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Post by Blitz on Apr 7, 2022 8:22:35 GMT -5
More FPSO ships mean more offshore oil coming from more holes drilled in the seafloor. I guess record profits for Exxon can mean more work for better infrastructure for more fossil fuel production for less dependence on despicable dictators... until ESG is ready to take over powering all grids. I would also guess companies like Exxon will use profits to invest in green power too. So, it's not an 'either-or' situation; it's a 'both' situation until green power is reliable and plentiful. Perhaps that's what ESG Congress members really don't like. And now this... SBM Offshore Confirms Giant FPSO Contract Award for Exxon's Yellowtail Project in Guyana April 5, 2022 www.oedigital.com/news/495564-sbm-offshore-confirms-giant-fpso-contract-award-for-exxon-s-yellowtail-project-in-guyanaFor Illustration - Liza Unity is Guyana's second FPSO in production. - Image Credit: SBM Offshore SBM Offshore, a Dutch company that designs, builds, installs, and operates FPSO units, has confirmed the receipt of a firm order from ExxonMobil for the fourth and largest FPSO to be deployed offshore Guyana. The FPSO will be designed to produce 250,000 barrels of oil per day, will have an associated gas treatment capacity of 450 million cubic feet per day, and a water injection capacity of 300,000 barrels per day. The FPSO will be spread moored in a water depth of about 1,800 meters and will be able to store around 2 million barrels of crude oil. The order confirmation comes after ExxonMobil on Monday sanctioned the $10 billion Yellowtail oil field development, located in the giant Stabroek block offshore Guyana. Under the contracts with Exxon, SBM Offshore will construct, install and then lease and operate the FPSO, to be named ONE GUYANA, for a period of up to two years, after which the FPSO ownership and operation will transfer to ExxonMobil. The award follows the completion of front-end engineering and design studies, receipt of requisite government approvals, and the final investment decision on the project by ExxonMobil and blocks co-venturers Hess and CNOOC. The Yellowtail development is the fourth development within the Stabroek block, sitting around 200 kilometers offshore Guyana. ExxonMobil 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, a wholly-owned subsidiary of CNOOC Limited, holds a 25 percent interest. The FPSO ONE GUYANA’s design is based on SBM Offshore’s Fast4Ward program that involves SBM Offshore's new build, multi-purpose floater hull combined with several standardized topsides modules. SBM Offshore orders these hulls in China without contracts secured, so that when it does secure a contract, the FPSO delivery time is shorter. SBM Offshore said that the turnkey phase of the project is executed by a special purpose company (SPC) established by SBM Offshore and McDermott. SBM Offshore holds 70% and McDermott holds 30% equity ownership in this SPC. The FPSO will be fully owned by SBM Offshore. The company did not share details on the value of the deal with ExxonMobil. First oil is expected in 2025. This will be the first FPSO deployed in Guyana's Stabroek block, and the fourth delivered by SBM Offshore, after Liza Destiny, Liza Unity, and the under-construction Prosperity. Hess said Monday that at least six FPSOs with a production capacity of more than 1 million gross barrels of oil per day are expected to be online on the Stabroek Block in 2027, with the potential for up to 10 FPSOs to develop gross discovered recoverable resources of more than 10 billion barrels of oil equivalent.
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Post by Blitz on Apr 7, 2022 8:29:57 GMT -5
Follow the FPSO ships... VIDEO: Boskalis' Boka Vanguard Carrying Johan Castberg FPSO to Norway Bartolomej Tomic, Editor - April 7, 2022 www.oedigital.com/news/495638-video-boskalis-boka-vanguard-carrying-johan-castberg-fpso-to-norwayJohan Castberg Sailaway from Singapore at Dawn for Norway - ©Sembcorp Marine Dutch marine services contractor Boskalis has shared a video of its BOKA Vanguard semi-submersible heavy transportation vessel carrying the Equinor's Johan Castberg FPSO to Norway. In mid-February, the BOKA Vanguard loaded with the 70,000-ton Johan Castberg FPSO set off for Norway from Singapore where the FPSO was built by Sembcorp Marine. "After sailing approximately 12,500 nautical miles, the vessel will arrive in Høylandsbygd tomorrow morning, where she will unload the brand new FPSO. We thank the crew of the BOKA Vanguard and project team for the great work so far and wish them good luck with the float-off operation," Boskalis said Thursday in a social media post sharing the video of the operation. The video was taken by the Dutch aerial photography and videography specialists Flying Focus. Johan Castberg is Sembcorp Marine’s first EPC newbuild FPSO. Sembcorp Marine’s scope of work for the Johan Castberg FPSO comprised the construction of the hull and living quarters. Upon final completion in Norway, the FPSO is scheduled for deployment at the Johan Castberg field in the Barents Sea, about 240km from Hammerfest, Norway. The FPSO hull is built to be self-contained for harsh-environment operation, with living quarters accommodating up to 140 personnel on board. The FPSO is heading for an Aker Solutions yard in Stord. Once at the quayside at Stord, all the process modules constructed by Aker Solutions in Norway will be installed and the FPSO completed Per WorldEnergyReports, the FPSO has 1.1 mil bbls storage capacity, a production capacity of 190,000 b/d oil, and 290 mmcf/d gas. The Johan Castberg field is expected to come on stream in the fourth quarter of 2024.
