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VIDEO: ‘Overdrill’ Drillship Design by Fincantieri and Aker Solutions

Fincantieri, one of the world’s largest shipbuilders, has launched a video showing its drillship design: The Overdrill.

The vessel is the next generation drillship which will enable the drilling contractors to drill to a maximum depth of 50.000 feet.

The design has been developed by joint effort of Fincantieri and Aker Solutions. The OVERDRILL design was first introduced to the public last month during the Offshore Technology Conference in Houston, USA.

During the event, Giuseppe Coronella, EVP of Fincantieri Offshore, stated: “The offshore drilling market is driven, on the one hand, by demand for traditional standard systems and, on the other, by ultra-deepwater exploration demanding innovative solutions. With support from Aker Solutions, Fincantieri has produced a rig design that provides solutions to both these needs”.

Click here to see the video.

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OVERDRILL: The Next Generation of Drillship from Fincantieri

Fincantieri, one of the largest shipbuilding groups in the world, is showing its strong commitment in the offshore market, not only through its new subsidiary VARD (previously known as STX OSV), but also by providing the market with the next generation of drillship: the “OVERDRILL design” which will put the drilling contractors in condition to drill to an overall max depth of 50.000ft.

The OVERDRILL design, which has been developed by Fincantieri in cooperation with Aker Solutions, incorporates perfectly Fincantieri Offshore’s mission to offer vessels born and designed around the drilling system, maximizing its integration with the hull. Aker Solutions has supported the development of the new Fincantieri Offshore’s design based on its experience as a supplier of high quality drilling equipment and services.

Compared to other ships of this category, the ones of OVERDRILL design will also feature an increased variable deck load capacity despite reduced overall dimensions. This represent an opportunity for the drilling contractors to evolve their current fleet with a new class of vessels, featuring a higher level of performance and efficiency at the same time, which can be further adapted to their specific requirements and operational attitudes.

The number of offshore wells currently account for about 15% of the global total. Although offshore drilling activities have been successfully going on for several decades, the current phase, with its move into ultra-deep waters, might be the start of a new era.

Commenting on the new design Mr. Giuseppe Coronella, EVP of Fincantieri Offshore, said: “The offshore drilling market is driven, on the one hand, by demand for traditional standard systems and, on the other, by ultra-deepwater exploration demanding innovative solutions. With support from Aker Solutions, Fincantieri has produced a rig design that provides solutions to both these needs”.

Mr. Thor Arne Håverstad, Head of drilling technologies at Aker Solutions, said: “Fincantieri Offshore’s expertise in vessel design combined with Aker Solutions’ knowledge of drilling technologies created a very powerful partnership, which made it possible to create the OVERDRILL design.

The drilling package is designed to meet new requirement related to water depth and drilling length with upgraded capacities, such as increased well pressure (20k) and hook load (1500st).

OVERDRILL design will be presented during the Houston OTC of May 6-10, 2013.

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Helix disposals create deep-water operator takeover bait

Wade Youngblood, a production team leader, walks up a set of steps on the Helix Producer 1 in the Gulf of Mexico on Thursday, Feb. 24, 2011(Photo: Rusty Costanza/ The Times-Picayune)

Helix Energy Solutions Group Inc. (HLX) is turning into a takeover target after streamlining the company to focus on its expanding operations for offshore oil-well support.

The Houston-based company agreed last month to sell its oil-and-gas unit and earlier exited a pipe-laying business, helping Helix reduce debt and center its operations on deepwater vessels and robotics for well maintenance. The divestments make the $2.2 billion company more appealing to a potential suitor such as Aker Solutions ASA (AKSO) or Technip SA (TEC) that may want to expand in marine contracting, said Capital One Financial Corp.

