National Oilwell Varco (NOV) has acquired 97% of the shares in Seabox for an undisclosed amount from a group of shareholders led by HitecVision.
Seabox is a Norwegian subsea technology company founded around the patented SWIT technology (Subsea Water Intake & Treatment). The technology enables treatment of raw seawater on the seabed (as opposed to on a platform) for injection into oil & gas wells for pressure support and increased oil recovery.
The company was established in 2004, and has, through a series of Joint Industry Projects backed by the Norwegian Research Council and by potential end-users such as ExxonMobil, ConocoPhillips, Shell, Total, Statoil, GDF Suez and others, developed the technology to a level where it is now ready for commercialization. Seabox has 12 employees.
Helge Lunde, CEO of Seabox comments: “We are very excited to team up with NOV’s global organization, which will significantly increase our reach and chances of succeeding in commercializing our technology. We are both proud and happy for their recognition of our efforts and technical solutions, and their commitment to backing us through the coming growth phase. We are convinced that our growth will be faster and stronger together with NOV.”
Michael Hjorth, President of Flexibles and Subsea Production Systems, comments: “NOV has a strong history and presence in Norway, where some of our key technologies for drilling, turret mooring and deck cranes have been developed, and to a large degree also manufactured. When it comes to subsea, which is an area where NOV wants to develop and expand, Norway is pretty much the “Silicon Valley” of the industry, so it is natural for us to search for new technologies and ideas here. In Seabox we have found what we deem to be innovative yet robust technical solutions, which offer more cost effective solutions but more importantly will offer the oil & gas companies greater flexibility in optimizing their reservoir drainage and field profitability. This is a huge market, with some 250 million barrels of seawater injected daily world-wide, which is almost three times the daily oil production. We are excited to explore these market opportunities together with Seabox.”
Chevron Corporation today announced a new oil discovery at the Guadalupe prospect in the deepwater U.S. Gulf of Mexico.
The Keathley Canyon Block 10 Well No. 1 encountered significant oil pay in the Lower Tertiary Wilcox Sands. The well is located approximately 180 miles off the Louisiana coast in 3,992 feet of water and was drilled to a depth of 30,173 feet.
“The discovery further demonstrates Chevron’s exploration capabilities,” said George Kirkland, vice chairman and executive vice president, Upstream, Chevron Corporation. “Guadalupe builds on our already strong position in the deepwater U.S. Gulf of Mexico, a core focus area where we expect significant production growth over the next two years.”
“The Guadalupe discovery adds momentum to our growing business in North America,” said Jay Johnson, senior vice president, Upstream, Chevron Corporation. “Our deepwater exploration and appraisal program continues to unlock important resources in the Gulf of Mexico.”
“The company expects additional Gulf of Mexico production from the Tubular Bells and Jack/St. Malo projects by the end of the year.”
“Chevron subsidiaries are among the top producers and leaseholders in the Gulf of Mexico, averaging net daily production of 143,000 barrels of crude oil, 347 million cubic feet of natural gas, and 15,000 barrels of natural gas liquids during 2013,” said Jeff Shellebarger, president, Chevron North America Exploration and Production Company. “The company expects additional Gulf of Mexico production from the Tubular Bells and Jack/St. Malo projects by the end of the year.”
Chevron subsidiary Chevron U.S.A., Inc. began drilling the Guadalupe well in June 2014. More tests are being conducted on the discovery well and additional appraisal wells will be needed to determine the extent of the resource.
The Guadalupe well was drilled by Transocean’s Discoverer India deepwater drillship (photo).
Chevron U.S.A., Inc., with a 42.5 percent working interest in the prospect, is the operator of the Guadalupe discovery well. Guadalupe co-owners are BP Exploration & Production, Inc. (42.5 percent) and Venari Resources LLC (15 percent).
Williams Partners L.P. reported key construction milestones and progress on a tieback expansion as its proprietary Gulfstar FPS™ (Floating Production System) nears completion in the eastern deepwater Gulf of Mexico. The Gulfstar One project is the first spar-based floating production system with major components built entirely in the United States.
“Williams Partners’ made-in-America Gulfstar One is 21,500 tons of proof that American engineering and construction are alive and well. The hull of the floating production system was towed out and positioned in the deepwater Gulf of Mexico before the topside platform was installed in March 2014.” the company said in a press release.
After mooring the floating spar to the ocean floor in February, crews in March lifted and installed Gulfstar’s three-level topside structure. The floating production system is moored 135 miles southeast of New Orleans in about 4,000 feet of water. It will serve as a hub that aggregates production and then combines production handling services with oil and gas export pipeline services, which feed Williams’ downstream oil and gas gathering and processing services.
Once operational, the Gulfstar’s base design will produce up to 60,000 barrels of oil per day and 135 million standard cubic feet of gas per day with additional tieback capacity. With hook-up and commissioning activities currently underway, Gulfstar is on schedule to start serving anchor customers in the third quarter of 2014 and Gunflint in 2016.
