Subsea Engineering News - News

Subsea Engineering News - Exclusives

Exploration Briefs For Feb. 2

For Viper Innovations, collaboration, diversification and innovation go hand-in-hand when it comes to maintaining the electrical integrity of equipment.

Statoil plans to drill about 30 exploration wells in 2017, up about 30% compared to 2016, on the back of better market conditions and improvements the company says it has made.

Like just about every other sector in the oil and gas industry, the lingering oversupply-driven downturn crushed activity and continued to nip away any demand left for equipment for the subsea sector last year.

The U.K.’s National Subsea Research Initiative (NSRI) said operations and maintenance (O&M) services—particularly inspection, repair and maintenance (IRM) activities—offer traditional oil and gas industry-orientated subsea players “the highest potential to diversify into offshore wind.”

Subsea Engineering News - Business

Margareth Øvrum, executive vice president of technology, projects and drilling for Statoil ASA, believes in setting “impossible targets” that require “radical changes.”

Economic development agency Scottish Enterprise is making a push to keep Scotland at the top of the global subsea market, despite the challenges offered by competition from other regions around the world and the harsh realities of the severe industry downturn.

Chrysaor, which has just bought much of Shell’s U.K. North Sea assets for up to $3.8 billion, is in the market for more North Sea deals to expand its newly acquired position as one of the basin’s biggest independent producers.

Derrick Booth, who died at home in California at the age of 89 on Oct. 25, was the original subsea watcher. 

Israel’s Delek Group has wrapped up a deal with Dana Petroleum to acquire a 13.18% stake in Faroe Petroleum in a move that bolsters Delek’s North Sea portfolio and makes it the majority stakeholder in Faroe.

Subsea Engineering News - Business Briefs

Business Briefs For Feb. 2

Subsea 7 S.A., through one of its subsidiaries, has made an offer to acquire K&S Baltic Offshore (Cyprus) Ltd.’s 50% shareholding in Seaway Heavy Lifting Holding Ltd. 

Norwegian Energy Co. (Noreco) reports that its fully owned subsidiary Noreco Oil UK Ltd. has entered an agreement to transfer its 20% stake in the Huntington license offshore the U.K. with all rights and obligations to Premier Oil.

Business Briefs For Dec. 16

Business Briefs For Dec. 2

Subsea Engineering News - Conference Report

The subsea sector will have to keep its overcoat on for a few more years, as the cold wind that has been blowing through the industry since the oil price crash of late 2014 is forecast to continue.

What is the future of the oil and gas segment in Brazil? That was the main question asked repeatedly during the Rio Oil & Gas 2016 conference in October. 

Statoil is planning to sink about $250 million into its ongoing exploration drilling campaign in the frontier Barents Sea over the next two years, including its northernmost wildcat yet.

A jury of industry experts, R&D professionals and top executives selected TechInvent and Island Offshore/Centrica for ONS 2016 Innovation Awards.

Petrobras and Statoil have signed a memorandum of understanding that aims to evaluate their joint participation in future tenders and upstream collaboration in producing fields in the Campos and Santos basins.

Subsea Engineering News - Floater Briefs

Floater Briefs For Feb 16

Floater Briefs For Feb. 2

Chevron canceled its $1.88 billion contract with Hyundai Heavy Industries in December for construction of an FPSO unit for use in the U.K. North Sea, a decision blamed on persistently low global oil prices.

Floater Briefs For Dec. 2

Vessel Briefs For Nov. 18

Subsea Engineering News - Floater News

A report from U.S.-based Zion Market Research forecasts global FPSO market growth between 2015 and 2021 as oil and gas E&P expands in deepwater, ultradeepwater and offshore fields.

Watch out for the impact of floating LNG (FLNG) storage in 2017 and 2018, particularly during the seasonal “shoulder months,” Genscape advised.

Rising oil prices are boosting hopes that more FPSO units will join the workforce following years of lackluster activity caused mostly by spending cutbacks driven by the downturn.

But a quick turnaround is not expected, considering the long lead time needed for offshore infrastructure.

SBM Offshore’s holiday season brightened with the award of an FPSO contract for ExxonMobil Corp.’s Liza development offshore Guyana, giving a glimmer of hope for the ailing FPSO market sector.

In a joint announcement, NextDecade Global Solutions, a subsidiary of NextDecade LLC, and FLEX LNG revealed that the two companies have signed a heads of agreement (HoA) to create a full-value chain solution for customers looking to purchase LNG from NextDecade’s Rio Grande LNG export project in Brownsville, Texas.

Subsea Engineering News - Policy

Moves by Brazilian authorities to create new rules to ease existing local content policy have pleased oil companies that perform E&P activities in the country. 

Norway will appoint a public commission to look into the safety of the country’s offshore oil and gas industry following a recent string of accidents, the government said on Nov. 29.

Mexico’s oil regulator on Oct. 3 gave oil companies an extra week to submit comments and questions about the country’s first-ever deepwater joint venture covering state oil company Pemex’s Trion Field.

A bill ending the requirement that Brazil’s state-controlled Petrobras must lead all new projects in the country’s Subsalt Polygon region should become law by year-end 2016, the president of oil industry association IBP said on Sept. 28.

Norway will review whether to tighten offshore safety rules after “repeated failures” at Eni's Arctic Goliat Platform, including a power outage during the week of Aug. 22, a minister said.

Subsea Engineering News - Project Briefs

Exploration Briefs For Dec. 2

Development Briefs

Development Briefs For Nov. 18

Exploration Briefs For Nov. 4

Development Briefs For Nov. 4

Subsea Engineering News - Project Updates

The Kashagan oil field has started commercial output, Kazakhstan’s energy minister said on Nov. 21, marking a milestone for a $55 billion project that is more than a decade behind its original production plan.

Eni has finalized plans to develop Mozambique’s Coral South offshore gas project, part of a larger scheme that will see Italy’s top energy company and partners spend an estimated $50 billion.

France’s Total and Azerbaijan’s state-owned player Socar have agreed to contractual and commercial terms for Phase 1 production from the Absheron gas and condensate field in the Caspian Sea.

Centrica has handed in a plan for development and operation (PDO) for the Oda, formerly Butch, Field offshore Norway to the Ministry of Petroleum and Energy.

Mexico’s oil regulator announced on Nov. 28 a final list of 17 oil companies representing a dozen countries that have prequalified to bid on the country’s first-ever deepwater oil auctions, set for Dec. 5.

Subsea Engineering News - Technology

Hempel has released two new coatings that aim to increase the service life and reduce on-station maintenance requirements of offshore assets.

DOF Subsea, working with Sonardyne, 2G Robotics and Seatronics, has released a new underwater surveying technique in which ROV-mounted and mapping operations are conducted while the vehicle is in motion.

Tough times for the oil and gas industry have led offshore operators to subsea technology to help cut costs as many lean toward standardization and simplified yet innovative concepts.

Subsea technology firm Optime Subsea Services and Telemark Technologies, a Norwegian engineering company, teamed up to push out a modular well completions system for the offshore oil and gas industry.

The Subsea Services Alliance, a collaboration between Helix Energy Solutions Group Inc. and Schlumberger, have launched development of the first riserless open-water abandonment module (ROAM).