Helix also may attract other oilfield-services providers, according to Stephens Inc., while Iberia Capital Partners LLC says a rig owner such as Diamond Offshore Drilling Inc. (DO) could be interested. Even after Helix’s moves led to a 31 percent gain in 2012 that beat U.S. energy equipment and services stocks, the company trades at a 23 percent discount to its closest competitor Oceaneering International Inc. based on this year’s estimated earnings, according to data compiled by Bloomberg.

“It’s a cleaned-up company,” Trey Stolz, an analyst at Iberia Capital in New Orleans, said in a telephone interview. “Helix would be attractive as an add-on for existing offshore service providers to immediately get a head start on the well intervention side. It’s the next step forward in further specialization of the offshore equipment.”

Terrence Jamerson, director of investor relations at Helix, didn’t return phone or e-mail messages seeking comment.

Oilfield Divers

Helix, which traces its roots to a group of oilfield divers in the 1960s, evolved into an offshore energy company with operations spanning deepwater construction, oil-and-gas production and well maintenance and repair.

The company in October said it sold off its pipe-laying vessels and in December announced that it had agreed to sell its oil-and-gas unit as part of a plan to shift its focus toward so- called well-intervention services. This business, which encompasses undersea well maintenance, salvage and repair using floating vessels and robotics, is more profitable than pipe- laying while requiring less capital outlays than are needed for exploration and production, Chief Financial Officer Anthony Tripodo told investors during a presentation in November.

The asset sales spurred gains in Helix shares that contributed to the biggest advance last year among the 11 members in the Standard & Poor’s Midcap Energy Equipment & Services Index. The stock closed yesterday at $20.86.

‘Simpler Package’

By helping to center Helix’s operations on a single, growing business, the disposals also have bolstered the company’s allure as a potential takeover target, said David Streit, an Appleton, Wisconsin-based equity analyst at Thrivent Financial for Lutherans. The firm oversees about $76 billion in assets, including Helix shares.

“This focuses the company and provides potential acquirers with a much more focused and simpler package of assets,” Streit said in a phone interview. The sale of the oil-and-gas unit “removed the last major impediment to an acquisition. The balance sheet will be net cash positive after the divestiture of the business is complete. And beyond that it’s a very straightforward and clean business.”

Including its current net debt of $589 million, Helix’s enterprise value as of yesterday was 6.64 times its 2013 estimated earnings before interest, taxes, depreciation and amortization, according to data compiled by Bloomberg. The multiple for its Houston-based rival Oceaneering International (OII) was higher at 8.64 times this year’s estimated Ebitda, the data show.

Deepwater Appeal

“It’s trading at a multiple out of whack with other offshore asset-based service companies,” Iberia Capital’s Stolz said.

In its streamlined form, Helix may appeal to some contractors already operating in deepwater oil fields, Stolz said. The addition would give them a leg up as demand grows for well-intervention services, which use equipment sent down from vessels on the water’s surface to tap into aging wells on the sea floor and boost production.

Well-intervention vessels are in demand because they’re a cheaper alternative to drilling rigs, which have long been the standard and are now able to charge near-record leasing rates due to higher oil prices, Stolz said. The market for well intervention could experience growth similar to the past five years, when the number of aging wells nearly doubled to 3,500, he said.

Aker, Technip

Aker Solutions, a Lysaker, Norway-based oil-services company with well-intervention operations, could be a potential suitor for Helix, said Joseph Gibney, a Houston-based analyst with Capital One. The $5.8 billion company has a fleet of three deepwater well-intervention vessels, according to its website.

Paris-based Technip, with a market value of $13 billion, also could be a logical buyer because of its experience working in deep waters offering construction and engineering services for oil fields, Gibney said.

Ivar Simensen, a spokesman at Aker Solutions, declined to comment on whether the company is interested in Helix. Christophe Belorgeot, a spokesman for Technip, didn’t respond to an e-mailed request for comment.

Other oilfield-services companies may want to buy Helix to augment their businesses and gain technical expertise, said Michael Marino, an analyst at Stephens Inc. in Houston. Rig contractors such as Diamond Offshore may be interested in Helix as a way to recapture some of the work lost to lower-priced well-intervention vessels, Gibney and Stolz said.

