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Post by Blitz on Nov 29, 2023 7:20:27 GMT -5
Excerpt: Interest surging in FPSO redeployments as oil price stays strong Surplus of available floaters on market has made option increasingly attractive for marginal discoveries 28 November 2023 - By Xu Yihe in Singapore www.upstreamonline.com/field-development/interest-surging-in-fpso-redeployments-as-oil-price-stays-strong/2-1-1561308A sustained oil price surge has sparked a flurry of activity in the oil and gas industry and created opportunities for fields once considered marginal, where developers are looking to redeploy floating production systems for quick returns on their investments.
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Post by Blitz on Dec 4, 2023 8:48:23 GMT -5
Seatrium secures FPSO contract from MODEC for Equinor-operated project offshore Brazil December 03, 2023 www.worldoil.com/news/2023/12/3/seatrium-secures-fpso-contract-from-modec-for-equinor-operated-project-offshore-brazil/(WO) – BrasFELS Shipyard (BrasFELS), a member of the Seatrium Group, has secured a contract from Offshore Frontier Solutions Pte. Ltd, a MODEC Group company, to undertake parts of the topside modules fabrication of a Floating Production Storage and Offloading (FPSO) for the Raia project in Brazil, operated by Equinor. BrasFELS’ scope of work for the FPSO Raia comprises the fabrication of three modules: vapor recovery unit/ flare knockout (VRU/ FLARE KO); oil separation and stabilization; and the flowline circulation and metering and utility systems. The project will be undertaken by Seatrium’s BrasFELS shipyard located in Angra dos Reis, Rio de Janeiro, Brazil, and is expected to commence work in the first quarter of 2024. When completed, FPSO Raia will have the capacity to process 126,000 boed and 16 MMcmgd, with a storage capacity of 2 MMbbl of crude oil. The FPSO will be deployed in the giant “pre-salt” area at the southern part of Campos basin, approximately 200 km off the coast of Rio de Janeiro, Brazil. The first project between BrasFELS and MODEC was the fabrication and integration of topside modules for FPSO Cidade de Sao Paulo, back in February 2011. The latest win marks the eighth project collaboration between BrasFELS and MODEC, reflecting the long-standing partnership the two organizations have enjoyed for more than a decade. Mr Marlin Khiew, Executive Vice President, Oil & Gas (Americas), Seatrium said, " Over the years, we have leveraged our deep engineering expertise, international yard footprint and strong track record to deliver over 260 Floating Production Unit (FPU) and FPSO conversions & newbuilds, solidifying our market leadership in this product segment.” ////////////////////////// Equinor declares commerciality in the BM-C-33 area, in Campos Basin, Brazil 22 SEPTEMBER 2023 www.equinor.com/news/20230921-commerciality-bm-c-33-area-campos-basinLocation of Raia Manta and Raia Pintada developments in the area of BM-C-33 Equinor has, on behalf of the BM-C-33 consortium, submitted to Agência Nacional de Petróleo, Gás Natural e Biocombustíveis (ANP), the Declarations of Commerciality and Plans of Development for two development areas in the BM-C-33 concession in Brazil’s Campos Basin. Equinor (operator) is partnered with Repsol Sinopec Brasil and Petrobras in the consortium. The concession is located approximately 200 kilometers from Rio de Janeiro, in water depths up to 2900 meters. It contains natural gas and oil/condensate recoverable volumes of above one billion barrels of oil equivalent. Trond Bokn, senior vice president for Project development (Photo: Arne Reidar Mortensen / Equinor) The suggested names for the areas are Raia Manta and Raia Pintada. The names and Plans of Development are subject to approval by the regulator. “Raia Manta and Raia Pintada are a strategic fit for Equinor’s ambitions in a country where we have a solid history and an intention to further strengthen our presence. Together with our partners, we will employ additional expertise to ensure safe and efficient execution of these developments” says Trond Bokn, senior vice president for Project development. The selected concept comprises one floating production storage and offloading unit (FPSO) capable of processing gas and oil/condensate to meet sales specifications without further onshore processing. The FPSO will have a production capacity of 16 million cubic meters of gas per day with expected average exports of 14 million cubic meters of gas per day. Raia Manta and Raia Pintada are significant natural gas developments