|
Post by Blitz on Apr 14, 2024 13:32:05 GMT -5
Guyana: SBM Offshore awarded contracts for ExxonMobil Guyana’s FPSO Jaguar 13 Apr 2024 www.energy-pedia.com/news/guyana/sbm-offshore-awarded-contracts-for-exxonmobil-guyana%E2%80%99s-fpso-jaguar-194804SBM Offshore has announced that ExxonMobil Guyana Limited ('EMGL') has confirmed the award of contracts for the Whiptail development project located in the Stabroek Block in Guyana. Under these contracts, SBM Offshore will construct and install FPSO Jaguar. Ownership will transfer to EMGL prior to the FPSO’s installation in Guyana, and SBM Offshore expects to operate the FPSO for 10 years under the Operations and Maintenance Enabling Agreement signed in 2023. The award follows completion of front-end engineering and design studies, receipt of requisite government approvals and the final investment decision on the project by ExxonMobil and block co-venturers. The Whiptail development is the sixth development within the Stabroek block, circa 200 kilometers offshore Guyana. EMGL is the operator and holds a 45 percent interest in the Stabroek block, Hess Guyana Exploration Ltd. holds a 30 percent interest and CNOOC Petroleum Guyana Limited, holds a 25 percent interest. The FPSO Jaguar’s design is based on SBM Offshore’s industry leading Fast4Ward® program that incorporates the Company’s 7th new build, multi-purpose floater hull combined with several standardized topsides modules. The FPSO will be designed to produce 250,000 barrels of oil per day, will have associated gas treatment capacity of 540 million cubic feet per day and water injection capacity of 300,000 barrels per day. The FPSO will be spread moored in water depth of about 1,630 meters and will be able to store around 2 million barrels of crude oil. SBM Offshore remains committed to working with Guyanese companies and will continue to expand these activities. More Guyanese engineers will be recruited and employed as part of the FPSO Jaguar project team. Source: SBM Offshore
|
|
|
Post by Blitz on Apr 16, 2024 8:55:42 GMT -5
Jaguar FPSO will tap reservoirs shared with Yellowtail, Uaru OilNOW - April 16, 2024 oilnow.gy/featured/jaguar-fpso-will-tap-reservoirs-shared-with-yellowtail-and-uaru-projects/ExxonMobil’s newly approved Whiptail project is expected to produce oil from reservoirs shared between the Whiptail license area and those of two other Stabroek Block projects (Yellowtail and Uaru). According to the Whiptail production license, Exxon notified the government that it had discovered ‘cross license reservoirs’. Minister of Natural Resources, Vickram Bharrat, advised the company to enter into a unitization agreement, which would allow it to coordinate oil recovery operations among the projects. The license lists 17 cross license reservoirs which lie in part in the Yellowtail license area and one in the Uaru license area. These will be targeted using the Jaguar floating production, storage and offloading (FPSO) vessel. The ExxonMobil-operated Yellowtail, Whiptail and Uaru projects of the Stabroek Block are slated to commence oil production in 2025, 2026, and 2027 respectively. They will each target production of 250,000 barrels per day (b/d). The government had included a unitization provision to its newly legislated Petroleum Activities Act 2023, allowing for the development of reservoirs that span multiple license areas. Mr. Bharrat said last year that the government saw the need, after being approached by Exxon for consent to produce oil from the Liza field with the Prosperity FPSO which operates the Payara field. The unitization provision in the law can also allow for the development of reservoirs across multiple licensed blocks operated by different companies. The government has even said there is potential for joint natural gas development between Guyana and Suriname, given the volumes discovered in the southeastern section of the Stabroek Block and the TotalEnergies-operated Block 58 on the Suriname side. Read more about the Whiptail project: Exxon greenlights US$12.7 billion Whiptail project in Guyana | OilNOW
|
|
|
Post by Blitz on Apr 19, 2024 7:11:16 GMT -5
SBM Offshore secures US$250 million term loan to begin construction work on new Guyana-bound FPSO OilNOW - April 19, 2024 oilnow.gy/featured/sbm-offshore-takes-us250-million-term-loan-to-kick-off-jaguar-fpso-construction/SBM Offshore said it has secured a US$250 million term loan facility to commence construction work on the Jaguar floating production, storage, and offloading (FPSO) vessel. The tenor of the bridge loan is twelve months with an extension option for another six months. Repayment is expected from the first drawdown of the construction financing of FPSO Jaguar. This follows the receipt of awards from ExxonMobil for the building and deployment of the FPSO for the Whiptail project in Guyana’s Stabroek Block. The design of the Jaguar FPSO is grounded in SBM Offshore’s Fast4Ward program. It will produce 850 million barrels of oil at a targeted rate of 250,000 barrels per day (b/d). First oil is expected in 2027. As the sixth Stabroek Block project, Whiptail will take production capacity offshore Guyana to 1.3 million b/d. Meanwhile, back in February ExxonMobil said the first module was lifted onto the topsides of the ONE GUYANA FPSO which is also being built by SBM Offshore, for the massive Yellowtail development. The Dutch floater specialist has built and is already operating three vessels for ExxonMobil offshore Guyana: Liza Destiny, Liza Unity and Prosperity. ExxonMobil is the operator of the Stabroek Block with a 45% interest, with Hess holding 30% and CNOOC holding 25%.