Going Alone

Darren Daugherty, a spokesman for Diamond Offshore, declined to comment on whether the company is interested in Helix.

With Helix now focused on well intervention, the company could look to stay independent or even seek out acquisitions itself, said Todd Smurl, president and chief investment officer of Houston-based Ascendant Advisors.

“It might put them in play down the road but now they might actually be strong enough to be an acquirer as opposed to being acquired,” Smurl said in a phone interview. What’s more, after the stock rose 19 percent in the past month alone, “it’s not the screaming bargain it was,” he said.

Still, Stephens’s Marino estimates the company could fetch $25 in a takeover, a 20 percent premium to yesterday’s close.

“A takeout at those levels doesn’t seem crazy,” said Marino, who recommended that investors buy the stock after Helix announced plans to sell its oil-and-gas unit. “It makes a lot of sense for someone who wants to increase their presence internationally and offshore.”

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USA: Aker Solutions to Supply Umbilicals for Murphy’s Dalmatian Field

Aker Solutions has been selected to supply two production control umbilicals and three umbilical termination assemblies (UTAs) to Murphy Exploration & Production Company – USA. The products will be delivered to the Murphy operated Dalmatian field in the De Soto Canyon located in the Gulf of Mexico which is jointly owned by Murphy and Ecopetrol America Inc. Contract value is undisclosed.

Aker Solutions has been selected to supply two production control umbilicals and three umbilical termination assemblies (UTAs) to Murphy Exploration & Production Company – USA. The main control and injection umbilical will tie the host facility to Murphy’s De Soto Canyon Block 4 well for a distance of 21 miles (34 km). The second umbilical is an infield umbilical that will connect two blocks 5 miles (8 km) apart. The umbilicals will be used in water depths of approximately 6 000 feet (1 800 metres). Installation is planned for the fourth quarter of 2013.

“Aker Solutions is excited to work with Murphy on this project. We have a strong track-record in the Gulf of Mexico and look forward to executing this contract,” says Marc Quenneville, head of Aker Solutions’ umbilicals business in North America.

Engineering, project management, and manufacturing of the umbilicals will take place at Aker Solutions’ state-of-the-art umbilicals facility in Mobile, Alabama. Engineering for the subsea UTAs will take place at Aker Solutions’ Houston office while manufacturing will take place in Mobile.

Opened in 2003, Aker Solutions’ umbilical manufacturing facility in Mobile is strategically located to serve the Gulf of Mexico and global markets. The facility, with its high capacity horizontal cabler, is specially designed to meet the challenges of demanding deepwater applications.

Subsea umbilicals are deployed on the seabed to supply necessary controls and chemicals to subsea oil and gas wells, subsea manifolds and any subsea system requiring a remote control.

Over the past 15 years Aker Solutions has delivered more than 400 umbilicals to some of the world’s most challenging fields, from harsh environment to ultra-deep, high-pressure water conditions.

Subsea World News – USA: Aker Solutions to Supply Umbilicals for Murphy’s Dalmatian Field.

Recap: Worldwide Field Development News Jul 13 – Jul 19, 2012

This week the SubseaIQ team added 1 new projects and updated 31 projects. You can see all the updates made over any time period via the Project Update History search. The latest offshore field develoment news and activities are listed below for your convenience.

N. America – US GOM

Deep Gulf Strikes Oil at Bushwood Field in GOM

Jul 17, 2012 – Helix Energy has made an oil discovery at the Danny II exploration well at the Bushwood field, located in Garden Banks Block 506. The well encountered more than 70 feet (21 meters) of high-quality net pay, which reached a total depth of about 14,750 feet (4,496 meters) in a water depth of 2,800 feet (853 meters). The well is currently being completed and will most likely be developed via a subsea tie-back system to the company’s 70 percent owned and operated East Cameron Block 381 platform located approximately 31 miles (50 kilometers) to the north in 370 feet (113 meters) of water. First production from Danny II is expected in the fourth quarter of 2012. Helix holds a 50 percent working interest in the exploration well jointly with Deep Gulf Energy LP (Operator) and Deep Gulf Energy II, LLC, who own the other 50 percent working interest.