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Post by Blitz on Apr 7, 2022 8:32:38 GMT -5
Canada Approves Equinor's $12B Bay du Nord Offshore Oil Project Nia Williams April 7, 2022 www.oedigital.com/news/495643-canada-approves-equinor-s-12b-bay-du-nord-offshore-oil-projectBay du Nord project illustration - Credit: Equinor (File Image) The Canadian government on Wednesday approved a $12 billion offshore oil project proposed by Norway's Equinor, after an environmental assessment concluded it would not cause significant adverse effects. The Bay du Nord project would involve building to [produce] an estimated resource of 300 million barrels of light crude oil in the Atlantic Ocean, about 500 km (310 miles) off the coast of Canada's Newfoundland and Labrador province. Environmental groups blasted the move, which comes days after a United Nations report warned the world risked climate disaster without severe emissions cuts. "The decision is tantamount to denying that climate change is real and threatens our very existence," said Julia Levin, program manager at Environmental Defence. Bay du Nord would be Canada's first remote deepwater project at around 1,200 meters (4,000-ft) deep and has come to symbolize the tension between Canada's climate goals and concerns about energy security in the wake of Russia's invasion of Ukraine. Prime Minister Justin Trudeau's Liberal government has pledged to cut emissions 40-45% below 2005 levels by 2030, but in recent weeks has been exploring ways to increase energy exports to Europe to displace Russian supplies. Bay du Nord Development Map - Credit: Government of Canada Oil and gas is Canada's highest-polluting sector, accounting for 26% of emissions. Equinor and partner Cenovus Energy have not yet made a final investment decision on whether to build the project, but the Norwegian firm said it welcomed the ministry's decision. "We now look forward to progressing this key investment in Canada – which has the potential to produce the lowest carbon oil in the country," Equinor said in a statement. Canada's Environment Minister Steven Guilbeault laid out 137 conditions that Equinor must meet, including protecting fish habitat and migratory birds. Shortly before releasing the decision, the government also said it will develop requirements for new oil and gas projects, including Bay du Nord, to achieve net-zero emissions by 2050. Any potential blowout - an uncontrolled release of oil - from the offshore project would endanger whales, fish, and seabirds, said Gretchen Fitzgerald, national programs director for Sierra Club Canada Foundation. Canada Action, a pro-resource development group, said the oil produced offshore of Newfoundland and Labrador has relatively low carbon intensity, and the project would create many years of jobs. (Reuters - Reporting by Nia Williams in Calgary; Additional reporting by Ismail Shakil in Bengaluru, Steve Scherer in Ottawa, and Nerijus Adomaitis in Oslo; Editing by Marguerita Choy and Richard Pullin)
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Post by bjspokanimal on Apr 7, 2022 14:28:20 GMT -5
More to the point, FPSO construction activity is a leading indicator for the demand for DEEPWATER drilling. Historically, shallow water developments have utilized platforms that are supported on the ocean floor.
I'm admittedly unsure, however, if FPSOs are in use in shallow water developments that are isolated from other oilfields. It could be that in such situations that a smaller FPSO, perhaps a semi-submersible design, could be more economical than a platform and it's likely undersea pipeline complement.
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Post by Blitz on Apr 27, 2022 7:35:41 GMT -5
Brazil appears doing everything possible to get new supplies of fossil fuels into production... BW Offshore Sells Laid Up FPSO for $50 Million OE Staff April 22, 2022 www.oedigital.com/news/495980-bw-offshore-sells-laid-up-fpso-for-50-millionCredit: BW Offshore (file photo) Oslo-listed FPSO leasing company BW Offshore has agreed to sell its laid-up FPSO Polvo to BW Energy for $50 million. BW Energy will redeploy the FPSO in Brazil. The transaction is expected to be concluded by July 24, 2023, at the latest. If the transaction is completed before the said date, BW Energy will pay $30 million upon the vessel transfer date, with the remaining $20 million provided as a seller’s credit by BW Offshore until settlement on July 24, 2023, at the latest. "An independent third-party valuation of the FPSO concluded that the sales price is within a fair market value range," BW Offshore said. FPSO Polvo vessel recently ended its charter on the Polvo field in Brazil and is currently in lay-up in Dubai. BW Energy plans to redeploy the FPSO on the Maromba field offshore Brazil. "The decision to divest the FPSO, instead of entering a traditional lease and operate contract with BW Energy, is due to regulatory challenges under Brazilian related- and associated-party legislation," BW Offshore said.