|
|
|
Post by Blitz on Apr 26, 2024 7:38:16 GMT -5
Looks like Norway is committed to long term reliable energy coming from the sea. And now this... FPSO which will be ‘the giant of the north’ set for sailaway in Norway Johan Castberg FPSO is being prepared for a long life in the Barents Sea Under construction: the Johan Castberg FPSO in August 2022 Photo: EQUINOR Russell Searancke, Norway Correspondent, Oslo - Updated 26 April 2024, 03:12 www.upstreamonline.com/field-development/fpso-which-will-be-the-giant-of-the-north-set-for-sailaway-in-norway/2-1-1633491A newbuild floating production, storage and offloading vessel is poised for a much-awaited sailaway from a shipyard in south-west Norway to its new home at the $6 billion Johan Castberg project in the Barents Sea. The FPSO is the largest that Equinor has ever built, and it has dominated Aker Solutions’ shipyard in Stord on Norway’s south-west coast since arrival in April 2022. Including the helideck, the floater is 313 metres long, the same length as three football fields. It has a height of 86 metres, and width of 60 metres. You need a subscription to read this story
|
|
|
Post by Blitz on Apr 27, 2024 5:44:00 GMT -5
Namibia: TotalEnergies targets 180,000 bpd FPSO for huge Venus project with sanction eyed for late 2025 Chief executive Patrick Pouyanne highlights production range for first of many FPSOs as exploration continues in 'prolific' Orange basin TotalEnergies chief executive Patrick Pouyanne. Photo: AFP/SCANPIX Iain Esau, Africa Correspondent, London - Updated 26 April 2024, 12:36 www.upstreamonline.com/field-development/namibia-totalenergies-targets-180-000-bpd-fpso-for-huge-venus-project-with-sanction-eyed-for-late-2025/2-1-1634086TotalEnergies is looking to sanction the first phase of its huge Venus project offshore Namibia in late 2025, targeting production of as much as 180,000 barrels per day. Venus is currently thought to hold about 2 billion barrels of recoverable oil, with chief executive Patrick Pouyanne making clear previously that it will be a phased development requiring multiple floating production, storage and offloading vessels. Speaking to analysts today during the supermajor’s first-quarter results webcast, Pouyanne said: “We recently finished a positive appraisal well on Venus and we are targeting the end of 2025 for a final investment decision. We’re speaking of a development with around 150,000-to-180,000 bpd.” You need a subscription to read this story
|
|
|
Post by Blitz on May 1, 2024 7:17:42 GMT -5
Petrobras to install six new Buzios FPSOs by 2027 as offshore production increases April 30, 2024 www.worldoil.com/news/2024/4/30/petrobras-to-install-six-new-buzios-fpsos-by-2027-as-offshore-production-increases/(WO) – Petrobras' average production of oil, NGL, and natural gas in Q1 2024 reached 2.8 MMboed, an increase of 3.7% compared to last year. The evolution of production (ramp-ups) of the FPSOs Almirante Barroso, P-71, Anna Nery, Anita Garibaldi, and Sepetiba are responsible for the increase, as well as beginning production from 19 new wells from complementary projects in the Campos and Santos basins offshore Brazil. Production was lower by 5.4% from Q4 2023, mainly due to the greater volume of losses from shutdowns and maintenance and the natural decline of mature fields. These effects were partially offset by significant contribution from FPSOs Almirante Barroso (Búzios field) and P-71 (Itapu field) after reaching peak production during Q4 2023, and by the ramp-up of FPSOs Sepetiba (Mero field) and Anita Garibaldi (Marlim, Voador and Espadim fields). In March 2024, Petrobras began the flow of gas through the P-68 FPSO in the Berbigão and Sururu fields, increasing the reliability of gas delivery through the integrated network of the Santos basin. On February 24, the FPSO Marechal Duque de Caxias left the shipyard in Yantai, China, heading to the Mero field in the pre-salt of the Santos basin. The platform, which will be the field's third definitive production system, is scheduled to come into operation in the second half of this year and can produce up to 180 MMbpd of oil and 12 MMcmd of natural gas. In March 2024, the shared Búzios deposit reached 1 Bbbl of oil produced. Currently, the field operates on five platforms: P-74, P-75, P-76, P-77, and Almirante Barroso. Petrobras expects to install six more units in the field by 2027.
|
|
|
Post by bjspokanimal on May 1, 2024 14:07:00 GMT -5
If Total's CEO is saying Venus will be a phased development with multiple FPSOs, then why is the actual FID delayed clear out to the end of next year? His rhetoric suggests that the FID has already happened.
|
|
|
Post by Blitz on May 6, 2024 9:22:11 GMT -5
Guyana: Seatrium secures FPSO topsides integration contract with MODEC 06 May 2024 www.energy-pedia.com/news/guyana/seatrium-secures-fpso-topsides-integration-contract-with-modec-195032Seatrium has secured a Floating Production Storage and Offloading (FPSO) topsides integration contract from longstanding customer, Offshore Frontier Solutions, a MODEC Group company. The contract scope of work covers the installation and integration of topside modules onboard the FPSO Errea Wittu, and includes completion and commissioning support for MODEC. Mr Marlin Khiew, Executive Vice President, Oil & Gas (Americas) of Seatrium, said, 'We are pleased to be working with our longstanding customer, MODEC, on yet another FPSO topsides integration project, solidifying our position as the industry leader in FPSO conversions. Through our strong partnership and unwavering dedication, including decades of collaboration with MODEC, we continue to deliver cutting-edge offshore solutions that redefine excellence. Leveraging our deep engineering expertise, international yard footprint, and strong track record, Seatrium provides innovative, reliable, quality, and value-added offshore and marine solutions for our esteemed customers.' The FPSO Errea Wittu will be deployed in the Uaru Field, Stabroek Block, approximately 200 kilometers offshore Guyana. The FPSO Errea Wittu is expected to have a production capacity of 250,000 barrels of oil per day (bopd), water injection capacity of 350,000 barrels of water per day (bwpd), 540 million cubic feet per day (mmscfd) of gas production and a storage capacity of two million barrels of oil. Over the years, Seatrium has built a strong track record in the FPSO space, including delivering a significant number of FPSO projects for MODEC since its first FPSO conversion Whakaaropai in 1996. The Group is currently undertaking integration work for FPSO Bacalhau, which will be operating in the Bacalhau field, Santos Basin, offshore Brazil. Separately, BrasFELS, Seatrium’s yard in Angra dos Reis, Brazil, is also currently executing topside modules fabrication for FPSO Raia. Original announcement link Source: Seatrium
|
|
|
Post by Blitz on May 6, 2024 9:31:51 GMT -5