Anadarko to Appraise Shenandoah Discovery

Jul 16, 2012 – Anadarko is currently drilling the Shenandoah appraisal well in Walker Ridge 51 in approximately 5,800 feet (1,768 meters) of water. The operator is using the ENSCO 8505 (UDW semisub) to drill the well to a proposed depth of 32,000 feet (9,754 meters).

Project Details: Shenandoah

Australia

Santos to Spud Crown-1 in 3Q12

Jul 19, 2012 – Santos Energy reported that it plans to explore the Crown-1 well in the Browse Basin in 3Q 2012. The well is targeting gas in the WA-274-P permit in Australia’s Browse Basin.

Project Details: Crown

Santos Defers Kipper Production until 2016

Jul 19, 2012 – Santos Energy reported that drilling, completion and subsea tie-work at the Kipper development is complete, and the Kipper facility is expected to be completed in 2012. However, due to unforeseen circumstances arising from the existence of trace amounts of mercury, Kipper gas will not come online until dedicated mercury handling facilities are installed. The operator has outlined to the Kipper Unit Joint Venture (KUJV) parties a preliminary scope of work for mercury removal facilities to be built by the Gippsland Basin Joint Venture (GBJV) parties. KUJV has agreed to GBJV proceeding with detailed engineering studies to confirm the scope and cost of works. These studies are expected to be completed mid-2013 to allow a final investment decision to be made in respect of these facilities. Subject to a final investment decision, the operator has advised that first gas from Kipper is most likely to be in the first half of 2016.

Project Details: Kipper

MEO Acquires Seismic Data over WA-360-P Permit

Jul 18, 2012 – MEO Australia has acquired 3D data over its WA-360-P permit and an initial evaluation has supported the postulated connection of the Jurassic reservoirs forecast at the Maxwell prospect to the Triassic reservoirs of the Wheatstone gas field. MEO reported that the postulated connection extends north from Wheatstone through the adjacent permit and continues to Maxwell. Full depth correction of the seismic over Maxwell combined with the results of the Ananke-1 well, to be drilled shortly by the WA-269-P JV in the adjacent permit, will be critical in advancing Maxwell to drillable status.

Environmental Regulators Give Nod for Browse LNG Development

Jul 16, 2012 – Western Australia‘s Environment Protection Authority chairman Paul Vogel has recommended the $35 billion Woodside Petroleum-led Browse liquefied natural gas project can precede, describing the assessment as the most complex in the agency’s history. The recommendation is subject to a two-week public appeal process before the EPA’s assessment will go to state and federal environmental ministers. The EPA’s 29 conditions embrace underwater noise monitoring and fossil heritage management plans to sediment disturbance testing. Final bids from contractors for the onshore work at James Price Point are to be finalized later this month, which will give the partners a clearer view of the economics of the 12 million ton a year LNG plant.

Project Details: Browse LNG

Aker Solutions Signs Ichthys SURF Contract

Jul 16, 2012 – Aker Solutions has signed a contract with McDermott for the Ichthys gas-condensate field development. The scope of work includes the engineering, procurement, fabrication and supply of static and dynamic umbilicals, totaling 39 miles (63 kilometers) for the Ichthys LNG project. Key equipment within this contract comprise five dynamic umbilicals, seven static umbilicals, 36 steel tube flying leads, and associated equipment and hardware. The umbilicals and flying leads will be manufactured and delivered by Aker Solutions’ facility in Moss, Norway, and supported by the project management, design and engineering teams in Fornebu, Norway. The expected delivery date is 4Q 2014.