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Post by Blitz on Apr 27, 2022 7:39:49 GMT -5
Guyana is moving full speed ahead too... Guyana Gets $106M from Exxon for Oil from Newest FPSO Liza Unity Neils Marks and Marianna Parraga April 25, 2022 www.oedigital.com/news/496015-guyana-gets-106m-from-exxon-for-oil-from-newest-fpso-liza-unityGuyana sold its first share of crude oil from the country's newest offshore production facility to ExxonMobil for about $106 million, the government said. One of South America's poorest nations, Guyana plans to use proceeds from oil in the short term to build roads, bridges, houses, gas-fired power plants and solar energy projects. The second [FPSO] is set to reach its full 220,000 barrel per day (bpd) capacity in the third quarter. The 1-million-barrel cargo of the new crude, called Unity Gold, was sold through a competitive bidding process that Exxon won with a bid of $106 per barrel, according to the Guyana Ministry of Natural Resources. "The ExxonMobil affiliate bid was the best on the pricing differential for the crude and this lift will incur no marketing fee by the lifter," the government said in its announcement late on Saturday. Exxon did not immediately respond to a request for comment. The oil will be shipped on the Bahamas-flagged Suezmax tanker Dimitrios, which arrived in Guyanese waters on April 18. It has not departed from the Liza Unity floating production, storage, and offloading (FPSO) facility, according to Refinitiv Eikon vessel tracking data. Liza Unity: Exxon's Second FPSO in Guyana Produces First Oil Exxon, which operates the prolific Liza offshore project, last month said it and partners CNOOC and Hess Corp plan to produce up to 1.2 million bpd of oil and gas offshore Guyana by 2027. The Unity Gold crude cargo will be the fourth to be exported from the Liza Unity FPSO, which arrived in Guyanese waters in October and began output in February. The shipment is the government's share of production. The first FPSO, the Liza Destiny, is producing about 120,000 bpd of a medium to light sweet crude grade called Liza. The Unity Gold crude is lighter and with less sulfur content, according to an assay published by the ministry. The government, which had a previous arrangement with a unit of Saudi Aramco for marketing its share of crude, said it will work to ensure the country receives the best price for exports both for Liza and Unity Gold crudes. (Reporting by Neils Marks and Marianna Parraga; Editing by Will Dunham and Gary McWilliams)
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Post by Blitz on Apr 27, 2022 7:57:43 GMT -5
Exxon Does It Again - Three More Discoveries Offshore Guyana by Bojan Lepic|Rigzone Staff|Wednesday, April 27, 2022 www.rigzone.com/news/exxon_does_it_again_three_more_discoveries_offshore_guyana-27-apr-2022-168791-article/Exxon has made three discoveries offshore Guyana and increased its recoverable resource estimate for Stabroek to nearly 11 billion oil-equivalent barrels. U.S. oil supermajor ExxonMobil has made three new discoveries offshore Guyana and increased its estimate of the recoverable resource for the Stabroek Block to nearly 11 billion oil-equivalent barrels. Exxon said that the three discoveries – Barreleye-1, Patwa-1, and Lukanani-1 – were southeast of the Liza and Payara developments and bring the number of Exxon’s Guyana discoveries in 2022 to five. The Barreleye-1 well encountered approximately 230 feet of hydrocarbon-bearing sandstone and was drilled in 3,840 feet. Drilling at Patwa-1 encountered 108 feet of hydrocarbon-bearing sandstone and was conducted in 6,315 feet of water. The Lukanani-1 well encountered 115 feet of hydrocarbon-bearing sandstone and was drilled at a water depth of 4,068 feet. Operations are still ongoing at Barreleye-1 and Lukanani-1. “These discoveries and the updated resource estimate increase the confidence we have in our ambitious exploration strategy for the Stabroek Block and will help to inform our future development plans for the southeast part of the block,” said Liam Mallon, president of ExxonMobil Upstream Company. “ExxonMobil remains committed to delivering value at an accelerated pace to the people of Guyana, our partners, and shareholders and reliably supplying affordable energy to meet increasing demand around the world,” Mallon added. ExxonMobil currently has four sanctioned projects offshore Guyana. Liza Phase 1 is producing approximately 130,000 barrels per day using the Liza Destiny FPSO vessel. Liza Phase 2, which started production in February, is steadily ramping up to its capacity of 220,000 barrels per day using the Liza Unity FPSO. The third project, Payara, is expected to produce 220,000 barrels per day. Construction on its production vessel, the Prosperity FPSO, is running approximately five months ahead of schedule with start-up likely before year-end 2023. The fourth project, Yellowtail, is expected to produce 250,000 barrels per day when the One Guyana FPSO comes online in 2025. At least six FPSOs with a production capacity of more than 1 million gross barrels of oil per day are expected to be online on the Stabroek Block in 2027, with the potential for up to 10 FPSOs to develop gross discovered recoverable resources.In a separate statement, the CEO of Exxon’s Stabroek partner Hess, John Hess, said: “These new discoveries further demonstrate the extraordinary resource density of the Stabroek Block and will underpin our queue of future development opportunities. We look forward to continuing to work with the Government of Guyana and our partners to realize the remarkable potential of this world-class resource for the benefit of all stakeholders.” Guyana’s Stabroek Block is 6.6 million acres. ExxonMobil affiliate Esso Exploration and Production Guyana Limited is the operator and holds a 45 percent interest in the Block. Hess Guyana Exploration holds 30 percent interest while CNOOC Petroleum Guyana Limited holds the remaining 25 percent.
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Post by bjspokanimal on Apr 27, 2022 14:51:22 GMT -5
The FPSO Polvo reactivation is an FPSO equivalent of un-stacking a drillship. The more urgent things get during an oil boom, the more E&P IOCs and NOCs go looking for whatever is available.