Seatrium scoops Modec FPSO prize Singapore contractor will integrate topsides for newbuild Guyana-bound floater Seatrium chief executive Chris Ong. Photo: SEATRIUM Amanda Battersby, Asia Bureau Chief Singapore - Published 5 May 2024, 21:57 www.upstreamonline.com/field-development/seatrium-scoops-modec-fpso-prize/2-1-1638898Singapore’s Seatrium has won a topsides integration contract for Modec’s Errea Wittu floating production, storage and offloading vessel. Seatrium’s workscope involves the installation and integration of topsides modules onboard the FPSO and includes completion and commissioning support for Japanese floater specialist Modec. The floater is expected to have production capacity of 250,000 barrels per day of oil and 540 million cubic feet per day of gas, water injection capacity of 350,000 bpd and storage capacity of 2 million barrels of crude. You need a subscription to read this story //////////////// MODEC Hires Seatrium for Errea Wittu FPSO Topsides Integration May 6, 2024 www.oedigital.com/news/513467-modec-hires-seatrium-for-errea-wittu-fpso-topsides-integrationSeatrium has secured a topsides integration contract from MODEC's company Offshore Frontier Solutions for the Errea Wittu floating production storage and offloading (FPSO) unit. The contract scope of work covers the installation and integration of topside modules onboard the FPSO Errea Wittu, and includes completion and commissioning support for MODEC. The FPSO will be deployed at ExxonMobil’s Uaru Field in Stabroek Block, approximately 200 kilometers offshore Guyana. The FPSO Errea Wittu is expected to have a production capacity of 250,000 barrels of oil per day (bopd), water injection capacity of 350,000 barrels of water per day (bwpd), 540 million cubic feet per day (mmscfd) of gas production and a storage capacity of two million barrels of oil. "We are pleased to be working with our longstanding customer, MODEC, on yet another FPSO topsides integration project, solidifying our position as the industry leader in FPSO conversions. “Through our strong partnership and unwavering dedication, including decades of collaboration with MODEC, we continue to deliver cutting-edge offshore solutions that redefine excellence. Leveraging our deep engineering expertise, international yard footprint, and strong track record, Seatrium provides innovative, reliable, quality, and value-added offshore and marine solutions for our esteemed customers,” said Marlin Khiew, Executive Vice President, Oil & Gas (Americas) of Seatrium. Over the years, Seatrium has built a strong track record in the FPSO space, including delivering a significant number of FPSO projects for MODEC since its first FPSO conversion Whakaaropai in 1996. The Group is currently undertaking integration work for FPSO Bacalhau, which will be operating in the Bacalhau field, Santos Basin, offshore Brazil. Separately, BrasFELS, Seatrium’s yard in Angra dos Reis, Brazil, is also currently executing topside modules fabrication for FPSO Raia. Aibel-Built Modules for Bacalhau FPSO Set Sail for Singapore First Steel Cut for FPSO Raia in Brazil Errea Wittu is ExxonMobil’s fifth FPSO in Guyana and will combine the development of the Snoek, Mako and Uaru resources in the Stabroek block. As reported earlier, ABB secured a contract in January 2024 to deliver a complete electrical system and associated digital solutions for Errea Wittu FPSO. MODEC also hired Jumbo Offshore for the pre-installation of the mooring spread of the FPSO.
|
|
|
Post by Blitz on May 7, 2024 9:05:48 GMT -5
The US GoM is a deepwater gift that keeps on giving RIG's drillships work. It appears the Green Canyon area will need floaters for a lot longer. CVX, Hess, and Murphy use Transocean rigs in the GoM. And now this... First oil for Chevron’s high-profile US Gulf of Mexico project is coming soon Anchor should come online by mid-year, executive says On track: Chevron's Anchor floating production facility in the US Gulf of Mexico Photo: CHEVRON Robert Stewart, North America Energy Correspondent, Houston - Updated 51 minutes ago www.upstreamonline.com/field-development/first-oil-for-chevron-s-high-profile-us-gulf-of-mexico-project-is-coming-soon/2-1-1639429The high-profile Anchor development in the US Gulf of Mexico is still on track to reach first oil “mid-year,” an executive for US supermajor Chevron said on Monday. The first stage of Anchor, a floating production unit (FPU) with processing capacity of 75,000 barrels per day of oil and located in the US Gulf’s Green Canyon area about 140 miles (225 kilometres) from the Louisiana coast, should be online in a couple of months, said Tim Mitchell, Anchor project director for Chevron. Amid final commissioning for the FPU, two wells have been drilled and a third well is underway, said Mitchell, adding that Anchor should stay within Chevron’s cost estimates. You need a subscription to read this story
|
|
|
Post by Blitz on May 7, 2024 9:10:21 GMT -5
Murphy details 2024 priorities for GoM exploration, development Jan. 25, 2024 Murphy Oil’s offshore production from the US Gulf of Mexico (GoM) averaged 81,000 boe/d during fourth-quarter 2023, according to the company’s latest results statement. ///////////////// CVX, Murphy, & Hess drillships in GoM... www.deepwater.com/investors/fleet-status-report
|
|
|
Post by Blitz on May 7, 2024 11:39:59 GMT -5
Equinor, SLB Forge Early-Start Deal for Wisting, Bay du Nord Projects The agreement puts an early contractual framework in place for closer collaboration sooner on the project pair. May 4, 2024 - By Blake Wright jpt.spe.org/equinor-slb-forge-early-start-deal-for-wisting-bay-du-nord-projectsThe Bay du Nord FPSO concept would be designed to handle additional volumes from nearby discoveries. SOURCE: Equinor Norwegian operator Equinor selected SLB’s Subsea Integration Alliance, made up of OneSubsea and Subsea7, for a new long-term collaboration agreement for exploratory work to begin on both the Wisting field off Norway and Bay du Nord off Eastern Canada. The agreement provides a contractual framework for earlier and closer engagement throughout the project cycle, aiming for information sharing and technology innovation to gain more value from complex projects. Work begins immediately with maturation of the subsea scope of the two projects. “Equinor is working hard to improve and mature the Wisting and Bay du Nord projects,” said Trond Bokn, senior vice president for project development in Equinor. “Selecting the supplier at this early stage is a new way of approaching project development for us, and a vote of confidence to Subsea Integration Alliance. We look forward to developing concepts together, in a process with full visibility on profitability, and joint efforts to make these challenging projects sanctionable.” Work is expected to begin immediately on early, joint concept studies for the two projects. Under the same agreement, any resulting EPCI execution would be directly awarded to the alliance, if a final investment decision (FID) is made. Wisting is located in the Barents Sea, offshore Norway. Equinor and its partners originally planned a FID on the project by end 2022 but postponed that decision with new aims to have it done by the end of 2026. The delay decision was made because of global inflation and long lead time for yards and equipment manufacturers. In November 2022, the time of the postponement, Equinor said the forecast investment to develop Wisting had increased to around $9.5 billion. The field is estimated to hold around 500 million BOE of recoverable reserves. Bay Du Nord is approximately 500 km northeast of St. John’s, Newfoundland and Labrador, Canada. The project comprises several oil discoveries in the Flemish Pass basin, with the first discovery made by Equinor in 2013, followed by additional discoveries in 2014, 2016, and 2020. In May 2023, following changing market conditions and higher inflation, Equinor and partner BP made the decision to postpone the development project up to 3 years. The partners had been reviewing the use of a floating production, storage, and offloading unit to develop the field, which also is a suitable solution for tieback of adjacent discoveries Cappahayden and Cambriol.
