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Zinke announces 76 million acres offered in GOM region-wide oil and gas lease sale

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US Secretary of the Interior Ryan Zinke announced that the Department will offer 75.9 million acres offshore Texas, Louisiana, Mississippi, Alabama, and Florida for oil and gas exploration and development. The region-wide lease sale scheduled for August 16, 2017 will include all available unleased areas in federal waters of the Gulf of Mexico and provide a reduced royalty rate for shallow water leases to encourage exploration and production under current market conditions...

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Seadrill announces contract award for West Saturn drillship in Brazil

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Seadrill has secured a firm contract for one well and one drill stem test with Statoil Brasil Óleo e Gas for the West Saturn in Brazil. The contract also includes a number of option wells to be drilled in blocks where Statoil has license and operatorship. West Saturn is expected to commence operations between December 2017 and January 2018. The backlog for the firm portion of the contract is expected to be approximately $26 million. The West Saturn will be upgraded with a managed pressure drilling (MPD) system which is expected to be utilized as part of the upcoming work scope. The Saturn represents the fifth unit managed by Seadrill equipped with MPD equipment....

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Trendsetter completes live well operations with 15,000-psi STIM system

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Trendsetter Engineering has successfully completed live well operations with their new 15,000 psi subsea hydraulic intervention system (referred to as STIM). The STIM system, which had previously been utilized for subsea hydrate remediation work, has now completed seven subsea projects in the GOM since November 2016, in water depths ranging from 2,500 ft to 7,200 ft...

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ADNOC expands partnership approach to build on 2030 growth strategy

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The Abu Dhabi National Oil Company (ADNOC) has announced that it will develop and further expand a regional, fully integrated drilling company, including the development of upstream concessions with partners that may also seek to strategically partner with ADNOC in other parts of the value chain. This work will be done as part of ADNOC’s expansion of its partnership model, which will span the group’s entire value chain....

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BOEM completes analysis of royalty rates for offshore oil and gas leases

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BOEM has completed an analysis of their royalty rates and have decided to set the royalty rate at 12.5% for leases located in water depths less than 200 m in the proposed Gulf of Mexico (GOM) Sale 249. This is lower than the proposed 18.75% royalty rate for shallow water leases published in the Proposed Notice of Sale, and is consistent with the federal onshore oil and gas lease royalty rate of 12.5%. The purpose of this change is to adjust the royalty rate to reflect recent market conditions, thereby encouraging competition and continuing to receive a fair and equitable return on oil and gas resources. The royalty rate in 200 m of water and deeper will remain at 18.75% as in the Proposed Notice of Sale...

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OSRL tests and validates remote sensing equipment

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A recent offshore exercise, conducted by Oil Spill Response (OSRL), was designed to understand how remote sensing technologies can help detect oil spills at sea more effectively. Utilizing the latest in satellite, airborne and in-water surveillance and communications equipment, the highly successful event demonstrated the value of the state-of-the-art technology in identifying and monitoring spills and was conducted with full approval of the Marine Management Organization (MMO) following a rigorous planning and stakeholder consultation process...

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