All but 3 of Transocean's 14 stacked rigs were built within the last 12 years and are either 6th or 7th generation units. When those rigs eventually get un-stacked and their depreciation expense stops being such a boat-anchor of the company's earnings, we should see EPS begin to chase cash flow and EBITDA, which exclude depreciation in their calculation, to new heights.
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Post by Blitz on Apr 29, 2022 9:47:39 GMT -5
Mero FPSO offshore Brazil close to start-up April 28, 2022 www.offshore-mag.com/regional-reports/latin-america/article/14275640/mero-fpso-offshore-brazil-close-to-startupPetrobras expects to start up the FPSO Guanabara next month at the Mero field in the deepwater Libra block, offshore Brazil. The FPSO Carioca in the Sépia field. Offshore staff RIO DE JANEIRO, Brazil – Petrobras expects to start up the FPSO Guanabara next month at the Mero field in the deepwater Libra block, offshore Brazil. Connection activities at the oilfield – the third largest in Brail’s pre-salt regions after Búzios and Tupi – have finished, and the company is now waiting on regulatory approvals to initiate production. This is the first permanent platform on Mero, with capacity to process up to 180,000 bbl of oil. Initially six producing wells and seven injectors will be connected to the FPSO. João Henrique Rittershaussen, Production Development executive director at Petrobras, said: "FPSO Guanabara is the most complex production unit to operate in Brazil. The implementation of a project with such technology is the result of over a decade of experience in the pre-salt and of the joint collaboration among Petrobras, partners and suppliers. He said: “The project was conceived to combine production capacity, efficiency, and reduction of greenhouse gas emissions." Petrobras’ first-quarter production rose to 2.80 MMboe/d, 3.4% above Q4, 2021. According to the company’s results overview, the main factors were the steady ramp-ups of the FPSOs Carioca (Sépia field) and P-68 (Berbigão and Sururu fields) in the pre-salt Santos basin; reduced production losses due to maintenance stoppages; and the start-up of new wells in the post-salt Campos basin. 04.28.2022
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Post by Blitz on May 3, 2022 10:43:26 GMT -5
Petrobras begins production from FPSO Guanabara in Mero field OIL & GASUPSTREAMDEEPWATER By NS Energy Staff Writer 03 May 2022 www.nsenergybusiness.com/news/petrobras-guanabara-fpso-mero-field/Guanabara can process up to 180,000 barrels of oil per day and 12 million m3 of gas per day apart from having an oil storage capacity of 1,400,000 barrels; currently, six producing wells and seven injectors in the offshore Brazilian field have been connected to the FPSO FPSO Guanabara has started production through the Mero field. (Credit: MODEC / Petrobras) Petróleo Brasileiro (Petrobras) and its partners in the Libra consortium have commenced production of oil and natural gas through the Guanabara floating production storage and offloading unit (FPSO) in the Mero field, offshore Brazil. FPSO Guanabara is the first definitive production system to have been installed in the oil and gas field located in the Santos Basin pre-salt, said Petrobras. The FPSO was to begin production in Q4 2021, but had to face a delay due to the Covid-19 pandemic. It is part of the Mero 1 project for which a final investment decision (FID) was made in 2018. Guanabara has been designed to process up to 180,000 barrels of oil per day and 12 million m3 of gas per day. The platform has an oil storage capacity of 1,400,000 barrels. Constructed and operated by Modec, FPSO Guanabara reached the Mero field in late January 2022. Following this, it was connected to wells and subsea equipment and then went through final tests before starting production. According to Petrobras, six producing wells and seven injectors will be connected to the FPSO during the first wave. The production platform is anticipated to achieve peak production by the end of this year, said the Brazilian firm. Petrobras is the operator of the unitised Mero field with a stake of 38.6%. Its partners include Shell Brasil Petroléo (19.3%), TotalEnergies EP Brasil (19.3%), CNODC Brasil Petróleo e Gás (9.65%), CNOOC Petroleum Brasil (9.65%), and Pré-Sal Petróleo (3.5%). Shell upstream director Zoe Yujnovich said: “Today’s announcement serves as the latest reminder of the strength of our position in Deep Water in Brazil with world-class assets, a prolific basin and a robust portfolio. “Mero is part of our core Upstream position, which is a cornerstone of our Powering Progress strategy to deliver the stable, secure energy resources the world needs today while investing in the energy of the future.” The Mero field is located 150km off the coast of Rio de Janeiro and in a water depth of up to 1,930m. The offshore Brazilian field will get three more FPSOs between 2023 and 2025
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Post by Blitz on May 3, 2022 10:50:14 GMT -5
