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Global and Regional Markets

Subsea 7 awarded integrated contract offshore US Gulf of Mexico

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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US net natural gas exports in first half of 2018 were more than double the 2017 average

From January through June of 2018, net natural gas exports from the United States averaged 0.87 billion cubic feet per day (Bcf/d), more than double the average daily net exports during all of 2017 (0.34 Bcf/d). The United States, which became a net natural gas exporter on an annual basis in 2017 for the first time in almost 60 years, has continued to export more natural gas than it imports for five of the first six months in 2018. U.S. natural gas exports have increased primarily with the addition of new liquefied natural gas (LNG) export facilities in the lower 48 states. U.S. exports of LNG through the first half of 2018 rose 58% compared with the same period in ...

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Equinor acquires a 40% stake in the Rosebank project in the UK

Equinor has signed an agreement to acquire Chevron’s 40% operated interest in the Rosebank project, one of the largest undeveloped fields on the UK Continental Shelf (UKCS). Once concluded, the transaction will strengthen Equinor’s UK portfolio, which includes the Mariner development, attractive exploration opportunities and three producing offshore wind farms. “We look forward to becoming the operator of the Rosebank project. We have a proven track record of high value field developments across the North Sea and will now be able to deploy this experience on a new project in the UK,” Al Cook, Equinor’s Executive Vice President for Global Strategy & Business Development and UK Country Manager, said. “Today’s agreement allows us to buy back into an asset in which ...

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

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

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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Transocean announces contract extension for Petrobras 10000

Transocean has announced that the ultra-deepwater drillship Petrobras 10000 was awarded a 790-day contract extension offshore Brazil with Petrobras. The contract is extended through October 2021 and includes a blend-and-extend modification to the previous contract dayrate, effective September 2018. The additional net contract backlog is approximately $185 million, including cost escalations. Additionally, Transocean will receive a 5% royalty per day, totaling approximately $16 million, estimated to be from October 2018 to October 2021 associated with the use in Brazil of the company’s patented dual-activity technology on the Petrobras 10000.

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Delmar Systems awarded mooring contract for Transocean/ExxonMobil Work in Equatorial Guinea

Delmar Systems has been awarded the mooring contract to provide engineering design services, project management, mooring equipment, and mooring installation services for the Development Driller III at ExxonMobil’s locations offshore Equatorial Guinea. The Development Driller III is planned to be on eight-point OMNI-Max preset mooring systems for the duration of the drilling campaign. “We are delighted to continue Delmar’s close relationship with Transocean and ExxonMobil on this scope of work,” Josiah McVicar, Delmar Senior Project Manager, said. “We look forward to continued success with both Transocean and ExxonMobil on this campaign through safely and efficiently completing all mooring operations to Delmar’s high standards. This award recognizes our long relationship with ExxonMobil and Transocean as well as our strong presence in ...

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Equinor strengthening subsea collaboration with Aker Solutions and TechnipFMC

Equinor is signing collaboration agreements with Aker Solutions and TechnipFMC for subsea equipment and services on the Norwegian continental shelf (NCS) and internationally. For several decades, the subsea segment has been central in developing Equinor and the NCS. The company is operating close to 600 subsea wells, which account for a considerable share of the company’s total production. Norwegian supplier industry is in the forefront of subsea technology, development and operation. “We are building on many years of good cooperation with two world-leading suppliers in the subsea segment,” Margareth Øvrum, Equinor’s Executive Vice President for Technology, Projects & Drilling, said. “Together with TechnipFMC and Aker Solutions we aim to further develop current solutions and keep up the pressure on continuous improvements ...

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Interior proposes region-wide oil and gas lease sale for Gulf of Mexico

In support of President Donald J. Trump’s America-First Offshore Energy Strategy, Deputy Secretary of the Interior David Bernhardt and Bureau of Ocean Energy Management (BOEM) Acting Director Walter Cruickshank today announced that BOEM proposes to offer 78 million acres for a region-wide lease sale scheduled for March 2019. The sale would include all available unleased areas in federal waters of the Gulf of Mexico. “The development of our offshore energy resources is a major pillar of this Administration’s energy strategy,” said Mr Bernhardt. “We all benefit from a strong offshore energy program, which provides thousands of well-paying jobs, as well as affordable and reliable energy Americans need to heat homes, fuel our cars, and power our economy.” Lease Sale 252, scheduled ...

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Cormorant-1 well update

Tullow Oil announced that the Cormorant-1 exploration well in the PEL-37 licence, offshore Namibia, encountered non-commercial hydrocarbons and the well is being plugged and abandoned. The well has been drilled to a total depth of 3,855 m and penetrated the objectives of the Cormorant prospect. Sandstones were encountered in the primary objective of the well, but these proved to be water bearing. Wet gas signatures, indicative of oil, were encountered in the overlying shale section. Important geological data has been gained from this well, and, in combination with high-quality 3D seismic data, will provide valuable insights into the prospectivity of the Group’s Namibian acreage in PEL-37 and PEL-30. The Cormorant-1 well was drilled safely and efficiently by the Ocean Rig Poseidon drillship in ...

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