2018 Offshore Technology Yearbook

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Page 12 of 55 | December 2017 | 11 world largest harsh-water FPSO, the Glen Lyon. The project is expected to ramp up to 130 Mboe/d. BP is operator with 36%, Shell has a 54% stake, and Siccar Point Energy holds the remaining 10%. In the next few years, BP aims to double its U.K. North Sea production, with a goal of 200 Mboe/d by 2020. The Clair Ridge project is scheduled to start up in 2018. Production from the first two fields of the West Nile Delta proj- ect offshore Egypt started in March, eight months ahead of schedule and with higher production than estimated. The development will include five gas fields, split into two separate proj- ects, which will produce almost an estimated 42.5 MMcm/d (1.5 Bcf/d) when completed in 2019. The first phase of the Eni-operated Zohr devel- opment offshore Egypt, in which BP has a 10% stake, is on track to produce first gas by the end of 2017. It is expected to bring 40 MMboe/d net to BP. The BP-operated Shah Deniz consortium launched a subsea construction vessel, the Khan- kendi, which will perform installation and construc- tion work during the next 11 years in the Caspian Sea for Stage 2 of the Shah Deniz project. Chevron Corp. • Ranked No. 45 on Fortune's Global 500 list • 88 LNG cargos shipped from Gorgon in first-half 2017 As of year-end 2016, Chevron was the second-larg- est integrated energy company headquartered in the U.S. based on market capitalization. Chevron and its subsidiaries operate around the globe with about 55,200 employees. Net oil-equivalent produc- tion from operations worldwide was 2.78 MMbbl/d in second-quarter 2017. That number was 2.53 MMbbl/d in the same period in 2016. Chevron Corp. reported second-quarter 2017 earnings of $1.5 billion; in second-quarter 2016, the company reported a loss of $1.5 billion. Upstream earnings in first-half 2017 were $2.37 billion com- pared with a $3.92 billion loss in first-half 2016. Chevron's capital and exploratory budget for 2017 was $19.8 billion, with more than 70% of the upstream investment slated to generate pro- duction in the next two years. In the first half of 2017, Chevron's capital and exploratory expendi- tures were $8.9 billion, down from $12 billion in the first half of 2016. Upstream represented 89% of the companywide total of these expenditures in second-quarter 2017. Chevron Australia remains the largest holder of natural gas resources in Australia, with around 1.4 Tcm (50 Tcf) of resources. It also operates two major LNG projects: Gorgon, which began LNG production in March 2016 and Wheatstone, which began production in October 2017. About $2 bil- lion of the 2017 capital spending plan is budgeted to complete the Gorgon and Wheatstone LNG proj- ects. Eighty-eighty LNG cargos were shipped from Gorgon in the first half of 2017, and second-quarter production averaged about 333 Mboe/d. Chevron subsidiary Cabinda Gulf Oil Co. Ltd. started production from the Mafumeira Sul proj- ect's primary production facility offshore Angola in March after starting early production through a temporary system in late 2016. Ramp-up is expected to continue through 2018. The Mafumeira Sul project has a design capacity of 150 Mbbl/d of liq- uids and 9.9 MMcm/d (350 MMcf/d) of natural gas, according to a press release. In November 2016, Chevron North Sea Ltd. pro- duced first gas from the HP/HT gas-condensate Glen Lyon, the world's largest harsh-water FPSO is shown. (Photo courtesy of BP)

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