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The company has initiated cost-saving measures and tackled drilling efficiency among other areas while working toward its goal of developing a remotely operated factory.
The news is encouraging for the FPSO sector, where activity has drastically slowed. Analyst says FPSO orders will increase in 2017.
The first part of the two-piece South Pars Phase 11 project in the Persian Gulf could cost about $2 billion.
Efforts from more than 50 countries pushed global offshore oil production to more than 27 million barrels per day in 2015, according to the EIA.
Egypt’s offshore sector is leading the way in attracting large investments and pioneering the use of high-end subsea production systems despite the depressed industry environment.