Exclusives

Digitization is the way forward for subsea.

Optime Subsea, Subsea Valley Conference

The company’s subsea control and installation light system does not require a hydraulic umbilical from the support vessel, reducing both the cost and complexity of the topside structure.

Eelume, robot, subsea, snake, ROV, AUV, oil, inspection

The next version of the robot will be capable of diving down to 500 m (1,640 ft), proving the concept of the technology’s self-propelled robotic arms in performing inspection, maintenance and repair jobs.

Total, Petrobras, Brazil, Santos, Maxime Rabilloud, Iara, Lapa, offshore

The French oil major looks to strengthen its portfolio with the Iara and Lapa fields.

Australia, offshore, equipment, subsea, technology, Wood Group, Woodside, Shell, PTTEP, Inpex, JIP

The companies are part of a Wood Group-led joint industry project launched to eradicate the degradation of subsea equipment in shallow, warm waters offshore Australia.

Contracts

Sandvik Materials Technology, a developer and producer of advanced stainless steels and other high-performance materials, has secured the contract to be the sole provider of stainless steel umbilical tubes for the Leviathan gas field, the company said in a news release.

Exploring the Mediterranean's Levant Basin has become more attractive since Eni discovered Egypt's offshore Zohr Field in 2015, the biggest gas field in the Mediterranean.

Empyrean Energy Plc entered a sale and purchase agreement (SPA) to conditionally acquire a shareholding of up to 20% in West Natuna Exploration Ltd. (WNEL) from Conrad Petroleum Pte Ltd., the owner of WNEL that holds full participating interest in the Duyung PSC, which includes the Mako shallow gas discovery offshore Indonesia, according to an April 4 press release.

Eni and Total are in a consortium for one of the blocks and ExxonMobil and Qatar Petroleum have joined up for another. Eni will be on its own in a third block. The blocks were offered in the third licensing round held by Cyprus, Reuters reported.

The scope of the contract, valued at $245 million, includes one new process platform with gas processing and compression facilities, three new wellhead platforms, a 32-km pipeline, clamp-on on three existing platforms and modification work on eight existing platforms in the Neelam Field offshore India, the release said.

Digital

Predictive analytics in real time offer opportunity to change course before incidents occur.

BP Norge enhances its existing experience in digital oilfield technology by creating two second-generation “fields of the future.”

Downhole

The National Academy of Engineering (NAE) pointed to the need for designing blowout preventers (BOPS) that operate “under all foreseeable conditions.”

Equipment

Diamond Offshore, drilling, oil, Barclays, analyst

The sector has benefited from OPEC’s production cut, analysts say, but declining demand remains.

NADL said that, as previously agreed, it will form a joint asset holding company with Jurong to jointly own West Rigel if no employment is secured for it.

The near-term offshore drilling market is one of the most challenged upstream sectors, with its long-term recovery—while undoubted—to lag behind any broader upturn.

Benefits of AUV use continue to expand. AUVs are being used to survey and inspect pipelines and flowlines and to verify the integrity of subsea structures.

Allseas, Pioneering Spirit, single-lift, vessel, decommissioning, oil, gas, offshore

The term ‘game changer’ is sometimes thrown around too easily, but it is completely deserved in the case of the giant vessel Pioneering Spirit.

Operations

The company expects production at Leviathan to begin by the end of 2019. The project's partners have budgeted $3.75 billion for its development, Reuters reported.

The Offshore Technology Conference (OTC), which takes place May 1-4 in Houston, has named 17 technologies that will receive the 2017 Spotlight on New Technology Award.

The six-month outlook meanwhile rose 1.1 points to 60.5 points, the strongest since early 2015. And despite some idle capacity, the outlook for investments hit a four-year high as more and more companies seek to grow, the survey showed, Reuters reported.

The company reported a 46% drop in full-year core profit (EBITDA) to 189.5 million euros (US$200.8 million), hurt by pricing pressure and low activity levels in the energy market, Reuters reported.

Israel, Leviathan, gas, Mediterranean, offshore, Noble Energy, sanction, FID

The company and partners have agreed to spend $3.75 billion for the development, which is set to begin production in 2019. Noble's share is $1.5 billion.

People

The report is due to be ready by Sept. 30 and will be published after this date, the firm in a statement. The Norwegian Accident Investigation Board is conducting its own investigation and published a preliminary report May 13.

Fire aboard P-48 FPSO vessel started at about 1 p.m. local time as platform was being shut down and has since been put out, according to workers' union, Reuters reported.

North Sea industry group Oil and Gas UK said lower oil price accelerated some field’s permanent shutdown; in 2015 21 stopped producing and 80 could follow by 2020, Reuters reported.

Hsu Chong Pin, most recently head of business development and investor relations at Marco Polo Marine, has 15 years’ experience in corporate finance, financial advisory, business development and investor relations. 

There are ongoing discussions and procedures regarding potential transactions related to the Orlando project, the Trent and Tyne licenses, the West Wick license and others.