that will play a key role in the ongoing advancement of the Brazilian gas market. Together, the development and operation of the areas have the potential to generate up to 50,000 local jobs during its full life cycle, through various contracts in the supply chain. Total investment is approximately USD 9 billion. Veronica Coelho, Equinor’s country manager in Brazil. (Photo: Aline Massuca / Equinor “The developments have the potential to meet 15% of the total Brazilian gas demand when in production. This will contribute to Brazil’s energy security and economic development, enabling significant new job opportunities at local level,” says Veronica Coelho, Equinor’s Country Manager in Brazil. The development of Raia Manta and Raia Pintada will be the first project in Brazil to treat gas offshore and be connected to the national grid without further onshore processing. The sales gas is planned to be exported through a 200 kilometers offshore gas pipeline from the FPSO to Cabiúnas, in the city of Macaé, in the state of Rio de Janeiro. Liquids are planned to be offloaded by shuttle tankers. Lifetime average CO2 intensity for the developments is estimated to be below 6 kilograms per barrel of oil equivalent. The low carbon intensity is enabled through combined cycle gas turbines on the FPSO, which combines a gas turbine with a steam turbine to take advantage of the excess heat that would otherwise be lost.
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Post by Blitz on Dec 6, 2023 13:08:20 GMT -5
With six FPSOs onstream, Guyana could be debt-free by 2027 – Vice President Jagdeo OilNOW - December 6, 2023 oilnow.gy/featured/with-six-fpsos-onstream-guyana-could-be-debt-free-by-2027-period-vice-president-jagdeo/With Guyana expected to produce over one million barrels of oil per day from six floating, production, storage and offloading (FPSO) vessels by 2027, the country will likely have enough money to clear its debt. This is according to Vice President Bharrat Jagdeo. Those six FPSOs would produce crude discovered by an ExxonMobil-led consortium in the Stabroek block. On November 14, Guyana welcomed the start-up of Prosperity, the third FPSO that joins the Liza Destiny and Unity ships. Destiny and Unity have kept, for the most part, a steady production output of about 400,000 barrels. From Destiny and Unity alone, Guyana has earned over US$3 billion. Guyana’s Vice President, Bharrat Jagdeo Once Prosperity reaches nameplate capacity by the first quarter of 2024, taking the total output to more than 600,000 barrels, Guyanese authorities are projected to rake in even more oil revenues. Thus far, the Guyana government has been able to use a portion of the oil income to fund major developments in health, education, infrastructure, agriculture, energy sustainability and tourism. Guyana’s Vice President recently told local media operatives that more revenues are expected to build up in the later years when six oil projects are working simultaneously. He explained that the absence of ring-fencing provisions in the Stabroek Block Production Sharing Agreement (PSA) allows ExxonMobil and its partners, to take some of the profits to fast-track the development of other projects within the block. While those very profits could be split with Guyana now, the Vice President previously explained that the existing approach allows Exxon to have more cash on hand to speed up exploration and ramp up production of other projects thereby making more revenues available for the country’s Natural Resource Fund (NRF). In light of this policy position, Jagdeo predicts Guyana could, by the 2027 period, be able to use a single year’s revenue to clear its debt. The Vice President said, “…a lot more revenue will come in the outer years of our production. So 2027 going up, you will have larger sums of money. With a single year’s revenue in 2027, we will be able to pay off all of our debt which is an unusual thing for a country.” Jagdeo also noted that Guyana currently has one of the best debt profiles in the world, and vowed that this status will be maintained. He recalled that before 2015, debt accounted for 45% of the Gross Domestic Product (GDP). “Today, it is about 22% of GDP, making it one of the lowest figures in the world. So we are using one of the smallest amounts of our revenue to service that. On the other hand, we have those in the region who are using over 60% of their revenue to service debt,” the official underscored. The Vice President said being a prudent debt manager remains a critical component of his government’s agenda.
