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Pangea, Tamar Partners Share Israeli FLNG Costs

A Cost Sharing Agreement (CSA) has been executed between Levant LNG Marketing, a subsidiary of Pangea LNG B.V., and Tamar Partners. This major milestone demonstrates the continuing progress toward the export of LNG from the Tamar and Dalit fields in the Eastern Mediterranean, 60 miles offshore from Israel.

The Tamar Partnership will participate in the cost of developing the project front end engineering and design (FEED) for a permanently moored offshore floating natural gas liquefaction vessel with onboard storage. Pangea LNG and Tamar Partners anticipate launching FEED by end of 2012 and making a final investment decision by the second half of 2013.

The floating liquefaction (FLNG) midstream solution is being developed by Pangea LNG, an LNG development and investment company owned by Daewoo Shipbuilding and Marine Engineering (DSME), Next Decade International and D&H Solutions AS. Pangea LNG is a floating LNG liquefaction and storage project developer now working on projects around the globe that will connect gas suppliers to the world’s most important LNG demand markets.

The Tamar Partnership includes Noble Energy Mediterranean Ltd, Isramco Negev 2 Limited Partnership, Delek Drilling Limited Partnership, Avner Oil Exploration Limited Partnership, and DorGas Exploration Limited Partnership. These companies are the owners and producers involved in the discovery of significant natural gas resources in the Tamar and Dalit fields where development drilling is underway.

Gerhard Ludvigsen, a founding member of the Pangea LNG board of directors, said “the Tamar project embraces the entire value chain and balances the risk positions for the owners of hydrocarbons, the off takers and the midstream technology provider.

“The Pangea business model offers the opportunity for all stakeholders to take part in the value enhancement from gas production through the FLNG/midstream solution to the final off take of LNG. Pangea LNG opens the potential for national oil companies and owners of small to medium size gas reserves to monetize stranded gas and take part in the value creation in the entire value chain.”

Pangea LNG continues to work on off-take agreements for LNG production from the Tamar project. Pangea LNG has already executed several letters of intent with potential off takers and is in the final stage of negotiations for the long term sales and purchase agreement.

The Tamar framework agreement represents an important step in the development of what will be the first floating LNG liquefaction project in the Mediterranean basin. The Tamar and Dalit fields are located in the Levantine basin in Israeli waters.

“The Eastern Mediterranean gas fields provide a particularly good location for deploying an offshore floating LNG solution,” said Kathleen Eisbrenner, Pangea LNG’s chief executive officer. “The reserves are large, the climate is moderate and the location offers efficient access to significant LNG markets.”

O.K. Shin, Team leader of DSME Corporate Strategy Team, noted that the vessel-mounted liquefaction system being designed will take advantage of the efficiencies of the DSME shipyard construction environment and the best practices the company has developed during many years of LNG and process vessel construction.

Pangea LNG brings together a team that generated the innovations that are at the foundation of the floating LNG sector. DSME, the majority owner of Pangea, is one of the world’s leading shipbuilders and a contractor for major energy companies providing them with offshore platforms, drilling rigs and floating production units. The company builds special purpose vessels and specializes in LNG carriers. It constructed nine of the 11 floating LNG regasification vessels now in service.

Pangea, Tamar Partners Share Israeli FLNG Costs| Offshore Energy Today.

Tamar Partners Dive into FLNG FEED (Israel)

Delek Group gas subsidiaries announced that the Pre-FEED stage of Tamar and Dalit floating liquefied natural gas project (FLNG), off the coast of Israel, has now been successfully completed.

Therefore, the Tamar partners decided to begin the second phase-front-end engineering design (FEED). LNG production is expected to be up to 3 MMTPA. In accordance to that, Daewoo Shipbuilding & Marine Engineering Co. Ltd. (DSME) signed an agreement with Levant LNG Marketing and Pangea LNG BV for the completion of the FEED stage.

DSME will carry out the costs of FEED and Tamar partners will contribute a total amount of $15 million (100%). The agreement has been set for two years, or until the date of the final investment decision of the FLNG project, whichever is earlier.

Tamar Partners Dive into FLNG FEED (Israel)| Offshore Energy Today.

Seadrill Partners Begins IPO Process

Seadrill Partners, today announced that it has started an initial public offering of 8,750,000 common units, and, according to Reuters, the company plans to raise as much as $193 million.

