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The Offshore Frontier

Talos Energy announces a transaction with Pan American Energy to cross-assign interests in Block 2 and Block 31 offshore Mexico

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Talos Energy has announced that the company entered into a transaction with Hokchi Energy, a subsidiary of Pan American Energy to cross assign the company’s participating interest (PI) in Block 2 and Hokchi’s PI in Block 31, both in the Sureste Basin offshore Mexico. Under the agreed conditions for the swap, Talos will assign a 25% PI in Block 2 to Hokchi in exchange for a 25% PI in Block 31, which is immediately to the south of Block 2. Once the transaction is completed, Hokchi will be the operator of both blocks and Talos will own a 25% PI on Block 2 and a 25% PI on Block 31. The transaction is subject to approval by the Mexican oil & ...

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Maersk Drilling awarded new contract for jackup Maersk Intrepid

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Equinor has exercised two options extending the current contract for the jackup Maersk Intrepid by two months until June 2019. Further, Maersk Drilling and Equinor have signed a new five-month contract for the Maersk Intrepid, which will commence in direct continuation of the current extended contract. The new contract adds an additional four options of two months each. The Maersk Intrepid will be utilized for both drilling and accommodation activities at the Martin Linge field, with possible re-deployment to other Equinor-operated fields at a later stage. “We are proud to see Maersk Intrepid get the opportunity to continue on Martin Linge and contribute to the expected opening of production on the field in 2020,” Morten Kelstrup, CCIO  of Maersk Drilling, said. ...

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Maersk Drilling gets semi-sub contract offshore Timor-Leste

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Maersk Drilling and Eni as operator of the JPDA 11-106 Joint Venture have signed a one-well contract for the semi-submersible rig Maersk Deliverer for exploration drilling in the Timor Sea. The estimated duration of the firm contract is two months, expected to commence in March 2019. The contract contains an option for an additional well with an expected duration of an additional two months.

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National Oil Corporation, BP and Eni agree to work to resume exploration in Libya

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Libya’s National Oil Corp, BP and Eni have signed an agreement expected to lead to Eni and BP working together to resume exploration activities on a major exploration and production contract in Libya. A letter of intent was signed in London by Mustafa Sanalla, National Oil Corp Chairman; Bob Dudley, BP Group Chief Executive; and Claudio Descalzi, Eni Chief Executive Officer. The parties agreed to work toward Eni acquiring a 42.5% interest in the BP-operated exploration and production sharing agreement (EPSA) in Libya. On completion, Eni would also become operator of the EPSA. BP currently holds an 85% working interest in the EPSA, with the Libyan Investment Authority holding the remaining 15%. Eni has existing exploration and production activities and infrastructure adjacent to onshore areas ...

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Ensco and Rowan Companies agree to combine

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Ensco and Rowan Companies jointly announced that the companies have entered into a definitive transaction agreement under which Rowan will combine with Ensco in an all-stock transaction. The definitive transaction agreement was unanimously approved by each company’s board of directors. The Saudi Aramco partner to the ARO Drilling joint venture has consented to the combination between Rowan and Ensco. Under the terms of the transaction agreement, Rowan shareholders will receive 2.215 Ensco shares for each Rowan share. Upon closing, Ensco and Rowan shareholders will own approximately 60.5% and 39.5%, respectively, of the outstanding shares of the combined entity. There are no financing conditions for this transaction. The combined company expects to realize annual pre-tax expense synergies of approximately $150 million, ...

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BHGE, McDermott, L&T Hydrocarbon Engineering win largest Indian subsea project for ONGC’s 98/2 Block

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Baker Hughes (BHGE), McDermott International and L&T Hydrocarbon Engineering (LTHE) were awarded the subsea contract for India’s Oil & Natural Gas Corporation’s (ONGC) largest deepwater project, the development of block DWN-98/2 in the Krishna Godavari basin. The project brings together leading subsea equipment and services from BHGE, McDermott and LTHE to provide ONGC with end-to-end project delivery. The integrated subsea package includes the supply of all subsea production systems (SPS), including 34 deepwater trees, and the installation of subsea umbilicals, risers and flowlines (SURF) at a water depth of between 984 ft (300 m) and 10,500 ft (3,200 m). BHGE will provide all of the subsea hardware, as well as pre-commissioning services, and McDermott will bring its fleet of pipelay and construction vessels ...

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BSEE issues safety alert resulting from recent risk-based inspection

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The US BSEE has issued a safety alert summarizing its findings and recommendations from a recent risk-based inspection. BSEE’s team of inspectors and engineers developed several recommendations from inspection findings to reduce risks associated with fired vessels. Fired vessels are hydrocarbon-processing vessels on offshore oil and gas facilities with self-contained, natural or forced draft burners.

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Subsea 7 awarded integrated contract offshore US Gulf of Mexico

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Subsea 7 has announced the award of a contract by Fieldwood Energy to Subsea Integration Alliance, a global partnership between Subsea 7 and OneSubsea, a Schlumberger company. The award is for the deepwater Katmai field development in the US Gulf of Mexico’s Green Canyon 40. This supplier-led integrated subsea development solution, combines OneSubsea’s subsea production systems and Subsea 7’s subsea umbilicals, riser and flowline systems expertise. The Subsea 7 scope includes project management, engineering, procurement, construction and installation of 40 km of pipe-in-pipe production flowline (12 in outer pipe and 8 in inner pipe), together with subsea structures, tie-ins to the Tarantula Platform and pre-commissioning expertise. The OneSubsea scope includes provision of three trees (with options for two additional trees), connectors, valves, topside ...

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Shell adds material acreage to its deep-water position in Brazil

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Shell Brasil Petróleo, a subsidiary of Royal Dutch Shell, and its bid consortium member Chevron Brasil Óleo & Gás, has won a 35-year production sharing contract for the Saturno pre-salt block located off the coast of Brazil in the Santos Basin. Shell will pay its share of the total signing bonus for the block, equating to approximately $390 million. “We are pleased to add another material, operated exploration position to our leading portfolio in one of the world’s most prolific deepwater areas” Andy Brown, Upstream Director, Royal Dutch Shell, said. “We continue to grow an exciting and resilient Upstream business of long-term competitive positions in our heartlands while maintaining strong, capital discipline.” With the addition of the Saturno block (Shell 50% ...

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ExxonMobil wins additional acreage in Brazil’s 5th pre-salt bid round

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ExxonMobil has increased its holdings in Brazil’s pre-salt basins after it won the Titã exploration block with co-venturer Qatar Petroleum during Brazil’s 5th pre-salt bid round. The block awarded added more than 71,500 net acres to the ExxonMobil portfolio, expanding the company’s total position in the country to approximately 2.3 million net acres. “With the acquisition of this block, we continue to increase our holdings in Brazil’s pre-salt basins, which are high-quality opportunities that enhance ExxonMobil’s global portfolio,” Steve Greenlee, President of ExxonMobil Exploration Company, said. “These resources will benefit from ExxonMobil’s considerable capabilities, which we will employ as we explore and develop them with our co-venturers and the government.” Equity interest in the block will be 64% for ExxonMobil ...

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