Offshore Energies UK’s Post

🚀Thrilled to share insights about a fascinating joint agreement that I've recently learned from Pak Nugroho about in the upstream oil and gas sector🌐 🤔 What is Joint Agreement ? A joint arrangement is a contractual arrangement where two or more parties undertake an economic activity together and share control over the activity. The Key word is Joint Control. 🔍IFRS 11 Defines : ✏ Joint Venture : Parties that have joint control of the arrangement have rights to the net assets of the arrangement ✏ Joint Operatios : Parties have rights to the assets and obligations for the liabilities relating to the arrangement 🤯 Key Insights: ✏ The collaborative nature of the arrangement, where two or more parties come together to undertake an economic activity and share control over that activity. ✏ Effective management of joint arrangements requires clear frameworks for regulatory compliance, transparent communication, and decision-making processes to ensure the success of the collaborative endeavour 🔍 What Caught My Attention: There are several aspects that caught my attention such as Detailed Expenditure Breakdown, Regulatory Compliance Framework and Legal Challenges. 📈 Implications for the Future: As the industry continues to face challenges such as declining reserves, increasing costs, and regulatory pressures, joint arrangements are likely to become more prevalent as a means of sharing risks and costs among participating parties. Joint arrangements in the upstream oil and gas industry will need to adapt to changing market conditions and evolving regulatory frameworks to remain viable and sustainable in the long term. 🚀The Association of International Energy Negotiators (AIEN) published the latest version of its model form Joint Operating Agreement (JOA) in February 2023 : ✏ Sanction ✏ Default ✏ Corruption ✏ Force Majeure ✏ Emissions ✏ Decomissioning 👥 Your Thoughts? What are your thoughts on this joint agreement? How do you see it affecting our industry? Share your insights in the comments below! #UpstreamOilandGas #IndustryInsights #Collaboration #EnergySector #JointAgreement #IndustryNews #CollaborationInAction

Equinor looks to have a big pipeline of activity, so good news for the industry. There's a strong focus on electrification, modernisation, and operational emissions reduction - something for partners and contractors to also take into consideration when taking on contractual obligations. #offshore #norway https://lnkd.in/dx7qynp5

The REMOTE-CON notation demonstrates the vessel’s alignment with remote-control functions and signifies that the design and construction of the offshore asset are assessed against and adhere to the ABS Requirements for Autonomous and Remote Control Functions. The Liza Unity is the second FPSO to be built for ExxonMobil Guyana’s Stabroek Block development and the first delivered under SBM Offshore’s Fast4Ward® program. It was also the first FPSO to receive the SUSTAIN-1 notation from ABS, signifying the vessel’s alignment with key elements of the Environmental, Social and Governance (ESG) requirements outlined in the United Nations’ Sustainable Development Goals (SDGs).

💡🤝 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

💼📊 Subsea7's financial results for 2023 showed a significant increase in contract awards, with a backlog reaching USD 10.6 billion. In Q1 2024, the company secured orders worth USD 1.3 billion, including projects like the Trion deepwater oil project in Mexico and Baltica 2 offshore substations in Poland. The backlog stood at USD 10.4 billion by March's end, with revenue for the quarter reaching USD 1.4 billion, up 12% from Q1 2023. Adjusted EBITDA saw a 52% increase, totalling USD 162 million. 💰🚀 Subsea7 CEO John Evans expressed confidence in achieving full-year objectives, citing a robust backlog and high tendering activity in subsea and offshore wind sectors. Vessel utilisation was at 73%, with 40 vessels in the fleet as of March 31, 2024. Looking ahead, Subsea7 expects revenue between USD 6 billion and USD 6.5 billion for 2024, with adjusted EBITDA forecasted between USD 950 million and USD 1 billion.

🎉 A major development at Aize: we have signed a three-party agreement with ExxonMobil Guyana and SBM Offshore to implement our digital twin product on the FPSO vessels Liza Unity and Liza Destiny offshore Guyana. This endeavour represents a fantastic opportunity to showcase the versatility and pertinence of Aize's digital twin product. For us it's also a chance to collaborate with and learn from industry giants like ExxonMobil and SBM Offshore. This initiative is a clear reflection of our collective innovative drive and commitment. Through the integration of Aize's digital twin technology, we're set to boost the operational performance of these vessels and help revolutionize the approach to Turnaround (TAR) campaigns in the energy industry. We look forward to deepening our partnership with ExxonMobil Guyana and SBM Offshore. #DigitalTwin #Innovation #Collaboration #EnergySector #EnergyIndustry #OilandGas Jarle Skrebergene, Frode Strand, Christian Møller, Scott Hadden, Jason Brown