|
|
|
Post by bjspokanimal on May 7, 2024 12:36:36 GMT -5
$9.5 billion seems a steep price for a 500 million BOE field.
|
|
|
Post by Blitz on May 8, 2024 9:48:53 GMT -5
This means they see a bright future for offshore oil & gas rather than ESG-woke fairy tales. And now this... Petrobras set to launch next major FPSO tender in second half 2024 Company will depart from lease-and-operate model to contract an owned floater Petrobras engineering, technology and innovation director Carlos Travassos. Photo: PETROBRAS Fabio Palmigiani, South America Correspondent, Houston - Published 8 May 2024, 01:21 www.upstreamonline.com/exclusive/petrobras-set-to-launch-next-major-fpso-tender-in-second-half-2024/2-1-1640350Brazil’s Petrobras expects to issue an invitation to tender in the second half of this year to contract a floating production, storage and offloading vessel to revitalise a pair of mature fields in the country’s Campos basin. As previously reported by Upstream, the proposed Marlim Sul-Marlim Leste FPSO is to be ordered under an engineering, procurement and construction model and to be ultimately owned by Petrobras. The information has been confirmed by Petrobras engineering, technology and innovation director Carlos Travassos, meaning the new approach is a departure from the lease-and-operate format adopted by the state-controlled oil company for previous units deployed in the prolific play. You need a subscription to read this story
|
|
|
Post by Blitz on May 8, 2024 12:23:26 GMT -5
SBM Offshore posts double-digit revenue growth as FPSOs hit milestones Company boosted by recent delivery of two FPSOs and construction award for Guyana project Oivind Tangen succeeded Bruno Chabas as chief executive of SBM Offshore effective April this year, after being the company's COO and member of the board since 2022. Photo: SBM Davide Ghilotti, Acting Breaking News Editor, London - Updated 8 May 2024, 03:33 www.upstreamonline.com/finance/sbm-offshore-posts-double-digit-revenue-growth-as-fpsos-hit-milestones/2-1-1640092Vessels and marine infrastructure supplier SBM Offshore reported a double-digit increase in revenue in the first quarter of 2024 as its recently appointed chief executive spoke of a busy time for the company’s operations. First-quarter revenues stood at $871 million, SBM Offshore said in its trading update on Wednesday, a 17% increase against last year's $742 million in the same period. Over $500 million of total revenue came from the company's leasing and operating business, with turnkey services making up the balance. Chief executive Oivind Tangen, who succeeded former top boss Bruno Chabas, spoke of “good results” the company has delivered in the period following a succession of coveted awards and operational milestones. Last month, it won a construction and installation assignment for the Jaguar FPSO to be deployed ExxonMobil's Whiptail oil and gas development in Guyana. “This significant award is the fifth FPSO project for SBM Offshore in Guyana,” said Tangen. “It will be our first based on a sale and operate model, adding an accelerated cashflow profile for the project to our backlog.” Tangen said the company expects to operate the FPSO during the 10-year agreement. Other milestones this year include the Prosperity FPSO reaching full production capacity in January and the Sepetiba FPSO achieving flare-out in April, the company said. Combined, the two vessels have a capacity of over 400,000 barrels of oil per day. Prosperity is producing at the Payara field in Guyana’s Stabroek block. Sepetiba is deployed in the Mero field in the Santos Basin offshore Brazil. “The delivery of these vessels is testament to SBM Offshore’s capability in delivering large and complex FPSO projects,” said Tangen. The growth in lease and operate revenue was mainly driven by the two FPSOs being delivered and added to the active fleet. The increase in Turnkey revenue was driven by the front-end engineering design contract for the Jaguar FPSO as well as brownfield activities supporting the fleet. The company has maintained its guidance for revenue and EBITDA for the full year, at respectively $3.5 billion and $1.2 billion.
|
|
|
Post by Blitz on May 9, 2024 7:30:43 GMT -5
Follow the FPSOs... Into the Deep: Offshore Production Increasingly Finds Deeper Waters Barry Parker, Contributor - May 8, 2024 brazilenergyinsight.com/2024/05/08/into-the-deep-offshore-production-increasingly-finds-deeper-waters/ (OE) Offshore energy is on a growth trajectory. Rystad Energy wrote in February 2024 that upstream oil majors were diving in to deeper waters. “Despite tightened budgets, frontier drilling is fueling optimism for a productive year, particularly deepwater projects in the Atlantic Margin, Eastern Mediterranean and Asia,” Rystad wrote, noting that “the trend suggests a significant push toward deeper waters, with more than half of the awarded blocks targeting deepwater or ultra-deepwater reserves.” This focus is reflected in global exploration activity, with Rystad analysts predicting approximately 50 more deepwater and ultra-deepwater exploratory wells this year compared to 2023. “Frontier and underexplored basins, teeming with hidden potential, offer the promise of substantial untapped resources,” Rystad wrote. “Unlike mature basins where exploration yields smaller, scattered finds, these new areas hold the allure of large, geographically concentrated prospects.” The “Golden Triangle” (bounded by the U.S. Gulf, Brazil and Nigeria) continues to dominate the offshore side of oil and gas exploration and production, but diversification of geographies, into the new areas looms large on planners’ charts. In Africa, hydrocarbon production generally, and offshore oil and gas in particular, play key roles in countries’ development plans. As previously unexploited oil and gas plays are developed, fine tuning of business models is complementing the march into the new geographies. FLNG Gimi outbound from Singapore.Image courtesy Golar LNG New Projects, New Promise One cooperative effort hopes to produce first gas during 2024. BP and Kosmos Oil, working in conjunction with the national oil companies of Senegal, and their counterparts in neighboring Mauritania, have been developing the Greater Tortue Ahmeyim project. The project is all about innovative production and transportation. The gas, from subsea production wells roughly 120 km offshore at a depth of 2,850 meters, will be processed aboard the FPSO N999 