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New offshore oil discovery: well with potential of up to 25 million barrels promises to shake up the global market

Written by Bruno Teles
Published 11/12/2024 às 01:45
New offshore oil discovery: well with potential of up to 25 million barrels promises to shake up the global market
The South Timbalier 311 Megalodon platform is a host facility in the Gulf of Mexico, to which the EW 953 well will be connected, allowing the flow of thousands of barrels of oil per day offshore. (Image: Reproduction)

Announced in the Gulf of Mexico, the discovery of offshore oil in the EW 953 well, with an estimated 8.000 to 10.000 barrels/day and a total value of around US$ 1,89 billion, reinforces debates about supply, price and influence on global markets.

The recently announced discovery of offshore oil is shaking up the global energy scene. Experts, investors and ordinary people are keeping an eye on a well in the depths of the Gulf of Mexico, the confirmation of which promises to shake up the market and raise questions about the balance of supply, demand and prices in the sector. This discovery, announced discreetly in early September, is already stirring up behind-the-scenes action and sparking a debate about the industry's next strategies.

At the center of this story is Talos Energy, US company which confirmed the potential of the EW 953 well, buried about 19.000 feet below the surface. The new offshore oil discovery brings eye-catching numbers: it is expected to produce between 8.000 and 10.000 barrels per day.

The operation will be connected to the South Timbalier 311 Megalodon platform, a facility partially owned by Talos. Walter Oil & Gas, with around 56,7% of the stake, shares the space with Talos (33,3%) and Gordy Oil Company (10%). Together, they form a team that sees the discovery as an opportunity to redefine routes and expand horizons.

Engineers and drillers face considerable technical challenges

Located in the Gulf of Mexico, the EW 953 well is approximately 19.000 feet below the surface, in a deepwater region known for its untapped offshore oil potential.
Located in the Gulf of Mexico, the EW 953 well is approximately 19.000 feet below the surface, in a deepwater region known for its untapped offshore oil potential.

The comparison with another nearby project, Murphy Oil Corporation's Sebastian prospect, also planned to produce between 6 and 10 barrels per day, reinforces the scale of this journey.

Initial estimates indicate a total extraction potential of 15 to 25 million barrels of oil equivalent, worth around US$1,89 billion. This discovery of oil in the deep sea is attracting interest precisely because it involves more than just numbers: it could redefine global dynamics, affecting prices, trade routes and investor attitudes.

It is worth remembering that the Gulf of Mexico, a site of deep-water exploration for decades, has already experienced tense moments. In 2010, the Deepwater Horizon accident left environmental scars and a permanent alert.

New offshore oil discovery

Today, every new offshore oil discovery must pass a rigorous list of safety checks, as well as face public scrutiny and monitoring from watchful environmental activists, regulators and politicians.

The race for new wells does not guarantee immediate success. The discovery, although encouraging, is accompanied by uncertainties. The production schedule may be subject to delays, whether technical, political or related to the supply of equipment.

And it is precisely in this unpredictable dance of the energy sector that the fascination lies: no one can say for sure whether this new discovery of oil in the deep sea will be just another dot on the map or the key piece that changes the game.

For now, observers and curious observers await more details. The truth is that, down below, beneath the waves, there is a world of possibilities ready to be explored. The discovery is a reminder that the energy sector thrives on surprises, and that each new announcement could be the trigger for a new chapter in the history of global energy.

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Bruno Teles

I talk about technology, innovation, oil and gas. I update daily about opportunities in the Brazilian market. With more than 3.000 articles published in CPG. Agenda suggestion? Send it to brunotelesredator@gmail.com

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