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Post by Blitz on Dec 6, 2023 13:12:58 GMT -5
Excerpt: Brazil yard wins major contract for FPSO topsides work EBR will fabricate modules for Equinor pre-salt project 6 December 2023 - By Xu Yihe in Singapore www.upstreamonline.com/rigs-and-vessels/brazil-yard-wins-major-contract-for-fpso-topsides-work/2-1-1566178A Brazilian shipyard has secured a key contract to engineer and fabricate topsides modules destined for Equinor's Raia floating production, storage and offloading vessel that will tap the Pao de Acucar pre-salt field off the coast of Brazil. Fred-Olav Kyrre Bjerkas, Equinor's FPSO hull and living quarters manager, said at a Norway-China FPSO seminar this week in Shanghai that Estaleiros do Brasil shipyard has been tasked with the engineering of five modules, collectively weighing 10,600 tonnes. You need a subscription to read this story
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Post by Blitz on Dec 9, 2023 12:01:00 GMT -5
Excerpt: SBM and Modec in critical yard talks over FPSO for $9 billion TotalEnergies project Rivals line up Chinese facilities to deliver 200,000-bpd vessel for Suriname’s debut deep-water development 7 December 2023 - By Xu Yihe in Singapore www.upstreamonline.com/exclusive/sbm-and-modec-in-critical-yard-talks-over-fpso-for-9-billion-totalenergies-project/2-1-1567134 Arch rivals SBM Offshore and Modec are locked in critical talks with Chinese yards about constructing the hull and topsides for a floating production, storage, and offloading vessel at the heart of TotalEnergies’ $9 billion Sapakara South-Krabdagu project in Suriname. Next year, one of the two FPSO giants will win a major engineering, procurement, and construction contract to provide the 200,000-barrel-per-day FPSO for Suriname’s inaugural deep-water project and are currently pitted against each other in a design contest.
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Post by Blitz on Dec 11, 2023 9:41:38 GMT -5
Keel-laying done for SBM Offshore’s fifth Fast4Ward vessel
OilNOW - December 11, 2023 oilnow.gy/featured/keel-laying-done-for-sbm-offshores-fifth-fast4ward-vessel/
Shanghai Waigaoqiao Shipbuilding (SWS) has reportedly completed the keel-laying process for the fifth Fast4Ward floating production, storage, and offloading (FPSO) hull, just seven months shy of the initial steel cutting for the vessel.
The FPSO was constructed based on SBM Offshore’s Fast4Ward concept.
A Dec 9 Upstream Online article noted that the hull’s probable destination is the ExxonMobil Guyana-operated Stabroek block.
SBM Offshore set to begin front end engineering design for Exxon’s 6th Guyana FPSO | OilNOW
The Chinese shipyard in Shanghai finalized the keel-laying for the floater, referred to as multipurpose floater 5 (MPF 5). The construction, managed by SBM Offshore, also includes the development of living quarters measuring 52 meters in height, 60 meters in length, and 15 meters in width, boasting a substantial steel weight of 2800 tonnes. Citing sources, Upstream said this was to be among the largest living quarters ever constructed in China.
Increased activity on Guyana FPSOs, rising variation orders counterbalance H1 revenue dip – SBM Offshore | OilNOW
The FPSO is designed to accommodate a storage capacity of up to 2.3 million barrels of crude oil. This marks the progression of the MPF series, with the first Fast4Ward unit, Liza Unity, already operational at ExxonMobil’s Liza field within the Stabroek block since its delivery in late 2019. The second unit, the Prosperity FPSO, commenced topsides integration after arriving at Singapore’s Seatrium in late 2021, achieving its first oil production on November 14.
Similarly, the third unit, completed in January 2022, is presently stationed in Singapore for topsides integration, while the fourth unit, delivered in early April, is also undergoing topsides integration at Seatrium.
SBM Offshore is the builder of the first FPSO to start oil production in Guyana – Liza Destiny – on contract for ExxonMobil.