Project Details: Ichthys

Planned Upgrade of the Offshore Yolla Platform Sees Delays

Jul 13, 2012 – AWE and Origin reported that upgrades of the Yolla platform sited offshore in the Bass Strait, Victoria, will be delayed until the summer of 2012/2013. The first phase of the project, to convert the previously unmanned platform to one with accommodation installing export compression and condensate pumping modules, was originally scheduled to be completed by April 2012. Origin, the operator of the project, was however forced to push back the project scheduled due to challenging weather conditions in the Bass Strait. AWE owns a 46.25 percent stake in the project, while Origin and Toyota Tsusho Gas E&P Trefoil own a 42.5 percent and 11.25 percent stake respectively.

Project Details: BassGas Project

S. America – Other & Carib.

Borders Abandons Stebbing Well

Jul 17, 2012 – Borders & Southern Petroleum has abandoned its Stebbing well in the South Falkland Basin because anomalous pressure conditions meant it was unable to reach the deeper zones it was targeting. The Stebbing well (61/25-1) was drilled to a total measured depth of 10,040 feet (3,060 meters) and encountered “very strong gas shows” in the Tertiary section of the drill. Petrophysical analyses of the logs suggest an interval of thin-bedded siltstones and claystones with a net-to-gross of 36-percent and an average porosity of 19 percent. However, Borders said that due to the thin-bedded character of this sequence it was not possible to obtain a clear indication of the fluid type or saturation. Although the geophysical anomalies identified on seismic are coincident with this zone containing hydrocarbons, Borders??? initial assessment is that this upper target is unlikely to be commercial. Consequently, Borders took the decision to cease drilling and now intends to plug and abandon the well. The Leiv Eiriksson rig (DW semisub) will be released.

Project Details: Stebbing

Tullow to Abandon Jaguar-1 Well on Safety Concerns

Jul 16, 2012 – Drilling operations at the Jaguar-1 well in the Georgetown Block, Guyana, have ended and the well will be plugged and abandoned at a depth of 15,997 feet (4,876 meters), without reaching the primary objective. The partners unanimously agreed to stop drilling due to safety criteria. Jaguar-1 is a high-pressure, high-temperature well which was spud in February 2012 using the Atwood Beacon (400′ ILC) jackup. While the primary Late Cretaceous objective was not reached, samples of light oil were successfully recovered from two Late Cretaceous turbidite sands above the primary objective.

Project Details: Jaguar

Shell Begins Drilling Activities in Guyane Maritime Permit

Jul 16, 2012 – Shell has spud the GM-ES-2 well at its Guyane Maritime permit using the Stena DrillMax ICE (UDW drillship). The well, which is located in 6,200 feet (1,890 meters) of water, is being drilled to delineate the Zaedyus discovery.

Project Details: Zaedyus

Mediterranean

Cooper Secures Rig for Hammamet West-3 Well

Jul 17, 2012 – Cooper Energy has secured a drilling rig from Romanian Grup Servicii Petroliere (GSP) for its Hammamet West-3 well on the Bargou exploration permit, offshore Tunisia. The Bargou joint venture, with Cooper as operator, had signed a letter of intent with GSP for the use of the jackup rig GSP Jupiter (300’ILC) to drill the well which is scheduled to spud in December 2012. However, the spud date is dependent on when the rig is released from its prior commitments, so drilling might not occur until March 2013. Hammamet West-3 is being drilled to further assess the oil resource within the Abiod formation. Cooper intends to drill the well to penetrate the reservoir with a slightly deviated pilot hole. A highly deviated wellbore will then be drilled and tested, to confirm the oil productivity of the formation.

Project Details: Hammamet West

Africa – West

Rialto Completes Drill Stem Test at First Well in Block CI-202

Jul 18, 2012 – Rialto Energy has completed a drill stem test at the Gazelle-P3 ST2 well, achieving maximum flow rates of 19.5 MMcf/d of gas and an unstablized rate of 760 bopd from separate sands within the Upper Cenomanian reservoir. The operator stated that the maximum gas flow rate was constrained due to downhole equipment limitations. The estimated deliverability of the reservoir with standard 4.5-inch production tubing rather than the 3.5-inch test string is 33 MMcf/d.