Energean’s FPSO for Israeli project sails away from Singapore BUSINESS & FINANCE May 3, 2022, by Nermina Kulovic www.offshore-energy.biz/energeans-fpso-for-israeli-project-sails-away-from-singapore/Hydrocarbon exploration and production company Energean has revealed that its FPSO for the Karish project located offshore Israel has sailed away from Singapore. As informed by Energean on Tuesday, the Energean Power FPSO sailed away from Singapore and the company remains on track to deliver the first gas from the Karish project in 3Q 2022. The FPSO was previously scheduled to sail away from the yard in 2021 but, due to the Covid-19 pandemic, the project has experienced delays. In early 2022, Energean expected the vessel to be ready for sail-away from Singapore by the end of the first quarter. From sail-away to first gas, Energean expects 4-5 months, including tow, hook-up and commissioning. In March, Energean connected the Karish gas field to the Israel National Gas Line (INGL), saying it was an important milestone in facilitating the operational readiness of the Karish field development. The connection between Energean’s land-based system at Dor Beach in Northern Israel and the INGL delivery system was completed by welding together two 30-inch diameter pipe sections. Gas from the Karish field will flow to the Energean Power FPSO located 90 km offshore where production output will be processed and separated. Related Article - Energean links Karish field to Israel’s gas network Energean also said on Tuesday it has signed a new Gas Sales and Purchase Agreement (GSPA) for up to 0.8 bcm/yr. Under the GSPA, Energean will supply gas to the East Hagit Power Plant Limited Partnership, a partnership between the Edeltech Group and Shikun & Binui Energy. EH Partnership was the winning bidder in the IEC East Hagit tender process, the third IEC power plant in the current series of four to be privatised. Energean is also a supplier of gas to Ramat Hovav and Alon Tavor, the first two power stations privatised in the series. The GSPA is for a term of approximately 15 years, for a total contract quantity of up to 12 bcm. The contract contains provisions regarding floor pricing, offtake exclusivity and a price indexation mechanism (not Brent price linked). The GSPA has been signed at levels that are in line with the other large, long-term contracts within Energean’s portfolio. The agreement has the potential to generate revenues of up to $2 billion over the offtake period and is subject only to buyers’ completion of the privatisation process, including lenders’ consent. Combined with the spot sales agreement signed in March 2022 with IEC, the agreements have enhanced Energean’s gas sales portfolio towards filling the 8 bcm/yr of capacity on the Energean Power FPSO.
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Post by Blitz on May 4, 2022 9:26:33 GMT -5
Seems like there are not enough FPSO ships... LLOG to Develop Two Deepwater GoM Discoveries Using Refurbished Offshore Platform OE Staff May 4, 2022 www.oedigital.com/news/496281-llog-to-develop-two-deepwater-gom-discoveries-using-refurbished-offshore-platformU.S. Gulf of Mexico-focused oil and gas company LLOG on Wednesday announced the planned development of the Salamanca floating production facility to be used to develop two offshore discoveries in the U.S. Gulf of Mexico. The company said that the Salamanca is comprised of a "uniquely" designed Floating Production Unit (“FPU”) that will be created from the refurbishment of a former GOM production facility that was previously decommissioned. It did not say which facility exactly it would use for the project. The Salamanca FPU will serve as the collection point for production from the joint development of the Leon discovery located in the deepwater GOM in Keathley Canyon (“KC”) blocks 642, 643, 686 and 687 as well as from the Castile discovery in KC 736. LLOG will operate the development, and its partners include Repsol E&P USA Inc. and Beacon Offshore Energy LLC. The facility will be located on KC 689 in approximately 6,400 feet (1950 meters) of water. Both discoveries are expected to be jointly developed through a total of three subsea wells at initial production that will be tied back to the Salamanca FPU. Two of the initial three development wells are planned for the Leon field and one for the Castile field. Initial production from the joint development is expected mid-2025. 60,000 BPD FPU The FPU is being refurbished to have a capacity of 60,000 barrels of oil per day and 40 million cubic feet of natural gas per day. "By modifying a previously-built production unit, the time and cost to refurbish the unit are greatly reduced compared with construction of a new facility. As important, the project has a significantly positive Environmental, Social, and Governance (“ESG”) impact as it reuses an existing unit compared with the abandonment of the unit, while also accomplishing approximately a 70% reduction in emissions impact compared to the construction of a new unit," LLOG said. "All of the major topsides repurposing and modifications will be done in the United States. Regulatory approvals required to proceed with the development have been received. The FPU is being financed through an ownership arrangement with investment vehicles managed by ArcLight Capital Partners, LLC (“ArcLight”), a leading private equity firm based in Boston, that is focused on energy and energy transition infrastructure," the company said. Leon is a discovery drilled by Repsol in late 2014 on KC 642 and is located about 250 miles southwest of New Orleans in approximately 6,000 feet of water. The discovery well was drilled to a total depth of about 32,000 feet and encountered nearly 700 feet of high-quality net oil pay in multiple sands in the Lower Tertiary where LLOG has significant experience from past drilling and development in the GOM. The Castile discovery was drilled on KC 736 in over 6,500 feet of water to a total of over 31,000 feet and encountered nearly 400 feet of high quality net oil pay, also in the Lower Tertiary. In its monthly floating production report for April, released just a few days ago, World Energy Reports said the recent uptick in oil prices supports getting on with the Leon/Castille development "and we now see the FID likely in 2022." According to WER, Repsol had in February 2020 said the FID on Leon/Castle would be reached by end-2020, but the project progress was then delayed by the Covid-19 related industry downturn.