Tortue (completed in early 2023 at COSCO’s yard in Qidong, China) then piped to the Golar LNG owned Gimi, an FLNG (converted from a 1976 built LNG tanker at Seatrium in Singapore) moored 10 km offshore. In a crude oil production project set come online in 2024, the Australian gas developer Woodside Energy will deploy the FPSO Léopold Sédar Senghor at the Sangomar field, approximately 100 km offshore Senegal. The FPSO will be fed by two dozen subsea wells, in waters depths of around 1,000 meters. The vessel (with conversion from a VLCC completed in China at a COSCO yard, followed by pre-commissioning work in Singapore by Seatrium, with MODEC handling topside integration), will be capable of processing 100,000 bbl day of crude – anticipating European refineries being the likely buyers – with a storage capacity of 1.3 million bbl. Woodside, with a $60 billion balance sheet at end 2022, post the BHP transaction, has placed the overall cost of the project’s Phase 1 to around $5.2 billion (versus the $4.1 billion originally budgeted circa 2020), with Woodside noting that COVID-related construction deficiencies on the FPSO had brought about a need for “remedial work” that was undertaken in Singapore. Annual reports from Woodside peg its capital expenditures on Sangomar at $1 billion in 2021 and $1.034 billion in 2022 – significantly more than half of the company’s CapEx spend during that year. The capital stack buttressing Sangomar (with Woodside holding an 82% stake) has benefitted from a loan of $54 million from the multinational infrastructure capital provider Africa Development Bank. Italian energy behemoth ENI has been active in offshore Africa. In late Summer, 2023, ENI began crude production at its Baleine field, offshore Ivory Coast (southeast of Abidjan, using FPSO Baleine , previously named Firenze, originally an Aframax tanker Betatank II, built in 1989, converted at Dubai Drydocks World for Saipem and acquired by ENI in 2013). Initially handling up to 15,000 bbl/day of oil and around 25 Mscf/day of gas – to be delivered onshore by a newly constructed pipeline – its capacity will be ramped up to up to 150,000 bbl/day of oil and 200 Mscf/day of gas in mid-decade. Work is beginning on a second FPSO/ FSO combination at Baleine, with Norwegian subsea specialist DOF awarded a contract for installation of seabed mooring systems and other tasks, including a flowline that will link the FPSO, with the storage tanker. In Congolese waters, ENI is set to begin production, pegged at 3 million tons/year (tpy) from its Tango FLNG, with storage aboard the FSU Excalibur The FLNG, previously owned by Exmar before its sale to ENI, had previously been on charter to YPF in Argentina before a 2023 upgrade in Dubai at Drydocks World. Exmar, the Saverys-family controlled owner based in Antwerp, is putting the FSU (built in 2002) on 10 year charter to ENI- which says that a second FLNG is under construction and expected to commence production in 2025. Tungsten Explorer, 6th Generation Ultradeepwater drillship.Image courtesy Vantage DrillingA Shifting Triangle As the Triangle changes its shape, Namibia, further south, is set to come on the scene as an offshore oil producer in the late 2020s; Shell and Total are currently involved in exploration efforts in the Venus Basin, with Chevron expected to enter the fray. As appraisal drilling progresses, a Total subsidiary exercised an option to extend its charter of the 6th generation DP3 semisubmersible Deepsea Mira (owned by John Fredriksen-linked Northern Ocean). Shell has a sister rig Deepsea Bollsta drilling in the nearby Orange Basin, expected to come off charter in mid-2024. Previously, the 7th generation drillship Maersk Voyager had been on to Total, with Vantage Drilling’s Tungsten Explorer presently on charter until mid-2025, with further options. In adjacent waters farther east, Total is leading a group of partners including Qatar Energy, and Africa Energy, seeking to develop gas fields discovered in Brulpadda and Luiperd blocks within the Outeniqua Basin, with plans to process the gas (transmitted using existing infrastructure serving existing fields closer to shore) at a gas-to-liquids facility at Mossel Bay. Rystad, in its commentary, had opined that: “…discoveries such as Brulpadda and Luiperd in South Africa in 2019 and 2020 and Venus and Graff in Namibia, both in 2022, have led to the opening of new hydrocarbon plays.” Elsewhere, a U.S. Department of Energy’s Energy Information Administration (EIA) December 2023 report explained that: “Mozambique has in recent years dealt with a sudden influx of militant attacks on areas close to export infrastructure. These security issues have resulted in the declaration of force majeure on the Mozambique LNG project, delaying the facility’s start date and the development of other LNG infrastructure projects.” But there has been progress. In late 2022, ENI began exporting LNG of the Coral South floating liquefied natural gas project, where it is the operator and majority partner. The FLNG Coral Sul , drawing gas from six undersea wells, has the capacity to produce 3.4 million tpy. A second FLNG project, also in Mozambique’s Rovuma Basin, is reportedly in works, though no FID has been announced. FPSO Firenze- at ENI’s Baleine project, offshore Ivory Coast.Image courtesy ENI Moving Energy For the transport side, the new equipment and infrastructure configurations are complemented by financial structures that are variations of more conventional balance sheet funding. They keep the longer-term flavor and project-specific flavors that have characterized offshore investing, but move ownership to the Private Equity (PE) sphere, albeit with a different focus than previous on shipping investments. At the February, 2024 annual “HACC NACC” event in New York, Art Regan, CEO, Energos Infrastructure, an owner of LNG carriers, storage vessels, and importantly, floating storage and regasification( FSRU) capabilities, delved into backers’ financial rationale of its backers: the $14B Infrastructure division of PE-giant Apollo Global. “I would say it’s predictable income. Using Apollo as a reference, the mandate has moved away from risk; they are more of a pension fund manager than a PE shop as we know them from 20 years ago.” Earlier rounds of PE investment in shipping companies – by Apollo and others – had looked to asset appreciation, with mixed outcomes. Regan, continuing, explained that suitable structures are “long-term income based” adding that “what we do is more terminal management than pure play shipping.” Apollo now owns 100% of Energos Infrastructure, following a deal cemented in February, 2024 when New Fortress Energy (NYSE: NFE) an offshoot of the PE behemoth Fortress Investment) with Assets Under Management (AUM) of $46 billion in late 2023, sold a 20% stake that it held. Energos represents a new breed of infrastructure provider, motivated by energy security concerns as well as the ongoing transition to fuels with lower carbon footprints. Energos Infrastructure actually came on the scene in the months after the 2022 disruptions in the movement of Russian gas into Europe, bringing in a fleet previously owned by Golar LNG Partners LP, and then transitioned into NFE before moving into the hands of Apollo. In the wake of reduced gas availability from Russia, Energos (which has chartering arrangements with NFE around six of its 13 vessels, with NFE dealing with the gas importers and exporters) was quick to deploy its FSRU Energos Igloo at Rotterdam to feed the Dutch power grid. Another FSRU, Energos Celsius, is being deployed at Barcarena in northern Brazil (after conversion at Seatrium in Singapore from a conventional LNG carrier) and will be fueling alumina production in addition to serving a power plant under construction. Nine of Regan’s company’s 13 vessels are described as FSRUs. In early 2024, two additional vessels, 174,000 cbm capacity acquired from Greek owner Dynagas (Procopiou), handling gas imports into Germany, were slated to join the fleet. Talking about customers’ motivations for floating regasification using FSRU’s (which Art Regan described as “plug and play” in his HACC NACC remarks) rather than building land-side import terminals, he said, “They don’t have to go through the exercises of approval, permitting, etc. They can hire us for one, five, 10, hopefully 25 years, and always have the option to change that if it doesn’t work for their power grid.” Other owners participate in FSRU’s; another LNG carrier refitted for “regas” duty, Alexandroupolis, owned by Gastrade, with links to the Livanos controlled owner GasLog, has moved to a site offshore northern Greece after a 10 month conversion project, also at Seatrium. The innovations in moving LNG are not all on the imports side, where FSRUs are becoming increasingly prevalent. In a recent LNG export deal, Energos Penguin, a vessel storing LNG for export after processing, is integral to the configuration at NFE’s Altamira, Mexico floating liquefaction facility, which has been built in the “FAST LNG” mold, on three platforms configured on jack-ups stationed in 10 miles offshore in the Gulf of Mexico, near Tampico. The facility, dubbed FastLNG 1 – with modules for treatment, liquefaction and utilities – promises quicker deployment than extensive construction of an FLNG vessel. The Altamira installation will be treating gas originating in Texas, and then piped down to Mexico. After liquefaction, the LNG will be stored on the Energos vessel prior to shipment aboard internationally flagged LNG tankers to destinations expected to include Puerto Rico, where NFE has invested in a terminal for distributing gas on the island. Fast LNG rendering.Image courtesy New Fortress Energy
|
|
|
Post by Blitz on May 9, 2024 7:58:46 GMT -5
Jaguar FPSO award is SBM Offshore’s first on ‘sale and operate’ model – CEO OilNOW - May 9, 2024 oilnow.gy/featured/jaguar-fpso-award-is-sbm-offshores-first-on-sale-and-operate-model-ceo/Øivind Tangen, Chief Executive Officer of SBM Offshore said that the company’s latest award for the Jaguar floating production, storage and offloading (FPSO) vessel is its first to be based on a sale-and-operate model. Jaguar is its fifth for ExxonMobil Guyana. The other orders were based on a lease-and-operate model. In the company’s latest earnings update, Tangen said, “[Jaguar] will be our first based on a sale and operate model, adding an accelerated cashflow profile for the project to our backlog. Following transfer of ownership to the client at the end of the construction period, we expect to operate the FPSO under our 10-year Operations and Maintenance Enabling Agreement.” Øivind Tangen, Chief Executive Officer of SBM Offshore The accelerated cash flow from the sale-and-operate order is expected to position SBM Offshore favorably as it endeavors to line up more hulls for cost and carbon-efficient FPSOs in what it describes as a tight supply chain environment. In April, Exxon awarded contracts to SBM Offshore to build and deploy the FPSO for the Whiptail development at Guyana’s Stabroek Block, following authorities’ approval of the project. FPSO Jaguar will use the Dutch floater specialist seventh Fast4Ward® MPF hull. It said hull construction is progressing, as are FPSO engineering and procurement activities. The company took a US$250 million term loan last month to begin construction, ahead of the expected drawdown of construction financing for the FPSO. Jaguar will be the sixth FPSO to be deployed offshore Guyana. It will target oil production at an initial rate of 250,000 barrels per day (b/d) and will cause total oil production in the country to exceed 1.3 million b/d.
|
|
|
Post by Blitz on May 9, 2024 8:18:28 GMT -5
Follow the FPSOs... Excerpt: Asian FPSO operator receives crucial approval for newbuild hull concept for large floaters The FPSO model features oil processing capacity of up to 250,000 bpd and gas production capability of up to 550 MMcfd Ravi Shankar Srinivasan, chief executive of SP Energy. Photo: SP Energy Nishant Ugal, Middle East and South Asia Editor, New Delhi - Updated 9 May 2024, 00:00 www.upstreamonline.com/rigs-and-vessels/asian-fpso-operator-receives-crucial-approval-for-newbuild-hull-concept-for-large-floaters/2-1-1641246India’s Shapoorji Pallonji Energy (SP Energy) has received crucial approval for its new-generation hull concept for large floating production, storage and offloading vessels, with an eye on huge oil projects in Africa and the Americas. The company pn Wednesday in a statement said that it has in place a "front-end engineering design (FEED) level approval-in-principle (AIP) from ABS (American Bureau of Shipping) for its FPSO newbuild hull design, Sterling Streamline". SP Energy noted that its Sterling Streamline “marks a significant advancement in FPSO hull design, seamlessly integrating size, customisability, sustainability and operational longevity".