Project Details: Gazelle

Wawa Confirms Additional Hydrocarbons in Deepwater Tano Block

Jul 18, 2012 – Tullow Oil has confirmed the presence of additional hydrocarbon-bearing formations in the Deepwater Tano Block offshore Ghana with the Wawa-1 exploration well. The well, which was drilled by the Atwood Hunter (DW semisub), encountered about 43 feet (13 meters) of oil pay and 65 feet (20 meters) of gas condensate pay. Wawa-1 was drilled in nearly 1,926 feet (587 meters) of water to a total depth of 10,899 feet (3,299 meters). The discovery reaches hydrocarbon-bearing formations over 6 miles (10 kilometers) north of the Enyenra-3A well, said Anadarko Senior Vice President of International and Deepwater Exploration Bob Daniels in a statement on Wednesday.

Project Details: Wawa

S. America – Brazil

Peregrino Field to Hit Plateau in Coming Weeks

Jul 17, 2012 – Statoil expects for its Peregrino oil field to reach a plateau production of about 100,000 barrels a day by mid-August as two new wells start output in the coming weeks. The field currently produces about 75,000 barrels of heavy crude per day.

Project Details: Peregrino

Petrobras Finds Oil in Espirito Santo Basin

Jul 13, 2012 – Petrobras has discovered a new oil accumulation in the post-salt layer of the Espirito Santo Basin. The discovery was made during the drilling of the Grana Padano well, 40 miles (64 kilometers) from the Golfinho field, at a water depth of 3,963 feet (1,208 meters). Petrobras said the discovery was confirmed by the gas detector response and profiling data for reservoirs at a depth of 6,588 feet (2,008 meters). The consortium will continue exploring the block and intends to submit a proposed assessment plan to the National Petroleum Agency with the aim of delimiting the accumulation discovered and estimating reservoir volumes and productivity.

Asia – SouthEast

Otto Energy Acquires 3D Data over SC 69

Jul 19, 2012 – Otto Energy reported that recently acquired 3D seismic data over Service Contract 69, offshore Philippines, has confirmed the presence of three attractive potential drilling targets in the most prospective portion of the block, namely Lampos, Lampos South and Managau East. A nine-month extension to the present permit term was granted by the Philippines DOE to allow sufficient time to complete detailed technical evaluation of the prospects and allow considered selection of the most attractive prospects for drilling. The operator stated that during the extension period, outstanding technical work will be completed, the prospect portfolio will be ranked and well planning will commence.

Newfield Increases Production in Belumut/Chermingat Complex

Jul 19, 2012 – Newfield Exploration reported that the East Belumut/Chermingat complex achieved a recent production record of more than 43,000 bopd. The increase in production is a result of recent successful development drilling and facility optimization.

Project Details: Belumut

BHP Billiton Scouting for Rig to Drill Cinco Prospect

Jul 19, 2012 – The SC55 joint venture is currently preparing for the drilling phase of exploration activities expected to commence with the Cinco-1 exploration well. The operator reported that it is currently negotiating access to an appropriate ultra deepwater rig with specialized well control equipment that will promote safe drilling operations on the proposed Cinco prospect. No specific data for commencement of drilling operations has been finalized.

Project Details: Cinco

Otto Energy Embarks on Galoc’s Second Phase of Development

Jul 19, 2012 – The Galoc joint venture is still moving forward with Phase II of the field’s development, which remains on schedule for the Final Investment Decision (FID) in 3Q 2012. The scope of FEED work, to be undertaken prior to FID, includes detailed subsurface modeling of the reservoir, drilling and completion design, subsea engineering and tie-back design for new wells. The consortium has pre-invested in the required infrastructure, including wellheads, flowlines and umbilical lines to ensure drilling can occur in 2013.