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Post by bjspokanimal on May 5, 2022 12:40:37 GMT -5
The big surge in the construction of FPSOs is highly correlated with CEO Thigpen's reflection on the large number of tenders and direct contract negotiations that are currently building up. Once new oilfields are wildcatted and appraised, they always get going with FPSO construction/conversion before they start drilling all the production and injection and sidetrack wells that the FPSO will eventually service.
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Post by Blitz on May 5, 2022 14:17:14 GMT -5
The big surge in the construction of FPSOs is highly correlated with CEO Thigpen's reflection on the large number of tenders and direct contract negotiations that are currently building up. Once new oilfields are wildcatted and appraised, they always get going with FPSO construction/conversion before they start drilling all the production and injection and sidetrack wells that the FPSO will eventually service. That’s why I was playing follow the bouncing FPSOs…
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Post by Blitz on May 6, 2022 8:28:58 GMT -5
CNOOC inaugurates production at Mero oilfield in Brazil Ultra-deepwater field 180 kilometres off Rio de Janeiro already producing up to 180,000 barrels per day. Brazil China oil trade - Photo courtesy of Petrobras 6 MAY 2022 - BY STAFF REPORTER macaonews.org/portuguese-speaking-countries/cnooc-inaugurates-production-at-mero-oilfield-in-brazil/China National Offshore Oil Corporation (CNOOC) has commenced production at Brazil’s Mero oilfield Phase-I. Huang Yehua, president of CNOOC Brazil, said that the project is already reaching its production capacity of up to 180,000 barrels per day. CNOOC, the listed arm of China’s largest producer of offshore crude oil and natural gas, holds a 9.65 per cent stake in the Mero oilfield joint development project. Mero is an ultra-deepwater oilfield situated approximately 180 kilometres offshore Rio de Janeiro in the Libra block. It is located in the pre-salt area of the Santos basin. It is owned by the Libra Consortium, which is led by Petrobras (40 per cent) and includes Shell (20 per cent), Total (20 per cent) and CNPC (10 per cent) with CNOOC holding the remainder. Petrobras is the operator of the Libra Consortium.
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Post by Blitz on May 13, 2022 10:35:31 GMT -5
SBM progressing five FPSOs at Far East, Brazil yards May 12, 2022 www.offshore-mag.com/rigs-vessels/article/14276535/sbm-progressing-five-fpsos-at-far-east-brazil-yardsSBM has issued a progress report on its various FPSO construction projects. Courtesy SBM Offshore - Work in drydock on FPSO Prosperity has finished with the mooring and riser support systems installed. Offshore staff MONACO — SBM has issued a progress report on its various FPSO construction projects. For the FPSO Sepetiba for the Mero 2 project, which is located in the presalt Santos Basin off Brazil, the topsides modules have been lifted on board and integration/commissioning activities are underway. First oil is targeted for 2023. Work in drydock on FPSO Prosperity has finished with the mooring and riser support systems installed. Topsides construction continues in Singapore. First oil is due before year-end 2023. Topsides fabrication for FPSO Almirante Tamandaré and construction of the Fast4Ward Multi-Purpose Floater (MPF) hull are progressing in China and Brazil. First oil is expected during second-half 2024. Site construction activities are progressing at yards in Brazil and China for FPSO Alexandre de Gusmão. First oil is expected in 2025. Finally, the Fast4Ward MPF hull has been delivered for FPSO ONE GUYANA, recently confirmed for the Yellowtail project off Guyana. Engineering and procurement are progressing, with first oil to follow in 2025. As for FPSO Cidade de Anchieta, the vessel remains shut down while the inspection and repairs to the hull continue. This follows the detection of an oil leak in January. SBM and the client are working with Brazil’s authorities on a restart of production through the facility at the Jubarte Field. 05.12.2022
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Post by Blitz on May 13, 2022 10:50:28 GMT -5
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Post by Blitz on May 22, 2022 9:06:57 GMT -5
Following plans to scale up gas production, Polish player secures more Norwegian acreage PROJECT & TENDERS May 20, 2022, by Melisa Cavcic www.offshore-energy.biz/following-plans-to-scale-up-gas-production-polish-player-secures-more-norwegian-acreage/As part of its strategy for the diversification of gas supplies amid growing concerns about energy security due to the current geopolitical crisis, PGNiG has inked a deal with Wellesley Petroleum to expand its footprint offshore Norway by acquiring a stake in an Aker BP-operated field. Earlier this month, PGNiG revealed plans to produce an additional volume of approximately 0.5 billion cubic meters of natural gas this year from three reservoirs – Skarv, Gina Krog, and Duva – following the launch of the Baltic Pipe pipeline scheduled for 4Q 2022. The additional volumes of hydrocarbons would then be supplied to Poland to strengthen energy security. Based on its production forecast, PGNiG expects to produce 3 bcm of natural gas from its assets on the Norwegian Continental Shelf in 2022. With energy security at the forefront of its thinking, PGNiG Upstream Norway, a Norwegian subsidiary of Poland’s state-owned oil and gas company PGNiG, revealed on Friday that it has entered into an agreement with Wellesley Petroleum to acquire a 40 per cent interest in licence PL942, covering the Ørn gas field. Iwona Waksmundzka-Olejniczak, President of the Management Board of PGNiG, remarked: “The transaction of purchasing shares in the Ørn field confirms our aspirations for further dynamic development of production activities on the Norwegian Continental Shelf. It is our priority foreign market, also due to its importance for the diversification of gas supplies to Poland after the launch of the Baltic Pipe gas pipeline this year.” Based on the data provided by the Norwegian Petroleum Directorate, the field’s recoverable reserves are about 6.75 billion cubic meters of natural gas, 0.17 million tonnes of oil and 0.79 million tonnes of NGLs. The Ørn field is located approximately 20 km from the Skarv field in which PGNiG Upstream Norway also holds an interest. The Ørn will use the existing production infrastructure, including the Skarv FPSO, to reduce the time and costs of production start-up as the HPHT field will be developed as a tieback to Skarv. The company has applied the same solution to its other deposits near Skarv – Ærfugl and Gråsel – providing for increased profitability of their production. In March 2021, Aker BP as the operator of the Skarv field secured approval from the Norwegian government to raise the gas output from this field.
