Thursday, June 11, 2015

Chevron seeks answers on why Big Foot stumbled before start

Chevron seeks answers on why Big Foot stumbled before start: "An equipment failure that’s delayed Chevron Corp.’s $5.1 billion Big Foot deepwater oil project will reduce the company’s production target by less than 25,000 bopd in 2017, the company said. More than a week after some of the production platform’s mooring cables sank in the Gulf of Mexico, Chevron continues to assess the damage and doesn’t know when repairs will start or finish, spokesman Kurt Glaubitz told Bloomberg Television. Remotely-operated vehicles have been roaming the seafloor examining the nine cables that sank. The incident forced Chevron to indefinitely delay this year’s planned start of crude production from the 200 MMbbl field. Big Foot is one of the linchpins in Chairman and CEO John Watson’s plan to boost worldwide production by 20% by the end of 2017. The delay in the project will reduce Chevron’s planned net increase of about 549,000 bopd by less than 25,000 bopd, or about 4.5%, Glaubitz said. The setback increases pressure on the company to avoid delays at the massive Gorgon and Wheatstone natural gas-export developments in Australia that are scheduled to commence this year and next, respectively."

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