I’m pleased to announce another significant step forward for Aize: We have reached an agreement with ExxonMobil Guyana and SBM Offshore to deploy our digital twin software on the FPSO vessels Liza Unity and Liza Destiny offshore Guyana. This partnership is a testament to the innovative spirit and dedication of our teams. By integrating Aize’s digital twin technology, we are not only enhancing the operational efficiency of these FPSO vessels but also transforming how Turnaround (TAR) campaigns are managed in the energy sector. This is another opportunity to demonstrate the adaptability and relevance of Aize, and a chance to draw on the experience of industry leaders like ExxonMobil Guyana and SBM Offshore. I look forward to following this venture and seeing the positive impact our technology will have on the efficiency and effectiveness of operations on Liza Unity and Liza Destiny. #Innovation #Collaboration #Digitalisation #EnergyIndustry

👉🏻 TODAY!!! April 9th! 🔵 SPE Brazil Tech Tuesday 🔵 📍 Where: SPE Brazil Section Youtube Channel (Tech Tuesdays are also accessible to all other SPE sections in LATAM and elsewhere) Link: https://lnkd.in/d7wwZRt8 🗓 When: April 09th at 6:30PM UTC-3 ➡ In this Tech Tuesday edition, we'll go through a brief history of source control & recent advances in subsea well response. The 2nd part of the event will be a panel discussion with the moderators. Speaker: 🔷 Brett Morry - Subsea Manager - Oil Spill Response Ltd Moderators:  🔷 Pierre-Edouard (PE) Vincent - Completions and Well Intervention Manager - Trident Energy 🔷 Fred Maia (FM Eng e Consultoria Óleo Gas Engenharia e Consultoria) - Regulations Consultant - F&M ➡ Abstract:  Brett Mory with OSRL will in this SPE Brazil Tech Tuesday present a brief history of Source Control (started on land with the famous pictures of #blowouts in the USA, late 19th century), then moving to the offshore search for oil & gas, incidents, catastrophic spills (infamous incidents from the 80’s) and more recently as the industry kept pushing the envelope, major #offshore blowouts from the late 2000’s (Australia and GoM). This will lead our discussion to consider the potential impact of source control incidents, and how Subsea Well Response is currently evolving with typical options like Capping, Containment, and Relief Well Drilling also being complemented by additional (necessary) work on preparedness, leveraging global expertise, and mutual support between actors in the industry. At the end of the presentation, a short Q&A will be held with the audience and moderators. #wearespe #techtuesday #oilandgas #subsea #wellresponse SPE Brazil Section

Global #technology company SLB has been awarded three contracts by Brazil’s state-run energy giant Petrobras for completion hardware and services for up to 35 #subsea wells at the offshore Buzios Wave II #oilfield. Completion hardware is used in #offshore operations to enhance the production of #hydrocarbons from a well. SLB said its electric and digital-ready completions would support Petrobras’ plan to fully electrify its production systems, allowing the company to reliably control a more sophisticated system in the #subsurface. Read full details: https://lnkd.in/dDjCZ8K6 SLB is a member of the Breakbulk Global Shipper Network, a worldwide network of shippers involved in the engineering, manufacturing and production of project cargo. The next in-person meet-up for BGSN members will be at Breakbulk Europe: https://lnkd.in/erp5dfm #breakbulk #breakbulkeurope #bbeu2024 #projectcargo #projectlogistics #offshoreenergy #energytransition #bbam2024

Today I participated in the 2024 United States Hispanic Chamber of Commerce (USHCC) Energy Summit’s Powerful Conversations series. During the discussion, we explored the complexities of the #energytransition amidst global challenges, the importance of an equitable energy system and a strong #supplychain, and how we can continue to empower #Hispanic businesses to be co-creators to finding the solutions to providing more and cleaner energy in our ever-evolving energy landscape.   At Shell, we are proud to work with Petrochem Field Services Inc (PFS), a minority-owned supplier, who have recently taken their skills and expertise of servicing onshore energy facilities to offshore oil and gas production platforms – literally expanding from land to sea, while maintaining their focus on safety, cost and time.   We believe in the power of #diversesuppliers in enabling more competitive supply chains. Read more about our work with PFS and one example of how fresh perspectives can help drive progress and value. #PoweringProgress #USHCCEnergy24