|
|
|
Post by Blitz on May 9, 2024 11:01:20 GMT -5
OTC 2024: Petrobras details Marlim gains, shipyard initiatives May 9, 2024 www.offshore-mag.com/production/article/55038573/otc-2024-petrobras-details-marlim-gains-shipyard-initiativesPetrobras expects to produce a further 860 MMboe from its revitalization of the Marlim Field in the Campos Basin by 2048, when the term for the concession is due to expire. Courtesy MODEC FPSO Anita Garibaldi MV33 Offshore staff HOUSTON — Petrobras expects to produce a further 860 MMboe from its revitalization of the Marlim Field in the Campos Basin by 2048, when the term for the concession is due to expire. Prior to the project, Marlim's production was projected to cease in 2025. Instead, Petrobras chose to replace nine platforms with two new FPSOs, which should also cut greenhouse-gas emissions by 55% compared to levels anticipated for the platforms. The two new floaters, Anna Nery and Anita Garibaldi, should help add at least 115,000 bbl/d to production in the Campos Basin over the next few years. During a panel discussion at OTC earlier this week, Paulo Marinho, executive manager of deepwater exploration and production, explained that for the revitalization development, the company implemented a master plan. This determines the best options for increasing recovery, through drilling of new wells, 4D seismic, extending the productive life of the offshore facilities and replacing existing infrastructure. Petrobras gained OTC’s Distinguished Achievement Award for its work on Marlim. By 2028, the company also expects to install three new production platforms at the Albacora, Barracuda-Caratinga and Jubarte fields in the Espírito Santo portion of the Campos Basin. On Tuesday, the company, the Brazilian Oil and Gas Institute (IBP) and APEX Brasil, organized a meeting in Houston between Brazilian suppliers and international investors. The "Maritime Industries Connections - Brazil Offshore Energy Sector Roundtable Business Meeting - Brazilian Shipyards Map" discussed strategic partnerships aimed at revitalizing and modernizing the Brazilian maritime and naval industry. It allowed Brazilian shipyards to outline their construction capacity to foreign companies interested in potential partnerships to address Petrobras’ needs, including local Brazilian content requirements. Under a separate initiative, the IBP recently launched the Shipyard Map, said to be an intuitive panel that allows users, such as oil companies, ship owners and investors, to search for shipyards capable of producing FPSOs and different vessels. It also shows their geographical position, steel handling capacity and size throughout Brazil. 05.09.2024
|
|
|
Post by Blitz on May 10, 2024 8:34:23 GMT -5
It seems like there has been a lot of FPSO news lately. Perhaps all the new FPSOs coming on line will add up to more drillship/floater FIDs as exploratory wells become production wells supporting FPSOs. And now this... Equinor’s Arctic Johan Castberg oil and gas field nears production as FPSO prepares to sail Stephen Treloar and Kari Lundgren, Bloomberg May 08, 2024 www.worldoil.com/news/2024/5/8/equinor-s-arctic-johan-castberg-oil-and-gas-field-nears-production-as-fpso-prepares-to-sail/(Bloomberg) – The vessel that will tap Norway’s newest oil field is now undergoing final checks before setting sail for the Barents Sea, the latest stage of the country’s push to extract more resources from the Arctic. The startup of the Johan Castberg development later this year “opens up a new oil province in the Barents Sea, and this field can become a hub for new discoveries,” Equinor ASA Chief Executive Officer Anders Opedal said, speaking to dockyard workers on Tuesday at the coastal village of Stord, Norway. Once the infrastructure is in place, it will be easier to connect additional oil finds to the floating production, storage and offloading vessel, he said. Prime Minister Jonas Gahr Store’s government is keen to maintain Norway’s position as a key energy supplier to Europe and sees the largely unexplored Arctic as the main source of future reserves. Estimated to hold more than 60% of Norway’s undiscovered oil and gas resources, the Barents Sea has long tempted the industry, even as harsh conditions and the lack of infrastructure make developing the region difficult. Norway today supplies some 30% of Europe’s natural gas, becoming its biggest supplier after Russia’s invasion of Ukraine in 2022. Though oil production peaked in the early 2000s, the country still produced over 654 million barrels in 2023, or about 2% of global oil consumption. The country has reduced the industry’s emissions, including by powering offshore platforms with renewable energy from wind turbines, but even with these pioneering efforts Norway remains a major exporter of fossil fuels that ultimately contribute to climate change. Enormous value. At 313 m (1,027 ft) long, the Johan Castberg production vessel is about the same length as the world’s biggest aircraft carrier, the USS Gerald R. Ford. Its tanks have the capacity to hold as much as 1.1 MMbbl of oil, drawn from 30 wells. The ship will spend much of the summer at the dock and anchored in the fjord near the Stord shipyard undergoing final checks, before heading north to start production in the fourth quarter, eventually ramping up to about 220,000 bpd. “There is enormous value lying on the seabed that this ship will pump up, of course in dollars and kroner and money for the wealth fund as a result, but basically also energy,” Finance Minister Trygve Slagsvold Vedum told the crowd at the event on Tuesday. “That’s what the last two years have shown us, is that the world needs energy — people need energy.” Located above the Arctic circle and about 240 km (150 miles) northwest of Europe’s biggest liquefied natural gas production facility at Hammerfest, the Johan Castberg field is estimated to hold between 450 - 650 MMbbl of oil. License holders are Equinor with 50%, 30% held by Energi ASA and Petoro ASA with the remaining 20%. Norwegian oil and gas companies are picking up the pace of drilling this year in the Barents, the Norwegian Offshore Directorate said in January. Of the 40 to 50 exploration wells planned for 2024, between 8 and 10 are in the Barents Sea. This would make 2024 the most active year in the Barents since 2017. Excitement in what Norway’s High North might hold has ebbed and flowed since the region was opened for exploration in 1980. In 2013, as many as 26 companies applied for new acreage when frontier areas for the industry were offered. In 2021, a similar round attracted just seven. “Johan Castberg is a mega project for the Norwegian petroleum industry,” said Kristin Fejerskov Kragseth, CEO of Petoro, which manages the state’s direct stakes in oil and gas fields. “There is a lot to do in the Barents Sea, and we are already planning more development opportunities.” Two fields are in operation in the Barents today. Goliat, also serviced by a floating production, storage and offloading rig, and Snohvit, which pipes natural gas to Europe’s biggest liquefied natural gas production facility near the Arctic city of Hammerfest.
|
|
|
Post by Blitz on May 11, 2024 7:09:55 GMT -5
Two more SBM FPSOs nearing completion brazilenergyinsight.com/2024/05/10/two-more-sbm-fpsos-nearing-completion/(OM) SBM Offshore expects to deliver the FPSO Almirante Tamandaré to Petrobras later this year, the company said in a trading update. The topside modules lifting campaign has finished, and integration and commissioning activities are progressing. The completed platform should produce first oil from the Búzios Field in the Santos Basin offshore Brazil next year. As for other FPSOs under construction, topside modules lifting is nearing completion for the Alexandre de Gusmão for the Mero Field in the Santos Basin—again, first oil is expected in 2025. Topside fabrication is advancing for the FPSO ONE GUYANA, which is due to deliver first oil next year from the Yellowtail Field. Engineering and procurement has started for the FPSO Jaguar for the Whiptail development. Later this year, SBM Offshore and Technip Energies expect to officially launch their new joint venture EkWiL as a floating offshore wind specialist proposing a wide range of solutions. It will bring together the two companies’ engineering and delivery capabilities and complementary technologies to create integrated floating solutions. Goals include enhanced execution certainty and cost competitiveness for floating offshore wind projects.
