Big Announcements by Chevron, CNOOC Show Deepwater Oil in Full Boom

CNOOC’s Marjan Facility undergoes final touches. Credit: CNOOC

Two major announcements from a pair of the world’s largest oil and gas companies Monday highlight the world’s booming offshore deepwater business that continues to run contrary to the flowery narratives of the energy transition. In an interesting twist, the two companies seem likely to become partners in one of the world’s biggest and fastest-growing deepwater projects.

In China, the Chinese National Offshore Oil Corporation (CNOOC) announced the launch of its enormous Marjan oil and gas collection and transportation platform, one of the world’s largest offshore facilities. CNOOC says that, once installed, the Marjan facility will be capable of gathering and transporting 24 million tonnes (over 171 million barrels) of oil and 7.4 billion cubic meters (2.61 trillion cubic feet) of natural gas annually.