US Gulf holds its appeal for the majors

摘要

The majors show no sign of curbing their investment in the deepwater US Gulf of Mexico despite falling oil prices, but they are counting on getting better value from the supply chain to maintain strong returns. Chevron’s decision last week to press ahead with a $6bn development of the 80,000 b/d Stampede field is a signal that project economics in the region remain robust in a lower oil price environment (see table). Other final investment decisions are looming, including BP’s Thunder Horse South expansion and Mad Dog 2 projects.