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Post by Blitz on May 22, 2022 10:19:40 GMT -5
BW Offshore's contract extended for Espoir Ivoirien May 21, 2022 www.offshore-mag.com/rigs-vessels/article/14277001/bw-offshores-contract-extended-for-espoir-ivoirienBW Offshore has received a one-year contract extension for the lease and operation of the FPSO Espoir Ivoirien. Courtesy BW Offshore Espoir Ivoirien has an oil processing capacity of 45,000 bbl/d. Offshore staff BW Offshore has received a one-year contract extension for the lease and operation of the FPSO Espoir Ivoirien. The firm period has been extended until the end of first-quarter 2023. The FPSO is operating on the Espoir Field offshore the Ivory Coast for CNR International (Cote D'Ivoire) SARL. 05.21.2022
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Post by Blitz on May 23, 2022 9:34:29 GMT -5
The photo illustrates the sizes of these boats and a shuttle tanker that looks full and in the process of returning its just on-loaded cargo to port. And now this... BW Offshore: One-year Charter Extension for FPSO in Ivory Coast 5/23/2022 brazilenergyinsight.com/2022/05/23/bw-offshore-one-year-charter-extension-for-fpso-in-ivory-coast/FPSO leasing firm BW Offshore has secured a one-year contract extension for the lease and operation of the FPSO Espoir Ivoirien. The firm period has been extended until the end of Q1 2023. The FPSO is operating on the Espoir field offshore the Ivory Coast for CNR International (Cote D’Ivoire) SARL. Financial terms of the deal were not disclosed. The vessel’s firm contract with CNR had been scheduled to expire in 2022, and BW Offshore and CNRI had signed a short-term extension for Espoir Ivoirien from April 4 to May 15, 2022 time to finalize terms for a further contract extension. The one-year extension has now been agreed upon. Also, as previously reported, extension options are available that could see the vessel busy in Ivory Coast until 2036. The FPSO, operating on the Espoir field offshore the Ivory Coast since 2002, has an oil processing capacity of 45,000 bbl/d and a gas handling capacity of 80 mmscfd. It can store 1,100,000 barrels. In January 2021, two people died aboard the vessel, in an incident that occurred while work was being performed in a cargo tank onboard the FPSO, due to “a leakage of hydrocarbons into the tank where the work was being performed.” The FPSO Espoir Ivoirien restarted operations in October 2021.
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Post by Blitz on May 23, 2022 11:35:56 GMT -5
Excerpt due to article paywall: Petrobras eyes awarding trio of large Buzios FPSOs in single shot Brazilian oil giant hopeful on signing major contracts for the P-80, P-82 and P-83 floaters 23 May 2022 - By Fabio Palmigiani in Rio de Janeiro www.upstreamonline.com/exclusive/petrobras-eyes-awarding-trio-of-large-buzios-fpsos-in-single-shot/2-1-1223506 Brazilian state-controlled oil company Petrobras hopes to take advantage of a single bidding process to award multi-billion-dollar contracts for up to three large floating production, storage and offloading vessels destined for the giant Buzios field in the Santos basin. After postponing the deadline by a couple of weeks, Petrobras is due to receive commercial bids on 30 May for the P-80 FPSO — the ninth of 12 planned units designed to develop massive recoverable volumes of pre-salt oil and gas in Buzios.
