Subsea Engineering News - Exclusives

The future of the U.K. sector of the North Sea seems likely to be based on developing 350 marginal fields. 

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.

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.

Total and Petrobras took their relationship to the next level Dec. 21 with a $2.2 billion deal that gives the French company a stake in two presalt fields as the financially struggling Brazilian deepwater leader  moves closer to its asset sale target.

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

Subsea Engineering News - Business Briefs

Business Briefs For Feb 16

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

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. 

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.

Statoil ASA reduced the development cost for the first phase of its giant Johan Sverdrup project offshore Norway by 21% to NOK 99 billion (US$12 billion), while raising the full field development’s planned production capacity by unveiling an additional processing platform.

Norwegian Prime Minister Erna Solberg has launched the country’s 24th oil licensing round for new exploration areas, mostly off Northern Norway.

Subsea Engineering News - Floater Briefs

Floater Briefs For March 9

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

Subsea Engineering News - Floater News

Wärtsilä started 2017 with good news for its maritime activities in Brazil.

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.

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.

Mexico’s Finance Ministry announced on Sept. 6 the minimum value of additional royalties for companies participating in a deepwater oil tender, one of the most highly anticipated auctions since the opening of the local oil industry.

Subsea Engineering News - Project Briefs

Exploration Briefs For Dec. 2

Development Briefs

Development Briefs For Nov. 18

Development Briefs For Nov. 4

Exploration Briefs For Nov. 4

Subsea Engineering News - Project Updates

Norway has enjoyed a boost to its flagging exploration scene over the last week, with the Barents Sea proving to be the hot spot.

India’s ONGC Ltd. is evaluating hydrocarbon prospects located beyond the continental shelf of Mumbai High in the Arabian Sea after the discovery of gas. 

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.

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).