global upstream projects.  Analyses and data are delivered through our dedicated web portal in multiple formats including formal and informal analytical content, podcasts, webcasts, and more.  In addition, the service provides access to selected data, interactive charts, and mapping tools. Clients also have access to data tools, interactive custom charting with ability for data downloads, and mapping tools.

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