Tuesday, January 8, 2019

Peak Oil? What Peak Oil? BP Just Discovered One Billion Bbls Of Offshore Conventional Oil -- January 8, 2019

Link here.

BP is currently producing about 300,000 boepd from the GoM. BP is GoM's biggest producer.

It hopes to produce 400,000 boepd from the region b y 2025.

So, 1 billion bbls / 400,000 bbls = 2,500 days or about seven years of production.

Making The Gulf Coast Great Again

Wow, it just doesn't quit. Now this announcement -- link here.
South Louisiana Methanol LP and new joint-venture partner Saudi Arabian Basic Industries Corp. (SABIC) are planning a $2.2-billion capital investment to build a grassroots methanol complex in St. James Parish, LA.

Originally announced in 2013 as a project of Texas-based ZEEP Inc. and New Zealand-based Todd Corp. Ltd., SLM—which is now majority-owned by Todd—will pursue the JV methanol project with a Houston-based subsidiary of SABIC.

Preliminary work on the project began last year at a 1,500-acre site along the west bank of the Mississippi River, about 8 miles south of the Sunshine Bridge, with formal construction on the complex to possibly begin later this year subject to pending negotiations between SLM and SABIC.

The methanol plant would have a proposed production capacity of 2 million tonnes/year to support customers both in the US and internationally.

The methanol project would create 75 direct jobs with an average salary of $71,400/year, plus benefits. In addition, the project would result in an estimated 350 permanent indirect jobs while generating 800 construction jobs at peak building activity.

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