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Post by Blitz on Dec 11, 2023 15:45:37 GMT -5
Available space: An FPSO hull under construction at SWS in Shanghai Photo: SWS Offshore industry must act fast to secure spaces for FPSOs at Chinese yards Decisive action needed to keep floating production unit pipeline moving 23 November 2023 - By Xu Yihe in Singapore www.upstreamonline.com/opinion/offshore-industry-must-act-fast-to-secure-spaces-for-fpsos-at-chinese-yards/2-1-1558394 OPINION: The urgency for foreign contractors to promptly secure spaces at Chinese shipyards has reached a critical juncture, as these vital facilities find themselves grappling with a shortage of capacity. The competition for these essential spaces has intensified, particularly in projects involving floating production, storage, and offloading vessels and those centered on commercial ships.
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Post by Blitz on Dec 13, 2023 9:04:57 GMT -5
Excerpt: Petronas kicks off chase for sizeable FPSO for ultra-deepwater field Floater for Brunei field requires gas handling of up to 450 MMcfd 13 December 2023 - By Nishant Ugal , Russell Searancke and Amanda Battersby in New Delhi , Oslo and Singapore www.upstreamonline.com/exclusive/petronas-kicks-off-chase-for-sizeable-fpso-for-ultra-deepwater-field/2-1-1568025Malaysia’s national upstream giant Petronas Carigali has set the tender ball rolling for a sizeable floating production, storage and offloading vessel to exploit its Kelidang ultra-deepwater gas project offshore Brunei Darussalam. The Kelidang development is likely to involve substantial investments, and operator Petronas late last year began giving indications that it was in the mood to revive the project following a suspension during the Covid pandemic.
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Post by Blitz on Dec 13, 2023 9:08:19 GMT -5
Malaysian FPSO specialist boosts fleet with Brazil-bound floater Atlanta floating production, storage and offloading vessel has potential $2 billion contract with Enauta Energia 13 December 2023 - By Amanda Battersby in Singapore www.upstreamonline.com/field-development/malaysian-fpso-specialist-boosts-fleet-with-brazil-bound-floater/2-1-1570454 Malaysian floater specialist Yinson Production has boosted its fleet with the addition of the Atlanta floating production, storage and offloading vessel, which was converted at Dubai Drydocks World in the United Arab Emirates. Yinson to buy Brazil-bound FPSO for $465 million - Read more The Atlanta FPSO is destined for Enauta Energia’s Atlanta field in the Santos basin offshore Brazil. Yinson has a firm 15-year contract with a five-year option lease and operate contract for the floater, which is worth up to $2 billion. The redevelopment project is expected to achieve first oil in 2024. The floater has production capacity of 50,000 barrels per day of oil and a maximum storage capacity of 1.251 million barrels of crude. It will feature an efficient carbon management plant, which utilises fuel gas for cargo tank inertisation that will significantly reduce flare gas emissions through a closed flare system. Yinson said the facility is part of its continuous sustainability efforts in reducing carbon emissions and being the front runner in decarbonising the FPSO industry towards the goal of net zero. Yinson and Enauta in December 2021 entered into a letter of intent with regard to Atlanta FPSO in December 2021 and subsequently signed firm contracts for the engineering, procurement, construction, installation, operation and maintenance for an initial two-year term, and a purchase option for Yinson in February 2022. In July 2023, Yinson exercised its option to purchase the floater with a 15-year firm contract for the provision, operation and maintenance with a total contract value of up to $1.981 billion as well as project financing in the amount of $400 million. The engineering, procurement, construction and installation scope of the Atlanta FPSO — the second of three FPSOs that Yinson will deploy offshore Brazil — is steadily progressing, Yinson on Wednesday confirmed. “Phase one of Atlanta is moving quickly to reach first oil in 2024. The adaptation of the FPSO is an important milestone for Enauta. To achieve this goal, we have already carried out several activities. The full field development system positions,” said Enauta chief executive Decio Oddone. “FPSO Atlanta has many engineering solutions and innovations to reduce the emissions intensity. The project demonstrates how the oil and gas industry can act positively within its operational limits, with responsibility, safety and efficiency.” A naming ceremony for the Atlanta FPSO on 13 December was held at the Dubai yard. “We are proud of our ongoing RLEC (repair, life extension and conversion) work for the newly named FPSO Atlanta. On completion, we are confident of FPSO Atlanta’s longevity in offshore Brazil without drydocking,” commented Drydocks World chief executive Rado Antolovic. “The naming ceremony is another milestone in this project, which has an expansive scope for Drydocks World including the fabrication and installation of 3000 tonnes of structure .”
