Execs share top offshore strategies

June 11, 2024
Chevron, Tullow and Woodside leaders provide perspectives on their key methods for success in the offshore oil and gas industry.

Editor's note: This article first appeared in the 2024 Offshore Business Strategies Special Report, which published within the May/June 2024 issue of Offshore magazine.

Compiled by Ariana Hurtado, Editor and Director of Special Reports


What are the top tactics actively being implemented offshore? Industry leaders from across the globe highlighted their business strategies with Offshore


Colin Parfitt, Midstream President, Chevron:

"At Chevron, we believe the future of energy is lower carbon; the global energy system is evolving. The world increasingly needs affordable, reliable, ever cleaner energy. The US Gulf of Mexico is a significant part of Chevron’s portfolio. We’re proud the Gulf of Mexico holds some of our lowest carbon intensity production assets. We are investing in upstream adjacent projects and technologies that reduce carbon emissions. In the Gulf of Mexico, we are proud to hold a majority interest in Bayou Bend, one of the largest carbon storage projects in the US. The Bayou Bend Hub is located off the coast near the major industrial areas of Port Arthur and Beaumont, Texas. The total project acreage holds estimated gross potential storage resources of more than 1 billion metric tons. CCUS technology has enormous potential and is rapidly scaling. We believe carbon capture helps make a lower carbon future possible."

Rahul Dhir, Chief Executive, Tullow:

"We believe the ongoing responsible development of hydrocarbons in Africa will build a better social and economic future for our host nations. Tullow is committed to investing in Africa, working with our partners to deliver value for all stakeholders. Oil and gas development requires material investment over the long term, and we are seeing majors exiting late life assets across Africa, leaving host countries looking for suitable partners. Through our strategy, which focuses on operational excellence, capital efficiency and business growth, Tullow is well placed to be a trusted partner. We have built a unique pan-African platform across West and East Africa, and we are delivering tangible economic and social benefits to our host nations. At Tullow we have set the goal of being net zero (scope 1 & 2) by 2030. We will achieve this through the cessation of routine flaring by 2025 and an innovative nature-based project with Forestry Commission of Ghana to offset our residual emissions. We are backing this up with a $45 million multi-year decarbonization fund to make this a reality."

Breyden Lonnie, Vice President North West Shelf Venture, Woodside:

"This year the Woodside-operated North West Shelf Project is celebrating 40 years of operations at the Karratha Gas Plant (KGP) while also working to secure its future. The North West Shelf was Australia’s first liquefied natural gas project and has been supplying energy to Australian and international customers since the 1980s. The North West Shelf Project is always looking to bring new gas reserves online. In 2023, the project partners approved the Lambert West development to tie back an additional production well to the North West Shelf’s Angel Platform. The project is also pursuing the proposed Goodwyn area infill development, targeting previously undeveloped gas resources. After decades of processing only gas from fields held by the North West Shelf joint venture, KGP now processes gas for third parties who pay a toll to use the facility—a transformation that will enable this important infrastructure to continue to supply energy to Western Australia and international markets for decades to come."
About the Author

Ariana Hurtado | Editor and Director of Special Reports

With more than a decade of copy editing, project management and journalism experience, Ariana Hurtado is a seasoned managing editor born and raised in the energy capital of the world—Houston, Texas. Utilizing her editorial expertise, she helps create and oversee new special industry reports and revolutionizes existing supplements, while also contributing content to Offshore magazine, its newsletters and website as a copy editor and writer. In addition, she manages digital media for the Offshore team.