2018 Offshore Technology Yearbook

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10 | December 2017 | Building Momentum Through Strategy, Efficiency 2018 OFFSHORE TECHNOLOGY YEARBOOK | KEY PLAYERS Offshore activity is picking up, and these standout players are setting themselves up for success now and in the future. By Bethany Farnsworth, Contributing Editor O ffshore activity began to pick up in 2017 after a slow 2016. In just the first half of this year, 31 offshore field projects received FIDs, and 48% of them were projects with estimated capex of at least $500 million, according to Clarksons Research. The 15 operators players listed here are boosting efficiency, reducing costs and investing in strategic offshore plays and projects. Many of the companies saw increased profits, production, or both, thanks to smart strategy and the beginning of a recovery. These operators started up production all over the globe and made signifi- cant progress on major projects, such as the Prelude floating LNG facility, which arrived in Australia; the second phase of Clair Ridge, which is expected to begin production next year; and drilling in the Leviathan Field, which will boost reserves. The following operators are building momen- tum to stay ahead of the competition offshore this year and into the 2020s. BP • Ranked No. 12 on 2017 Fortune's Global 500 list • Starting production from 7 major projects in 2017 BP operates in 72 countries around the world, employing 74,500 workers. With proved reserves of 17,810 MMboe, the company produces 3.3 MMboe/d, according to its website. In second-quarter 2017, BP saw profits of $144 million, compared with a $1.4 billion loss in second-quarter 2016. Upstream production in second-quarter 2017 was 10% higher than in that period in 2016, and first-half 2017 production rose 6% over the first half of 2016, according to the quarterly results announcement. Organic capex for 2017 was set at $15 billion to $17 billion with flexibility at the lower end. BP plans to bring 800 Mboe/d of new produc- tion online by 2020, and to this end, the company expected to start production from seven major projects in 2017 including five offshore. Projects started up in 2016 and 2017 were anticipated to add 500 Mboe/d net to BP's production capacity by the end of 2017. BP Trinidad and Tobago announced first gas from the Juniper development, BP's first subsea field development in Trinidad, in August. The Juni- per platform produces gas from the Corallita and Lantana fields off the southeast coast of Trinidad, and it's estimated the project will increase BP Trin- idad and Tobago's production capacity by 16.7 MMcm/d (590 MMscf/d). The Persephone two-well subsea tieback, oper- ated by Woodside, from the Persephone gas field offshore Western Australia, came online in July and is expected to produce about 50 Mboe/d. BP has a 16.67% stake. The Quad 204 project offshore U.K. in Schie- hallion Field began producing oil in May and included the construction and installation of the

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