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Post by Blitz on Dec 14, 2023 8:04:19 GMT -5
FPSO Atlanta Prepped to Join Yinson Fleet in ’24 brazilenergyinsight.com/2023/12/14/fpso-atlanta-prepped-to-join-yinson-fleet-in-24/#more-60207Yinson Production officially named its latest addition to the fleet, FPSO Atlanta, during a naming ceremony held at Dubai Drydocks World on December 13, 2023. FPSO Atlanta has a production capacity of 50,000 BOPD and a maximum storage capacity of 1,251,000 bbls. It will feature a carbon management process plant, which uses fuel gas for cargo tank inertization that will significantly reduce flare gas emissions through a closed flare system. Yinson Production and Enauta entered into a letter of intent with regard to FPSO Atlanta in December 2021 and subsequently signed firm contracts for the engineering, procurement, construction, and installation, operation and maintenance for an initial period of 2 years, and a purchase option for Yinson Production in February 2022. In July 2023, Yinson Production exercised its option to purchase FPSO Atlanta with a 15-year firm (plus a 5-year extension option) contract for the provision, operation and maintenance with a total contract value of up to $1.981B as well as project financing in the amount of $400 million. The engineering, procurement, construction, and installation of the FPSO Atlanta is steadily progressing and upon completion, the asset will be deployed at the Atlanta Field located in the Santos Basin, offshore Brazil, with the first oil expected to be achieved later in 2024. FPSO Atlanta will be the second of three FPSO vessel assets that Yinson Production will deploy in Brazil.
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Post by Blitz on Dec 16, 2023 11:00:22 GMT -5
SBM Offshore raises $210 million for construction of floater hulls Company has so far ordered eight FPSO hulls under Fast4Ward concept 15 December 2023 - By Fabio Palmigiani in Rio de Janeiro www.upstreamonline.com/finance/sbm-offshore-raises-210-million-for-construction-of-floater-hulls/2-1-1572409 Netherlands-based SBM Offshore has secured a $210 million revolving credit for the financing of the construction of multi-purpose floater hulls using the company’s standardised Fast4Ward concept. Upstream reported last month that SBM was exploring new avenues to secure funding for its floating production, storage and offloading vessels and was engaged in advance discussions with various Chinese financial institutions, funds and leasing entities. SBM Offshore signs framework agreement with Chinese lender amid hunt for new funding options - Read more According to SBM, the tenor for the latest funding is 18 months with an extension option for another six months. Repayment is expected to take place upon sale of MPF hulls or upon drawdown of the relevant project loan. “The successful closing of this facility supports our Fast4Ward strategy to fast-track FPSO projects and make them more competitive by providing targeted financing for the construction of MPF hulls at a competitive rate,” said SBM chief financial officer Douglas Wood. SBM has so far ordered eight standardised MPF hulls, with seven allocated to projects and one supporting tendering activities./////////////////////// Connecting the dots to a couple of earlier posts in this thread related XOM, Guyana, shipyard availability, & the Fast4Ward process... Keel-laying done for SBM Offshore’s fifth Fast4Ward vessel OilNOW - December 11, 2023 oilnow.gy/featured/keel-laying-done-for-sbm-offshores-fifth-fast4ward-vessel/ ///////////////////////// Available space: An FPSO hull under construction at SWS in Shanghai Photo: SWS Offshore industry must act fast to secure spaces for FPSOs at Chinese yards Decisive action needed to keep floating production unit pipeline moving 23 November 2023 - By Xu Yihe in Singapore www.upstreamonline.com/opinion/offshore-industry-must-act-fast-to-secure-spaces-for-fpsos-at-chinese-yards/2-1-1558394
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Post by Blitz on Dec 21, 2023 8:15:56 GMT -5
Nigeria’s first FLNG project close to FID Dec. 20, 2023 www.offshore-mag.com/vessels/article/14303007/nigerias-first-flng-project-close-to-fidUTM Offshore, NNPC and the Delta State Government have signed an agreement concerning Nigeria's first FLNG project. Offshore staff ABUJA, Nigeria — UTM Offshore, NNPC and the Delta State Government have signed an agreement concerning Nigeria's first floating LNG (FLNG) project. The planned vessel will have a capacity to handle 1.8 billion metric tons per year for both domestic supplies and exports. FID should follow shortly, with construction getting underway in 2024. UTM Offshore will take a 72% equity share in the project, with NNPC holding 20% and Delta State 8%. 12.20.2023
