big-budget projects. Chevron boasts 15
projects that will receive more than $1
billion each in investment, such as the
deep water projects Jack/St. Malo and Big
Foot in the Gulf of Mexico. The Jack/St.
Malo project is expected to yield 170,000
barrels per day of oil and 42. 5 million
cubic feet per day of natural gas from 43
subsea wells once it is fully operational.
4. ExxonMobil
As a truly international firm, ExxonMobil
has oil and natural gas operations in six
continents. The Houston-based company
earned $32.6 billion for 2013, ending the
year with a peak of $42.5 billion in cap-
ital and exploration expenditures. While
the company said its capital spending will
decrease to $39.8 billion in 2014, Exx-
onMobil plans on diversifying its portfo-
lio with 10 new projects this year that are
forecasted to add about 300,000 net oil
equivalent barrels per day.
In 2013, the company listed proved
reserves at 25. 2 billion oil equivalent bar-
rels and has more than 120 projects that
are expected to develop 24 billion oil
equivalent barrels of oil and natural gas.
ExxonMobil’s long-term investments
include the Cravo, Lirio, Orquidea and
Violeta (CLOV) offshore fields in Angola, which are located between 3,600 feet
or 4,593 feet below the sea. The project
is projected to have a production capacity
of 160,000 barrels of oil per day after the
company confirmed the CLOV project is
on schedule. ExxonMobil has also started
work on a $4 billion project to develop the
Julia oilfield in the Gulf of Mexico.
5. ConocoPhillips
As the world’s largest independent explo-
ration and production company, Cono-
coPhillips is quickly making a name for
itself outside of Texas with operations
and activities in 27 countries. The com-
pany reported $9.2 billion in earnings for
2013 and has made breakthroughs in its
exploration program, predicting it will
grow its exploration operations in 2014.
Since the company began drilling
in the deep waters of the Gulf of Mex-ico starting in the 1980s, the company
has interest in 454 deep water blocks in
the region, which span about 2. 2 million
net acres. The company has tested out
emerging drilling technologies in Magnolia, formerly the world’s deepest ten-sion-leg platform in the Gulf of Mexico and is expected to make an impact
in the region. In an auction for drilling
rights in the western Gulf of Mexico last
year, the company submitted the highest
bid. ConocoPhillips had the largest total
of bids with $50.3 million, topping Chev-
ron’s $32.8 million. In addition to winning the bid for drilling rights, the com-pany also revealed its fourth deep water
discovery in the Gulf of Mexico in the
same year. The Gila discovery was made
under approximately 4,900 feet of water.
Outside of the Gulf of Mexico, the
company said it has exploration activities
in Australia and Senegal. ConocoPhil-lips said it plans on expanding its asset
portfolio and deliver 3 to 5 percent compound annual production growth. ⊗
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http://www.bloomberg.com/news/2013-10-
11/brazil-sweetens-libra-oil-field-sale-terms-
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Shell
http://reports.shell.com/annual-
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Statoil
http://www.statoil.com/en/investorcen-
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default.aspx?redirectShortUrl=http%3a%2f%
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Chevron
http://www.chevron.com/annualreport/2013/
documents/pdf/Chevron2013AnnualRe-
port.pdf
ExxonMobil
http://news.exxonmobil.com/press-release/
exxon-mobil-corporation-announces-esti-
mated-fourth-quarter-2013-results
http://news.exxonmobil.com/press-release/
exxonmobil-oil-production-increase-time-startup-clov-project
http://www.offshoreenergytoday.com/exxon-
mobil-10-new-projects-to-come-in-produc-
tion-in-2014/
ConocoPhillips
http://www.reuters.com/article/2013/08/28/
us-usa-oil-offshore-idUSBRE97R-
0ZT20130828
http://www.conocophillips.com/
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Announces-Fourth-Oil-Discovery-Deepwa-
ter-Gulf#.U8mOooBdXXE
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