Seadrill Partners, a subsidiary of international drilling contractor Seadrill Limited, intends to grant the underwriters a 30-day over-allotment option to purchase up to 1,312,500 additional common units. The common units being offered to the public have been approved for listing on the New York Stock Exchange under the symbol “SDLP,” subject to official notice of issuance.

Based on the number of common units to be offered, Seadrill Limited will own a 78.8% limited liability company interest in Seadrill Partners following completion of the Offering (or a 75.7% limited liability company interest, if the underwriters exercise in full their option to purchase additional common units.)

Seadrill Partners was formed by Seadrill Limited to own, operate and acquire offshore drilling rigs under long-term contracts. Seadrill Partners’ initial fleet will consist of two semi-submersible rigs (West Capricorn and West Aquarius), one drillship (West Capella) and one tender rig (West Vencedor).

Seadrill Partners Begins IPO Process| Offshore Energy Today.

US Cal Dive Partners with Dutch Fugro for Toisa Paladin Charter

Cal Dive International, Inc. announced today that it has entered into a 50/50 strategic partnership with Fugro for the long-term charter of the DP2 Toisa Paladin, a 2007 purpose built, DNV classed, diving support vessel.

The charter party agreement with Toisa Pte Ltd will be shared equally between Cal Dive and Fugro and has a three-year term plus two six-month extension periods. Cal Dive and Fugro will bring together their respective expertise to jointly pursue the growing number of subsea projects to provide construction, diving, ROV and other services to the offshore energy industry.

The Toisa Paladin is currently working on its first project in Malaysia. Cal Dive also announced that it has entered into a three-year frame agreement with a major international oil and gas operator under which it expects to keep the Toisa Paladin utilized through the end of the year.

Quinn Hébert, President and Chief Executive Officer of Cal Dive, stated, “We are pleased to announce our alliance with Fugro and the charter of the Toisa Paladin. We have a long and successful relationship with Fugro and are expecting big things from this new venture. They are a world class organization and the Toisa Paladin is a world class vessel. This expands our capabilities and service offering to our client base and fuels our growth plans in Australia and other international markets.”

Subsea World News – US Cal Dive Partners with Dutch Fugro for Toisa Paladin Charter.

USA: Anadarko, Partners Give Nod for Lucius Project in Deepwater GoM

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Anadarko Petroleum Corporation announced that it, along with its co-venturers, have sanctioned the development of the Lucius project, located in the Keathley Canyon area of the deepwater Gulf of Mexico.

“We are very pleased to achieve this important milestone in the development of the deepwater Lucius project,” said Anadarko President and Chief Operating Officer Al Walker. “We expect Lucius to be among the most economic projects in our portfolio, as we plan to utilize ‘off-the-shelf’ technology and leverage our proven project-management skills in an area where we have extensive expertise. We estimate the Lucius unit holds more than 300 million BOE (barrels of oil equivalent) with relatively shallow and highly productive reservoirs that can be developed in a capital-efficient manner. Once completed, Lucius will establish important infrastructure in an emerging area of the Gulf of Mexico where we have identified additional prospects and opportunities. We expect to have an active drilling program in the unit beginning in 2012, and we look forward to working with our partners to achieve first production in 2014.”

Technip's Yard in Pori Finland

Lucius will be developed with a truss spar floating production facility with the capacity to produce in excess of 80,000 barrels of oil per day and 450 million cubic feet of natural gas per day. The spar is currently under construction at Technip’s facility in Pori, Finland and will be the largest of Anadarko’s operated spars — a deepwater production solution pioneered by the company in 1997.

The Lucius unit includes portions of Keathley Canyon blocks 874, 875, 918 and 919. Anadarko operates the unit with a 35-percent working interest. Following the previously announced unitization agreement, Lucius interest owners entered into an agreement with the Hadrian South co-venturers, whereby natural gas produced from the Hadrian South field will be processed through the Lucius facility in return for a production-handling fee and reimbursement for any required facility upgrades.

Co-venturers in the Lucius unit include Plains Exploration & Production Company with a 23.3-percent working interest; Exxon Mobil Corporation​ with a 15-percent working interest; Apache Deepwater LLC, a subsidiary of Apache Corporation with an 11.7-percent working interest; Petrobras with a 9.6-percent working interest; and Eni with a 5.4-percent working interest.

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