Project Details: Galoc

Europe – North Sea

BP Finds Gas near Marulk Field in North Sea

Jul 18, 2012 – BP has made a small gas discovery near the Marulk gas field in the Norwegian North Sea. The wildcat well, 6507/3-9S, situated in Production License 212E, found recoverable gas estimated at between 42 and 81 Bcf. It was drilled to a total vertical depth of 9,590 feet (2,923 meters) and encountered gas in Upper Cretaceous reservoir rocks in the Lysing formation. The 6507/3-9S well is now being plugged and abandoned, while the Polar Pioneer (DW semisub) rig used to drill it will move on to work on production wells in the nearby Cormorant field.

Project Details: The Greater Norne Area

Technip to Expand Drill Centers in the Alvheim Area

Jul 17, 2012 – Marathon has awarded Technip a contract to work on the ongoing expansion of the subsea drill centers at Kneler B and Volund in the Alvheim area of the Norwegian sector of the North Sea. The contract includes engineering, fabrication, installation and diving tie-ins of pipeline spools, including protection covers and installation of a manifold. The offshore construction work will take place in 2012 and 2013.

Project Details: Alvheim

Wintershall Spuds Kakelborg Prospect

Jul 16, 2012 – Wintershall has spud the Kakelborg prospect, 33/6-4, in Production License 370 in the Norwegian sector of the North Sea. The operator is using the Borgland Dolphin (mid-water semisub) to drill the well in 1,076 feet (328 meters) of water. The rig is expected to reach total depth in August.

Oil Spill at Osprey Field

Jul 16, 2012 – An oil spill has occurred on the Osprey field in the UK sector of the North Sea, confirmed the Department of Energy and Climate Change. The spill, reported on Friday by Fairfield Energy, was discovered when a hydrocarbon sheen was seen in the vicinity of the Osprey subsea manifold which feeds back to the Dublin Alpha installation. Fairfield said that two on-line wells at Osprey have been closed in response to the spill. The firm and its partners are making efforts to identify the source of the oil, and a specialist vessel with a remotely-operated vehicle onboard is being mobilized to the location of the spill. An ongoing series of aerial observations is also taking place. Fairfield estimates that up to 8.7 tons of oil has been released into the sea.

Project Details: Dunlin

OMV Buys 15% of Aasta Hansteen Field from Exxon

Jul 13, 2012 – OMV has agreed to buy a 15 percent stake in the Aasta Hansteen field from ExxonMobil. The field contains what OMV sees as three significant gas discoveries with expected recoverable net volumes between 40 and 60 million barrels of oil equivalent of gas and between 0.8 and one million barrels of oil equivalent of condensate in a water depth of approximately 4,265 feet (1,300 meters). The acquisition also includes a 6.15 percent stake in the Norwegian Sea Gas Infrastructure project, which will see OMV’s overall stake in the project increase to 7.9 percent.

Project Details: Aasta Hansteen (Luva)

GDF Suez Sanctions Juliet Development

Jul 13, 2012 – GDF Suez has sanctioned the Juliet gas field at Block 47/14b in the UK sector of the North Sea. First gas from Juliet is expected in 4Q 2013 with peak production from the field anticipated to be 80 MMcf/d. The development will compromise two horizontal subsea wells tied-back some 14 miles (22 kilometers) to the Penrenco-operated Pickerill A platform via a 12-inch diameter pipeline and control umbilical. The operator will drill the first well in 2Q 2013 with topsides and subsea construction taking place throughout 2013. Existing infrastructure will transport Juliet gas to the ConocoPhillips operated Theddlethorpe terminal on the Lincolnshire coast.

