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The Offshore Frontier

Wood Mackenzie: Operators taking a deliberate approach to offshore exploration and development

Wood Mackenzie is forecasting a number of offshore FIDs for 2018, including FIDs for Eni’s Argo cluster in the Adriatic Sea and ExxonMobil’s Domino and Pelican Fields in the Black Sea, Julie Wilson, Research Director, Global Exploration, said at the 2018 OTC in Houston on 30 April.

If the number of final investment decisions (FIDs) taken by operators is an indication of the health of the offshore market, then things are looking up. Wood Mackenzie anticipates that roughly 30 offshore projects will receive an FID in the coming year. This is roughly flat from 2017, when 32 projects were sanctioned, and a significant increase from 2016, when fewer than 15 projects received FIDs. The newly sanction projects this year are likely to be developed more quickly and at lower costs than pre-downturn projects, Julie Wilson, Research Director, Global Exploration at Wood Mackenzie, said at the 2018 OTC in Houston on 30 April...

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ABB to provide digital automation and safety for new Statoil offshore project

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ABB announced that it will provide integrated ABB Ability automation and safety systems to Statoil’s new Johan Castberg oilfield development project in Norway. ABB’s solutions and services will help to reduce the CAPEX for the project significantly. Integrated control, safety and communication will be key to the successful operation of this new field...

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Hess acquires interest in offshore Guyana block from ExxonMobil

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Hess subsidiary Hess Guyana (Block B) Exploration has reached an agreement with Esso Exploration and Production Guyana (ExxonMobil) to acquire a 15% participating interest in the Kaieteur Block, offshore Guyana. The Cooperative Republic of Guyana has provided Hess and ExxonMobil an instrument detailing the transfer of interest, which has been completed. “Our interest in the Kaieteur block extends our company’s already significant acreage position in the prolific Guyana-Suriname Basin, which has delivered seven world-class oil discoveries to date,” said CEO John Hess. “We look forward to working with our partners and the government of Guyana to evaluate the potential of this highly prospective acreage.” The Kaieteur block is located approximately 155 miles (approximately 250 km) offshore the coast of Guyana, adjacent to the Stabroek block. The Kaieteur block is approximately 3.3 million acres (approximately 13,535 ...

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