Hanwha Ocean’s Post

💡🤝 Could making smart partnerships be the key to extending field life? Equinor certainly thinks so! 💡🤝 💵The company is selling its 19.5% interests in production licenses PL 048E, which is the Eirin field, and PL 1201 to PGNiG Upstream Norway AS (PGNiG). With this, the ownership between Equinor and PNGiG in these licenses will be balanced with the Gina Krog field. ⚖️ "Balanced partnerships will make it easier to coordinate decisions in the licences to optimise production and enhance value creation from the area. Together with the electrification of the platform, the Eirin development will extend the lifetime of the Gina Krog field, which supplies gas to Europe with low emissions from production and transport," says Camilla Salthe, Equinor's Senior Vice President for late-life fields. ⚖️ As always, click below to read the full story over at oilfieldtechnology.com👇 #Equinor #PGNiG #partnership #divestment #oil #gas

bp signs agreement with Subsea7 7 and SLB ‘alliance’ Oil giant bp has signed an agreement with SLB and Subsea7 “Subsea Alliance” to strengthen its global underwater projects. SLB and Subsea7 first put their “#subsea integration alliance” in place in 2015, which was renewed in 2022 for a further seven years after a run of global wins. bp has signed a memorandum of understanding with the pair in an “innovative commercial model” to enhance projects from concept selection through the entire life cycle. It comes after wins with bp for the duo’s team up, including #subsea dual-bore trees in the West of Shetland at the Schiehallion and Loyal fields. The alliance also won work in 2022 with the major in Trinidad and Tobago. The new agreement combines bp’s experience in building and executing projects with the contractors’ delivery of integrated subsea production systems (SPS) and #subsea, #umbilical, #riser and #flowline (SURF) systems. A new team will be formed to oversee the activities programme, inclusive of bp, Subsea7 7 and SLB subsidiary OneSubsea. Ewan Drummond, BP’s SVP of projects, said: “The members of Subsea Integration Alliance have been a key supplier of bp for decades, and by combining our resources and knowledge, we can bring significant benefits to our customers and our stakeholders. “Together we can safely deliver projects with improved project schedules, reducing our total cost of ownership and harnessing synergies through a collaborative one-team mindset. We look forward to getting to work.” The MoU was signed at an official ceremony in London on September 22, 2023, that was attended by Ewan Drummond; Olivier Blaringhem; Louise Jacobsen Plutt, bp’s SVP of procurement; Kristian Siem, Subsea7 Chairman; John Evans, Subsea7 CEO; Steve Gassen, SLB President of Production Systems, and Mads H., SLB Director of Subsea Production Systems. Olivier Blaringhem, CEO of Subsea Integration Alliance and executive VP at Subsea7, said: “This agreement marks a step change in how our highly collaborative teams will work together to achieve shared objectives for mutual value. Together with bp, we will deliver lower #carbon #energy to the world through enhancing long-term #subsea performance.”

📢“While there has been a slowdown in orders over the past 12 months, the fundamentals of the floating production sector remain strong. There is a long queue of developments progressing toward sanction. Cost escalation and limited contracting capacity have contributed to delays in reaching FID," explained David Boggs, Energy Maritime Associates Pte Ltd’s Managing Director. “There was a similar pause in the deepwater drilling market in 2H 2023, which seems to be over with rates reaching new highs. We expect multiple awards of large floating production units, including massive FPSOs for Petrobras, in the next few months.” #oilgas #floatingproduction #LNG #FPSO #FLNG #FSRU #FPS #oilandgasnews #offshoreenergy #oilandgas

Subsea7 awarded decommissioning contract in Brazil   Subsea7 today announced the award of a sizeable contract by Shell for the decommissioning of subsea infrastructure associated with the FPSO Fluminense in the Bijupirá and Salema fields of the Campos Basin, at 700m water depth. 🔽 Find more info in comments below 🔽 #Subsea7 #DecommissioningContract #Brazil #EnergyNews #OilandGasNews ⤵️ Click Follow on our page to keep up to date with energy news ⤵️

"#SubseaIntegrationAlliance, comprising #OneSubsea and #Subsea7, has won a long-term strategic agreement with Norway’s state-owned energy giant #Equinor, paving the way for collaboration to begin immediately on early, joint concept studies for two giant oil projects." These are frontier projects: 1. Wisting: located over 300 km north of Hammerfest in the Barents Sea (Arctic). Final Investment Decision (#FID) was postponed in Q4 2022 due to cost estimate increases, amongst other factors. 2. Bay du Nord: located offshore Newfoundland & Labrador (off Canada's east coast) in the Flemish Pass basin, about 500 km northeast of St John's. The project was postponed in May 2023 due to cost pressure. "Thanks to the deal signed by #Equinor and #SubseaIntegrationAlliance in Stavanger work on the maturation of subsea scope will be able to start immediately at the #Wisting field offshore Norway and the #BayDuNord project located off the coast of Newfoundland and Labrador, Canada. Under the same agreement, any resulting #EPCI execution would be directly awarded to the alliance, if a final investment decision (#FID) is made." #BarentsSea #NewfoundlandAndLabrador https://lnkd.in/gtkmktSu