|
|
|
Post by Blitz on May 11, 2024 7:12:19 GMT -5
Looks like Brazil is not buying into the ESG fairy tales about the end of oil's importance by 2035. And now this... Petrobras details Marlim gains, shipyard initiatives brazilenergyinsight.com/2024/05/10/petrobras-details-marlim-gains-shipyard-initiatives/ OM) Petrobras expects to produce a further 860 MMboe from its revitalization of the Marlim Field in the Campos Basin by 2048, when the term for the concession is due to expire. Prior to the project, Marlim’s production was projected to cease in 2025. Instead, Petrobras chose to replace nine platforms with two new FPSOs, which should also cut greenhouse-gas emissions by 55% compared to levels anticipated for the platforms. The two new floaters, Anna Nery and Anita Garibaldi, should help add at least 115,000 bbl/d to production in the Campos Basin over the next few years. During a panel discussion at OTC earlier this week, Paulo Marinho, executive manager of deepwater exploration and production, explained that for the revitalization development, the company implemented a master plan. This determines the best options for increasing recovery, through drilling of new wells, 4D seismic, extending the productive life of the offshore facilities and replacing existing infrastructure. Petrobras gained OTC’s Distinguished Achievement Award for its work on Marlim. By 2028, the company also expects to install three new production platforms at the Albacora, Barracuda-Caratinga and Jubarte fields in the Espírito Santo portion of the Campos Basin. On Tuesday, the company, the Brazilian Oil and Gas Institute (IBP) and APEX Brasil, organized a meeting in Houston between Brazilian suppliers and international investors. The “Maritime Industries Connections – Brazil Offshore Energy Sector Roundtable Business Meeting – Brazilian Shipyards Map” discussed strategic partnerships aimed at revitalizing and modernizing the Brazilian maritime and naval industry. It allowed Brazilian shipyards to outline their construction capacity to foreign companies interested in potential partnerships to address Petrobras’ needs, including local Brazilian content requirements. Under a separate initiative, the IBP recently launched the Shipyard Map, said to be an intuitive panel that allows users, such as oil companies, ship owners and investors, to search for shipyards capable of producing FPSOs and different vessels. It also shows their geographical position, steel handling capacity and size throughout Brazil.
|
|
|
Post by Blitz on May 13, 2024 7:30:57 GMT -5
It seems like a light switch was turned from 'off' to 'on' lately with all the new FPSO news. I'm thinking that could lead to many new support wells as E&P turns to more 'P' wells. That should be good for drillship work orders. And now this... FPSO Maria Quitéria leaves China for Brazil 13 May 2024 www.energy-pedia.com/news/brazil/fpso-maria-quit%C3%A9ria-leaves-china-for-brazil-195116The FPSO is heading for the Jubarte field in the pre-salt of the Campos Basin, where it will start operating in 2025 The Maria Quitéria platform ship left China on Monday, 5/6, and will arrive at the Jubarte field in the pre-salt of the Campos Basin, off Espírito Santo coast in the second half of the year. FPSO Maria Quitéria leaves China for Brazil The unit can produce 100,000 barrels of oil and process 5 million cubic meters of gas, and production is expected to start in the first quarter of 2025. The Maria Quitéria platform ship is an FPSO (floating production, storage, and transfer unit) with decarbonization technologies, such as the combined cycle in energy generation. This arrangement makes it possible to reduce CO2 emissions by approximately 20%. Petrobras chartered the unit from Yinson, which is also responsible for its construction. Original announcement link Source: Petrobras
|
|
|
Post by Blitz on May 13, 2024 7:40:54 GMT -5
Japanese FPSO builder to engage Guyanese suppliers this week OilNOW - May 13, 2024 oilnow.gy/featured/japanese-fpso-builder-to-engage-guyanese-suppliers-this-week/Japanese shipbuilder MODEC will hold a Vendor Engagement Forum on May 14, 2024. The company will engage with Guyanese suppliers at the Centre for Local Business Development (CLBD) office in Georgetown. The forum will include information-sharing about MODEC’s procurement process, qualification criteria, bid evaluation criteria, performance standards, and lessons learned from previous bidding processes. With its entry into Guyana, MODEC is bound by the Local Content Act which mandates the utilization of Guyanese goods and services. The Local Content Secretariat approved the company’s 2024 Local Content Annual Plan a month ago. ExxonMobil hired MODEC to deliver the Errea Wittu floating production, storage and offloading (FPSO) vessel for the Uaru project. This award was MODEC’s top revenue generator in terms of engineering, procurement, construction and installation (EPCI) awards. MODEC’s awards to international service providers this year for FPSO-related work include: Installation and integration of topside modules (Seatrium) Supply of large-capacity marine compressed air system (TMC Compressors) Provision of electrical system and digital solutions (ABB) Pre-installation of mooring spread (Jumbo Offshore) The Errea Wittu FPSO is expected to target an initial oil production rate of 250,000 barrels of oil per day (b/d), water injection capacity of 350,000 b/d, 540 million cubic feet per day (mcf/d) of gas production and a storage capacity of two million barrels of oil. Errea Wittu will be the fifth FPSO to be deployed offshore Guyana and will lift total oil production over 1.1 million b/d after first oil, scheduled for 2026. ExxonMobil is the operator of the Stabroek Block, where all the currently sanctioned FPSOs will be placed. Its 45% stake is joined by Hess’ 30% stake and CNOOC’s 25%.
|
|
|
Post by Blitz on May 14, 2024 9:36:12 GMT -5
Petrobras sets its cap on 14 new FPSOs by 2028 but decarbonization bells and whistles are a must for all brazilenergyinsight.com/2024/05/14/petrobras-sets-its-cap-on-14-new-fpsos-by-2028-but-decarbonization-bells-and-whistles-are-a-must-for-all/(Offshore-energy.biz) Brazil’s state-owned oil and gas giant Petrobras is laying the groundwork to put 14 new floating production, storage, and offloading (FPSO) vessels into production mode over the next five years. As the Brazilian energy heavyweight is also determined to raise its emissions reduction bar, the new FPSOs and solutions are expected to come with decarbonization tools and technologies to enable the firm to reach its net zero goals. Petrobras’ energy transition pursuit is not surprising since the company is actively pursuing ways to lower its greenhouse gas (GHG) emissions footprint. In line with this, the firm’s ‘Strategic Plan 2024-2028‘ highlights its intention to dish out $102 billion over the next five years, with $11.5 billion earmarked for projects propelling its decarbonization agenda forward. As the Brazilian giant intends to start up 14 FPSOs from 2024 to 2028, accounting for a third of the global FPSO orders in this period, it is believed that the firm will need a broad and qualified supply chain to meet the demand for new production systems in the coming years. In addition, this will result in a considerable demand for underwater systems to connect such units. Read full article: www.offshore-energy.biz/petrobras-sets-its-cap-on-14-new-fpsos-by-2028-but-decarbonization-bells-and-whistles-are-a-must-for-all/
|
|