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Post by Blitz on May 27, 2022 7:28:04 GMT -5
Shell Gives BW Offshore Limited Notice to Proceed for Gato do Mato FPSO 5/27/2022 brazilenergyinsight.com/2022/05/27/shell-gives-bw-offshore-limited-notice-to-proceed-for-gato-do-mato-fpso/#more-45154FPSO supplier BW Offshore said Thursday that Shell had awarded it limited notice to proceed (LNTP) by Shell and its partners for early-stage engineering and supplier reservations for the supply of an FPSO for the Gato do Mato (Wild Cat) oil and gas field offshore Brazil. The LNTP is valued up to USD 50 million. Upon completion of the LNTP, Shell and its partners target to award a lease and operate contract to a consortium comprising BW Offshore and Saipem S.p.A., which will be jointly responsible for the engineering, procurement, construction, and installation (EPCI) of the FPSO with expected delivery in 2026. The award is subject to the parties finalizing the commercial and pricing terms of the contract in view of the current inflationary supply chain market and a final investment decision to proceed by Shell and its partners. The FPSO lease and operate contract will have a firm period of 18 years with seven years of options. “We have a clear strategy of developing and operating infrastructure type floating production solutions with long-term contracts and investment grade counterparties. Gato do Mato is a robust project meeting all our requirements,” said Marco Beenen, the CEO of BW Offshore. “We will replicate the Barossa project model, bringing in equity partners, and take it one step further by partnering with Saipem for the EPCI phase to add execution capacity and capabilities. We are very pleased to team up with Saipem and look forward to building a long-term relationship with Shell and its partners in Brazil.”
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Post by Blitz on May 27, 2022 7:29:07 GMT -5
I would guess Asian shipyards are going to be building more FPSOs... Enauta’s Atlanta FPSO to Be Operated Under ABS Class 5/27/2022 brazilenergyinsight.com/2022/05/27/enautas-atlanta-fpso-to-be-operated-under-abs-class/The FPSO Atlanta, contracted by the Brazilian oil company Enauta to Malaysia’s Yinson for conversion to service the Atlanta Field offshore Brazil, will be operated under ABS Class. The Atlanta, which will serve as the Definity Production System at the Atlanta Field in the Santos Basin, offshore Brazil, is being converted in Dubai Drydocks World, including structural upgrades, refurbishment and enhancement of equipment, will have a production capacity of 50,000 BOPD, 12.4 MMscfd gas and a storage capacity of 1,800,000 bbl. Formerly known as OSX-2, the FPSO was converted in 2013 under ABS Class to operate in the Waimea field in Brazil but never started operations there. Enauta acquired the vessel in February and signed an agreement with Yinson for provision, operation, and maintenance of the FPSO at the Atlanta Field, in Brazil’s block BS-4, at 1,500 m water depth with estimated reserves of 106 MMbbl. “This is a significant, complex asset capable of operating in ultra-deepwater offshore Brazil today. Through our focus on safety and innovation, we are able to continue demonstrating our leadership in Brazil, where more than 60 percent of all FPSOs in service are ABS classed. This is not only down to our long-standing leadership in offshore classification but our deep knowledge of the Brazilian regulatory environment and the experience to support clients in achieving regulatory compliance,” said Matt Tremblay, ABS Vice President, Global Offshore.
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Post by Blitz on Jun 1, 2022 11:12:42 GMT -5
Looks like this offshore area is going to boom for quite a while... Two-horse race in Petrobras tender for Buzios mega-floaters Brazilian oil giant could order up to three FPSOs if prices are competitive 30 May 2022 - By Fabio Palmigiani in Rio de Janeiro www.upstreamonline.com/exclusive/two-horse-race-in-petrobras-tender-for-buzios-mega-floaters/2-1-1227478Excerpted due to paywall... Two big Asian shipyard groups have submitted competing commercial offers in a much-anticipated Petrobras tender for the supply of a giant floating production, storage and offloading vessel to serve the Buzios-9 project offshore Brazil — and bids could lead to multiple orders. Petrobras welcomed offers on 30 May for the P-80 FPSO — the ninth of 12 planned floaters designed to develop massive recoverable volumes from the giant Buzios pre-salt field in the Santos basin. Industry sources told Upstream that Singapore’s Keppel Shipyard emerged on top with a bid worth $2.98
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Post by Blitz on Jun 3, 2022 7:58:47 GMT -5
Floating Production Market Going Gangbusters Jim McCaul, Contributor - May 31, 2022 www.oedigital.com/news/496947-floating-production-market-going-gangbustersThe global oil and natural gas markets are contending with rebounding energy demand on top of supply disruptions from Russia’s invasion of Ukraine. As a result, activity and business sentiment in the floating production sector have seldom been stronger. Brent crude has been trading above $100 over the past three months, generating record profits for E&P operators -- providing an incentive to increase capital expenditures on new development projects. Several FPSO projects have moved into the near-term contract queue, raising to 31 the number of oil/gas production floater contracts lined as of end-May for award over the next 18 months – provided enough supply chain capacity is available. Two oil/gas production floater projects moved to the investment stage over the past month – a redeploy contract for a production semi in the GOM and an engineering contract designed to morph into a lease and operate contract for an FPSO in Brazil. Perhaps most impressive has been the large number of FSRUs leased on a long-term basis over the past few weeks. Seven FSRU long-term leases were signed in May by European utilities scrambling to replace Russian gas pipeline deliveries. These leases pretty much vacuumed up most of the available FSRUs that had been looking for terminal contracts. Driving the order surge has been the threat of a partial or complete shutdown of Russia’s pipeline gas to Europe. A detailed review of recent activity in the floater sector is provided in WER's monthly floater report issued on 29 May. In our May report we provide a review and analysis of the floating production market – and in the data section of the report are details for 190 floater projects in the planning stage, 67 production or storage floaters now on order, 304 floating production units currently in service and 22 production floaters available for redeploy contracts.
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