Project Details: Juliet

Dana Moves Forward with Western Isles Project

Jul 13, 2012 – Dana Petroleum has entered the detailed engineering design phase on the $1.5 billion Western Isles development project in the UK sector of the North Sea. The Western Isles project will develop two discovered oil fields called Harris and Barra, which lie 99 miles (160 kilometers) east of the Shetlands and 7 miles (12 kilometers) west of the Tern field. The development will consist of nine wells. Work on the detailed engineering design will begin immediately and the project is expected to receive full approval from the UK Government towards the end of 2012, with first oil production expected in 2015. The Harris and Barra fields are estimated to contain recoverable oil reserves of 45 million barrels, with upside potential in the area.

Project Details: Western Isles

Sevan Marine Inks Western Isles FPSO Deal

Jul 13, 2012 – Dana Petroleum has selected Sevan Marine’s FPSO technology for the Western Isles development project. Sevan Marine and Dana Petroleum have negotiated two agreements, one technology license agreement whereby Dana pays a license fee to Sevan for the right to use the proprietary Sevan Technology, and one Service Agreement under which Sevan will provide technical and administrative resources to Dana during the project. The development is expected to produce more than 40,000 barrels of oil equivalent each day and the project is expected to receive full approval from the UK government towards the end of 2012, with first oil production expected in 2015.

Project Details: Western Isles

N. America – US Alaska

Buccaneer Energy Set to Mobilize Jackup to Cook Inlet

Jul 19, 2012 – Buccaneer Energy Limited reported that the Endeavour, Spirit of Independence (300′ ILC) will be transported from Singapore to Cook Inlet, Alaska. The Endeavour is expected to depart Singapore at the end of July 2012 and it will take about 21 days to reach the Cook Inlet, where the rig will be offloaded and towed via tug to the first well location in the operator’s offshore program. It is anticipated that the rig will be towed to the Cosmopolitan location in the ice free southern Cook Inlet to commence drilling operations.

Black Sea

Melrose Acquiring 3D Data over Muridava, Est Cobalcescu Concessions

Jul 16, 2012 – Melrose Resources has commenced seismic operations at the company’s Muridava and Est Cobalcescu concessions in the Romanian Black Sea using the Vyacheslav Tikhonov seismic vessel. The planned acquisition program comprises 474,442 acres (1,920 square kilometers) of 3D data, sufficient to cover both licenses. The survey is now 28 percent complete.

Melrose Pinpoints New Prospect in Galata Block

Jul 16, 2012 – Melrose Resources has acquired 3D data over the central area of the offshore Galata Block and interpretation has confirmed the presence of a number of potential reservoir structures. A revised prospect inventory has been compiled and audited by the company’s independent reserves assessors. The company said that seven structures have been identified in the area with a total combined unrisked P50 resource estimate of 125 Bcf. The highest ranked prospect is called Kamchia, which has an estimated P50 prospective resource of 27 Bcf and a chance of success of 40 percent. Preparations are underway to drill the well in 2013 as part of a multi-well rig program. The program will also include the completion of the Kavarna East discovery and two exploration wells in Romania. In the event of a discovery at the Kamchia prospect, the prospect would be developed as a subsea tie-back to the Galata field production platform.

Project Details: Galata Area

MidEast – Persian Gulf

DNO Completes Drilling of West Burkha-5 Well in Oman

Jul 18, 2012 – DNO International has completed the drilling of the West Bukha-5 well in Block 8 and is preparing to resume operations at the West Bukha-4 well, whose top-hole section was previously drilled. Results from the initial flow test of West Bukha-5 confirm the presence of oil in the Thamama reservoir, with an estimated flow capacity of 1,500-2,000 barrels per day. Samples and measurements taken during the initial test flow period indicate an oil gravity of 35-degree API and a gas-to-oil ratio of 5,000 standard cubic feet/barrel. The well will be put on production this summer once normal offshore pipeline operations resume. West Bukha-5 is the first of a three-well development drilling campaign in Block 8. Drilled to a total depth of 17,060 feet (5,1200 meters), including a 3,000-feet (914-meter) horizontal section with good fracture indications, West Bukha-5 is the deepest well yet for the company in Oman.

Project Details: Block 8

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