In addition to previously announced anchor commitments, Gulfstar in January executed agreements with Gunflint field owners Noble Energy, Inc., Ecopetrol America Inc., Marathon Oil Company and Samson Offshore, LLC. The Gunflint tieback is designed and engineered with modifications expected to be completed after the base Gulfstar project is completed.
“Landing this Gunflint tieback before first oil is received from the anchor tenants demonstrates the promise of the Gulfstar model for producers, both economically and technically,” said Rory Miller, senior vice president of Williams’ Atlantic-Gulf operating area. “As a midstream company, Williams is focused on infrastructure solutions of this nature that connect the best supplies with highest-value markets. Gulfstar is one of approximately $4.5 billion in large-scale projects we expect to bring into service in 2014 and 2015.”
Major components of the Gulfstar were built entirely in the United States, creating approximately 1,000 domestic jobs and allowing quick parts replacement and reduced platform downtime. Gulf Marine Fabricators built the hull in Aransas Pass, Texas and Gulf Island Fabrication, Inc. constructed the topsides in Houma, La.
“Gulfstar provides a complete ‘floating production system to market clearing point’ solution for producers in the Gulf for their oil, gas and liquids production, designed specifically to maximize their net present value and minimize risk,” said Mark Cizek, Gulfstar Project Director. “The ‘design one, build many’ construction concept allows for standardized design options and enhanced safety and reliability of each unit. The repeatable concept also increases speed to market.”
Williams Partners developed the Gulfstar One project and it has a 51 percent ownership interest. Marubeni Corporation has a 49 percent interest in the Gulfstar One project.
BP has added two drilling rigs to the deepwater Gulf of Mexico, bringing its fleet to a company record nine rigs as it continues to develop its strong portfolio of assets in the key U.S. offshore basin.
One of the rigs is a new ultra-deepwater drillship known as the West Auriga that is under long-term contract to BP from Seadrill Ltd, a leading international offshore drilling contractor. The vessel, capable of operating in up to 12,000 feet of water, has begun development drilling work at BP’s Thunder Horse field.
The other is a reconstructed drilling rig on BP’s Mad Dog oil and gas production platform. It replaces the original rig on the platform that was badly damaged and left inoperable by Hurricane Ike in 2008. With the new, state-of-the art rig, the platform recently resumed development drilling at the massive Mad Dog field complex.
“The addition of these two rigs reflects the vital importance of the deepwater Gulf of Mexico to the future of BP,” said Richard Morrison, Regional President of BP’s Gulf of Mexico business. “It also clearly demonstrates BP’s commitment to the American economy and to U.S. energy security.”
BP currently anticipates investing on average at least $4 billion in the Gulf of Mexico each year for the next decade. The company plans to concentrate future activity and investment in the Gulf on growth opportunities around its four major operated production hubs – Thunder Horse, Na Kika, Atlantis and Mad Dog – and three non-operated production hubs – Mars, Ursa and Great White – in the deepwater, as well as on significant exploration and appraisal opportunities in the Paleogene and elsewhere.
BP is also advancing a strong pipeline of future development projects in the deepwater Gulf. In April, the company started up the Atlantis North expansion, the first of seven additional wells to be tied back to the existing Atlantis platform. At Na Kika, another field expansion is planned, following the successful startup last year of the Galapagos development, a subsea tieback to the Na Kika production facility. BP is also pursuing plans for a second phase of the Mad Dog field.
Sembcorp Marine’s subsidiary Jurong Shipyard has secured a US$346 million contract to build a second semi-submersible well intervention rig for Helix Energy Solutions Group, Inc. (Helix), a market leader in subsea well intervention services.
Scheduled for delivery in mid-2016, the semi-submersible light well intervention rig will be built based on a design jointly developed by Sembcorp Marine Technology Pte Ltd (SMTP), a fully-owned Research & Development subsidiary of Sembcorp Marine, and Helix. Featuring the latest technology, the rig – named Q7000 by Helix – is an efficient purpose-designed platform with capabilities to perform a wide variety of tasks, including conventional and extended top hole drilling, subsea construction, decommissioning well intervention, coiled tubing operations and twin ROV deployment.
The Dynamic Positioning (DP) class 3 unit has the ability to operate in deepwater operations worldwide, including the North Sea and West of Africa.
William Gu, General Manager of Offshore Division said: “We are honoured that Helix has chosen to build their second semi-submersible well intervention rig with us. This repeat order is significant as it testifies as to their trust and confidence in our design and building capabilities in rigs with well intervention and subsea capabilities that are customised to meet this new growth segment of the market. We are committed to build on our partnership with Helix and to meet their stringent standards of quality, safety and reliability.”
Owen Kratz, Helix’s President and Chief Executive Officer, said: “We are pleased to work with our trusted partner Jurong Shipyard on this second unit of the semisubmersible well intervention rig, to be named Q7000.”
The above is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of Sembcorp Marine for the year ending December 31, 2013.