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Forum’s new eROV means big savings for operators

Forum Subsea Technologies is driving cost efficiencies for the subsea sector with the addition of its latest electric remotely operated vehicle (ROV).  The recently launched XLe Spirit is the first observation-class ROV to utilize Forum’s Integrated Control Engine (ICE) to bring greater functionality commonly only found in larger work-class vehicles. The advanced control electronics pod fitted to all Forum XLe observation class vehicles enables superior connectivity and expansion capabilities when compared with other ROV’s on the market. Ethernet interfacing allows for seamless integration with other industry sensors using common IP architecture and ease of remote data transfer.  “As the subsea market continues to recover from a sustained downturn, cost efficiency is high on the agenda for the industry,” Kevin Taylor, VP ...

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Total Starts Up Production of the Giant Egina Field in Nigeria

Total has started up production on 29 December 2018 from the Egina field, located in around 1,600 m of water depths, 150 km off the coast of Nigeria. At plateau, the Egina field will produce 200,000 BPD, which represents about 10% of Nigeria’s production. The Floating Production Storage and Offloading (FPSO) unit used to develop the giant Egina field is the largest one Total has ever built. This project has also involved a record level of local contractors. Six of the 18 modules on the FPSO were built and integrated locally, and 77% of hours spent on the project were worked locally. Startup has been achieved close to 10% below the initial budget, which represents more than $1 billion of CAPEX savings, due ...

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Eni acquires 70% and operatorship of the Oooguruk oil field in Alaska

Eni has entered into an agreement to acquire 70% and operatorship of the Oooguruk oil field in Alaska from Caelus Natural Resources Alaska. Eni already owns the remaining 30% working interest. The agreement is subject to the approval of the authorities and to certain closing conditions. The Oooguruk oil field, located in the Beaufort Sea approximately 5 km off Alaska’s North Slope coast, has been in production since 2008, and current gross production is of approximately 10,000 BPD from 25 producing wells and 15 gas/water injector wells. Production facilities are located on an artificial gravel island, located in just 1.5 m of water depth with dry production trees, which provide for safe and environmentally responsible production operations, comparable to those of an onshore field.  Additionally, Eni will leverage on the existing relationships and cooperation with the local communities. Eni already is the operator, with 100% working interest, of the Nikaitchuq oil field, located approximately 13 km North-East of Oooguruk. Nikaitchuq has been in production since 2011 and ...

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Halliburton president and CEO Jeff Miller appointed as chairman of the board

Halliburton has announced its board of directors has appointed Jeff Miller, President and CEO, as Chairman of the Board, effective 1 January 2019. Consistent with the company’s corporate governance guidelines, Dave Lesar, Executive Chairman, retired on 31 December 2018. “I appreciate the confidence that the board has placed in me,” Mr Miller, Chairman, President, and CEO of Halliburton, said. “Halliburton has a 100-year legacy of delivering industry leading returns and superior customer service, and I am honored to lead our company as we continue that tradition.” Robert A. Malone will continue as lead independent director of the Halliburton Board of Directors. In this role, Malone will perform the duties outlined in the company’s corporate governance guidelines. These include serving as a liaison between ...

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Rowan announces contract extension for Gorilla VI jackup

Rowan Companies announced that the contract for the Rowan Gorilla VI, a Super Gorilla class jackup, has been extended by Shell in Trinidad. The rig will continue its current drilling program until approximately March. Thereafter, the rig will be used for platform support and accommodations work until approximately September, with an option to extend this work further until November.

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Encana completes sale of non-core San Juan asset; reaffirms commitment to $1.25 billion share buyback in 2019

Encana has announced that its wholly owned subsidiary, Encana Oil & Gas (USA) Inc., has completed the previously announced sale of its San Juan asset in New Mexico to Denver-based DJR Energy. “This transaction continues our track record of unlocking value from non-core assets,” Doug Suttles, Encana President & CEO, said. “The proceeds from this sale add to our financial strength and strongly support our commitment to our $1.25 billion share buyback and 25% increase to the dividend in 2019.” Following the expected close of its announced strategic combination with Newfield, Encana is committed to completing a $1.25 billion share buyback in 2019. Encana’s planned share buyback and previously announced 25% increase to its dividend following closing of the transaction with ...

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Shell announces sale completion of its New Zealand entities

Shell has completed the sale of its shares in Shell entities in New Zealand to OMV for $578 million. This includes the Māui, Pohokura, and Tank Farm assets, and the sale of Shell’s interest in (and operatorship of) the Great South Basin venture, which was subject to a separate agreement. The sale is consistent with Shell’s global drive to simplify the upstream portfolio and re-shape the company into a world-class investment. “We are proud of having worked in New Zealand for more than 100 years and completion of the sale to OMV marks an important milestone in the company’s history,” Zoe Yujnovich, EVP, Australia and New Zealand, said. “Shell staff in New Zealand, past and present, have been key to building ...

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Transocean announces 5-Year $830 Million drilling contract for newbuild ultra-deepwater drillship

Transocean has announced that it has signed a rig design and construction management contract, as well as a five-year drilling contract, with Chevron for one of its two dynamically positioned ultra-deepwater drillships currently under construction at the Jurong shipyard in Singapore. The drilling contract has an estimated backlog of $830 million, excluding mobilization and reimbursables. The drilling contract is subject to design, construction, and delivery requirements set forth in the construction contract. The rig will be the first ultra-deepwater floater rated for 20,000 psi operations and is expected to commence operations in the Gulf of Mexico in the second half of 2021. In the event of termination for convenience by the customer, Transocean will be compensated for its incremental 20,000 psi ...

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Lamprell awarded contract for the construction and delivery of two jackup drilling units

Lamprell has announced that it has received a letter of intent from International Maritime Industries Company (IMI), the Saudi maritime joint venture in which Lamprell is a partner, confirming the intent to award Lamprell the contract for the construction and delivery of two jackup drilling units. The rigs will be built collaboratively between the IMI and Lamprell for delivery to IMI’s end client. There are ongoing discussions between end client, IMI and Lamprell to conclude the specifications and contract terms which, once determined, will result in final contract signing for the rigs. Lamprell will provide a further announcement upon contract signing. The rigs will be built according to the stringent Schedule G requirements for operations in Saudi Arabian waters. Lamprell will ...

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Rowan announces contracts for the Ralph Coffman and the Joe Douglas

Rowan has announced that the Ralph Coffman, a 240-C Class harsh environment jackup rig, has been awarded a 180-day contract in Trinidad. The contract is expected to commence in April of 2019. The previously announced contract with CGX Resources in Guyana will follow in direct continuation of this program. The Ralph Coffman is currently under contract with GulfSlope Energy in the US Gulf of Mexico through its current well, which is estimated to conclude in mid-January 2019. Additionally, BP in Trinidad has exercised a two-well option with the Joe Douglas, a 240-C Class harsh environment jackup rig, immediately following the current well. These exercised option wells are expected to last until approximately May 2019. The Joe Douglas has also received one ...

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