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Post by Blitz on Dec 22, 2023 8:16:52 GMT -5
Excerpt: FPSO giant boosts revenue target for 2023 on improved market activity Modec anticipates revenues of $3.6 billion for 2023 against previous forecast of $3 billion 22 December 2023 - By Nishant Ugal in New Delhi www.upstreamonline.com/finance/fpso-giant-boosts-revenue-target-for-2023-on-improved-market-activity/2-1-1575796Japanese floating production storage and offloading vessels specialist Modec has boosted its revenue forecast for this year amid improved industry activity. The company said Friday that revenue for 2023 has been "re-forecasted upward together with operating profit and profit before tax which have been estimated, because of better progress of the construction work of FPSOs awarded this year”. Modec is expecting revenues of $3.6 ...
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Post by Blitz on Dec 22, 2023 8:50:00 GMT -5
Enauta Buys Cidade de Santos FPSO brazilenergyinsight.com/2023/12/22/enauta-buys-cidade-de-santos-fpso/(OE) Brazilian oil and gas company Enauta has bought FPSO Cidade de Santos platform from MODEC, following the acquisition of the Uruguá and Tambaú fields in Santos Basin. The transaction for the FPSO, capable of processing 350 million cubic feet per day of gas, 25,000 barrels of oil per day, and has a storage capacity of approximately 700,000 barrels, amounts to $48.5 million. The natural gas processed in the FPSO is delivered through an 18-inch gas pipeline to the Mexilhão field 170 km from Urugua. The FPSO is installed in 1,300 m in water depth approximately 160 km from Rio de Janeiro city. The purchase is related to Enauta’s acquisition of Uruguá and Tambaú fields from Petrobras in a $35 million deal. /////////////////////// Petrobras Sells Uruguá and Tambaú Fields to Enauta in $35M Deal Dec 22, 2023 www.oedigital.com/news/510349-petrobras-sells-urugu-and-tamba-fields-to-enauta-in-35m-dealBrazil's state-run oil company Petrobras has signed contracts with Enauta for the sale of its entire stake in in the Uruguá and Tambaú fields, located in the Santos Basin. The amount to be received by Petrobras from the operation is up to $35 million, the company said, adding that the transfer of the assets to a new operator represents an alternative to their decommissioning, with the prospect of extending their productive life. The decision to divest the fields is the result of a process of active management of Petrobras' portfolio, through which the various assets are constantly evaluated in line with the company's most current strategic guidelines. The Uruguá and Tambaú fields account for less than 1% of the production operated by Petrobras in the Santos Basin, presenting low strategic adherence to the company's portfolio and with the charter contract expected to end in January 2024, and consequently the unit will be decommissioned. In view of the progress of the transaction, this contract will be extended and the new operator will evaluate the appropriate alternatives. Petrobras' own employees involved in the Uruguá and Tambaú operations will be relocated to other company operations in the Santos Basin Business Unit. The Uruguá and Tambaú fields belong to the BS-500 concession, which was acquired through the National Petroleum, Natural Gas and Biofuels Agency's (ANP) Zero Round. The fields are located in the northern portion of the Santos Basin, between 140 and 160 km off the coast of the state of Rio de Janeiro, in water depths ranging from 1,000 to 1,500 meters. The average production of the fields up to September 2023 was approximately 5.4 thousand bpd of oil and 353 thousand m3/day of gas. Petrobras holds a 100% stake in both fields, which produce through the FPSO Cidade de Santos, a unit chartered from MODEC. Enauta Buys Cidade de Santos FPSO Transaction closing is subject to conditions precedent, including the approval of Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP), Brazil’s Administrative Council for Economic Defense (CADE), Brazil’s Institute of Environment and Renewable Natural Resources, among other.
