September 24, 2019

Monthly Upstream Report: August 2019 Global Projects BP Exits Alaska

Stratas Advisors

Global Upstream Summary

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In August, global upstream was robust with important announcements regarding onshore discoveries in South Sudan, Niger Delta and Australia, development updates on 11 offshore projects, and announcements on four A&D transactions involving operating assets. New oil and gas discoveries could unveil an estimated resource of more than 2 Tcf of natural gas and 400 MMBbl of oil. The value of these transactions is estimated to be as much as US $6 billion. The largest deal, BP’s decision to sell its Alaskan assets to Hilcorp, is estimated at US$5.6 billion. 

Development projects of significance this month include the Ballymore, Anchor and Power Nap in the U.S. Gulf of Mexico (GOM); the Ruby in South America; the Mariner, Snefrid North, Cambo, Utgard and Johan Sverdrup Phase 1 in offshore Northwestern Europe; the Dorado, and Greater Enfield in Asia Pacific. In GOM, the three projects will bring 140,000 b/d of oil capacity and 90 MMcf/d of natural gas capacity on stream in the early 2020’s; In North Sea, the Mariner and Snefird North is going to output about 70,000 b/d of heavy oil and 142 MMcf/d of natural gas at peak in 2020; In Asia Pacific, new production from Greater Enfield will contribute about 40,000 b/d of oil to the global upstream crude supply.

Stratas continues to monitor the upstream scene. Key projects on our screen include BP, and their ongoing portfolio adjustments including their interests in Gulf of Suez oil concessions in Egypt, which are part of its US$10 billion divestment plan over 2019-2020; developments of Johan Sverdrup project after recent cost cutting; and Brazilian National Petroleum Agency (ANP)’s forthcoming sixth pre-salt auction and 16th licensing round, which is reported to offer acreage blocks holding more than 110 billion barrels of oil in the next three months.


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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