Subscribers only | Further details emerge on FPSO Mero 4 financing SBM Offshore has completed its third ECA-backed FPSO financing in as many years. The $1.6 billion project finance deal for the FPSO Mero 4 benefits from a now familiar template for SBM’s offshore oil & gas assets. In the latest subscriber-only article, TXF’s reporter Ralph Ivey explores the thriving pipeline of energy infrastructure projects driven by Europe's focus on strengthening natural gas facilities for energy security post-Russia's invasion of Ukraine, while highlighting the challenges of decarbonization and the evolving dynamics of the oil market. SBM Offshore, the Dutch offshore oil & gas specialist, has just completed a groundbreaking $1.6 billion ECA-backed financing deal for the FPSO Mero 4. They take the lead with a 55% stake, supported by Mitsubishi Corporation (25%) and Nippon Yusen Kabushiki Kaisha (20%). This marks their third ECA-backed FPSO financing in as many years and their second significant contribution to the development of the Mero oil field. Subscribers can read the full article here: https://lnkd.in/didn2uYW If you are not a subscriber, you can explore your subscription options here: https://lnkd.in/dB_h5kAf #TXF #ExportFinance #NaturalGas #ProjectFinance #EnergyInvestments #EnergyInfrastructure

Things are about to take a turn for the better once again, as the floating production systems construction market remains a key bright spot in the offshore marketplace, according to Energy Maritime Associates (EMA), a provider of data, analysis, and advisory services, tracking floating energy production trends across the globe. The only large order in 2024 was for Cedar #LNG in Canada, said to be the first floating liquefied natural gas (#FLNG) facility in North America. This order entailed $1.5 billion for #Samsung and $800 million for Black & Veach. Once March 2024 rolled in, Karmol placed an order with #Seatrium for three FSRU conversions, with an option for a fourth unit. Moreover, EMA report underlines that there are 184 floating production projects in the planning pipeline; 51 production floaters and 6 storage floaters currently on order; 24 units available, including 14 #FPSOs, 4 semi-submersibles, 2 #FSOs, 2 FSRUs, 1 barge, and 1 SPAR; 339 production floaters and 114 storage floaters currently in service/available; and 410 production floaters, 190 storage floaters, and 24 MOPUs delivered or redeployed since 1996. OMG!!! 😱😱😱 As a result of the current market fundamentals, EMA still expects significant orders for floating production units later in the year, including multiple FPSOs for Petrobras in Brazil, new frontier regions in South America, and mature areas in West Africa like Angola and the Ivory Coast.

Guyana Debottlenecking Delivers for Exxon, Partners https://bit.ly/3OkRY2V Oil companies are naturally keen to get the most out of their kit to bolster development economics and lower unit costs. But Exxon Mobil’s debottlenecking successes offshore Guyana are adding substantial production capacity in the already prolific deepwater province... #Guyana #ExxonMobil #upstream #offshore #deepwater #oilandgas #fpso #earningsseason

Upstream snapshot of the week: While nationalized companies Equinor and Petoro are still dominating oil and gas production in Norway, independent upstream companies are firmly strengthening their foothold on the Norwegian Continental Shelf. Ambitious project sanctioning under Norway’s tax relief system, boosted investment outlooks and expansive acquisition strategies – particularly seen in players like Aker BP and Vår Energi – is set to lift independent companies’ share of Norwegian production from 5 % in 2015 to 23 % this year. We expect their position to grow further and their share of production to reach 28 % in 2028, as new developments like the Yggdrasil hub start up in the coming years. #RystadEnergy #Norway #production 

Fueling Growth: Exxon, Hess, and CNOOC Inject $12B into Guyana's Offshore Potential Exxon, Hess, and CNOOC will invest $12B in Guyana offshore production. Their sixth project, Whiptail field, with a capacity of 263K barrels/day, gets government approval. Production begins in 4 years. The consortium aims to reach 1.2M barrels/day by end of 2027. Guyana seeks more investors amid green transition, targeting 1.64M barrels/day by 2030 for significant economic growth. #EnergyInvestments #GuyanaOffshore #commodities