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Post by Blitz on Dec 22, 2023 13:20:33 GMT -5
If an investor in deepwater oil & gas wants know who's serious about expanding their deepwater oil & gas revenue streams, just go back in this thread and look at all the new FPSOs and FSRUs Brazil is acquiring or building. And now this... New Fortress Energy Takes Delivery of Energos Celsius FSRU brazilenergyinsight.com/2023/12/22/new-fortress-energy-takes-delivery-of-energos-celsius-fsru/(OE) Seatrium has delivered a floating storage and regasification unit (FSRU) Energos Celsius to New Fortress Energy (NFE), one of the world’s leading LNG project developers. Energos Celsius is owned by Energos Infrastructure, a global marine infrastructure platform backed by Apollo funds and NFE, and the vessel is on long-term charter to NFE in Brazil. The FSRU was completed on time and within budget, and has departed the Seatrium shipyard for Brazil. It will subsequently be deployed at NFE’s completed LNG terminal in Barcarena in Brazil’s Pará state. The FSRU Energos Celsius will have a nominal regasification capacity of 750 million standard cubic feet per day (mmscfd), up to a maximum capacity of 1,000 mmscfd. It is a critical part of NFE’s LNG terminal development at Barcarena which includes a long-term gas contract to supply Norsk Hydro at the Alunorte alumina refinery, a 630 MW gas-to-power project under construction by NFE, and further power and fuel expansion projects in the region. This LNG import terminal will be the first LNG import facility in the state of Pará and the Northern region of Brazil. Marlin Khiew, Executive Vice President, Oil & Gas (Americas) for Seatrium, said: “This project marks Seatrium’s fourth FSRU project for Brazil and it demonstrates our commitment and reliability in supporting the development and growth of the country’s oil and gas industry.
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Post by Blitz on Dec 28, 2023 7:18:02 GMT -5
Woodside's flagship FPSO sails away from Singapore First oil from Sangomar offshore Senegal targeted in mid-2024 27 December 2023 - By Amanda Battersby in Singapore www.upstreamonline.com/field-development/woodsides-flagship-fpso-sails-away-from-singapore/2-1-1576426The Leopold Sedar Senghor floating production, storage and offloading vessel for Woodside Energy’s up to US$5.2 billion Sangomar field development has sailed away from Singapore en route to Senegal. Woodside is targeting first oil from Sangomar, Senegal’s maiden offshore oil development, in mid-2024, Woodside chief executive Meg O’Neill confirmed on Wednesday. Upstream had earlier reported that the FPSO was expected to arrive at the field in February with production start-up expected around June next year. Japanese floater specialist Modec was tasked with converting former very large crude carrier Astipalaia into a fit for purpose floater suitable for the Sangomar field in accordance with agreed specifications under an FPSO purchase contract entered into by Modec and Woodside, noted the project’s operator. Over the last 12 months Modec has been responsible for the topsides integration and shipyard pre-commissioning work undertaken in Singapore The Sangomar Phase 1 project includes the standalone FPSO with subsea infrastructure and an expected production capacity of approximately 100,000 barrels per day. The floater, which was named after Senegal’s first president, is travelling 12,000 nautical miles from Singapore to its final destination, approximately 100 kilometres offshore Dakar, Senegal. “The successful and safe departure of the FPSO could not have been achieved without our strong relationship with Petrosen and our contractors Modec and Seatrium. Achieving this milestone having achieved 21 million exposure hours work on the FPSO without a lost time injury is an outstanding result and a credit to the contractor teams,” said O’Neill. The floater had been moved to Seatrium in Singapore after work in Chinese yards had slowed, mainly because of restrictions due to the Covid-19 pandemic. However, after the FPSO arrived in the city state, issues were found around material quality, not meeting Woodside’s expectations, O’Neill earlier this year said. “Having to do remedial work on piping, valves… the individual scopes were individually small, but [there were] a reasonable number of them. And so unfortunately that work [has] slowed