Energy firm Total is to partner with Chevron on deepwater exploration in the Gulf of Mexico, signaling a positive outlook for breakbulk demand in the region.
The two firms reached agreement to participate in seven wells over 16 blocks with work expected in Wilcox in the central Gulf, and Norphlet in the eastern Gulf.
“The move is an indication that Total’s appetite for exploration is coming back…The new Chevron partnership could revitalise Total’s portfolio in the Gulf of Mexico,” said Valentina Kretzschmar, director at consultancy Wood Mackenzie.
Total is expected focus on accessing long-life, low-cost resources, while continuing to high-grade its portfolio.
Photo: Oil platform in Gulf of Mexico. Credit: Wikimedia