down progress in the shipyard in Singapore,” she told analysts on the first half 2023 conference call. Subsequently, during the testing phase of certain equipment on the FPSO, alignment problems with the piping were detected, and Woodside elected to proceed with rectification work at Seatrium that extended the vessel's planned delivery date from Singapore. “Modec is excited to deliver Senegal’s first FPSO to our valued client, Woodside Energy,” Soichi Ide, chief executive of Modec Offshore Production Systems (Singapore), said on Wednesday. “This has been a demanding project in terms of both technical and execution complexity. The challenges were compounded by the Covid-19 pandemic, but we remained fully committed to safety and quality throughout the entire process. achieving over 21 million exposure hours without a lost time injury. Through teamwork among all stakeholders, and everyone’s dedication and hard work, we are proud to deliver an FPSO that will be a safe place to work for all." The Sangomar floater will be capable of processing 100,000 bpd of crude, 145,000 bpd of water injection and has minimum storage capacity of 1.3 million barrels of oil. “After extensive preparations, Modec Operations group looks forward to receiving the FPSO and providing safe and successful operations & maintenance services over the life of the contract further, strengthening our relationship with Woodside, the local community and our presence in the region,” commented Gary Kennedy, president of Modec Management Services. Updated to include more details and Modec's comments. /////////////// After delivering converted FPSO to MODEC, Seatrium gets its hands on refinancing of over $303 million BUSINESS & FINANCE December 29, 2023, by Melisa Cavcic www.offshore-energy.biz/after-delivering-converted-fpso-to-modec-seatrium-gets-its-hands-on-refinancing-of-over-303-million/Singapore-headquartered Seatrium Limited – formerly Sembcorp Marine Ltd before the merger with Keppel Offshore & Marine Limited – has secured early refinancing of S$400 million (more than $303.13 million) from DBS Bank Limited with an option to convert to a sustainability-linked loan. This came a day after the delivery of a converted floating production storage and offloading (FPSO) vessel to MODEC, which is destined to work on the Woodside-operated offshore oil development project in Senegal. Delivery of FPSO Léopold Sédar Senghor, Senegal’s first FPSO, to MODEC and Woodside; Source: Seatrium Seatrium delivered the FPSO Léopold Sédar Senghor to MODEC Offshore Production Systems on December 27, 2023, with no lost time incidents. The FPSO will work for Woodside on the Sangomar field development Phase 1, which is Senegal’s first offshore oil development. The Australian giant has been working on the Sangomar field development Phase 1, targeting approximately 230 million barrels of crude oil, since the project was sanctioned in January 2020. As a result, Woodside awarded the contract for the supply of the FPSO, named after Senegal’s first president, Leopold Sédar Senghor, for the project to MODEC that same year. The vessel was converted from a very large crude carrier (VLCC) into a fit-for-purpose FPSO. The first oil was originally anticipated in late 2023. However, things changed in July 2023, and the first oil is now targeted for mid-2024 while the total project cost is expected to be $4.9 – 5.2 billion, an increase from the previous cost estimate of $4.6 billion, after a cost and schedule review. Marlin Khiew, Executive Vice President, Oil & Gas (Americas) at Seatrium, commented: “We are pleased to support Woodside in contributing to Senegal’s oil and gas industry with a first FPSO for deployment in the Sangomar field, delivering sustainable long-term economic and social benefits for Senegal. “FPSO Léopold Sédar Senghor reinforces Seatrium’s standing as the world leader in the conversion, modification, and completion of FPSOs, and attests to our strong execution capabilities and versatility in undertaking a variety of projects as well as providing value-added services. It also marks our 20th major project for MODEC, building on the strong value creation and partnership that we have forged over decades of collaboration.” Furthermore, Seatrium’s scope of work covers topsides integration and support for the onshore commissioning of the FPSO. Upon its arrival at the Sangomar field, which is located 100 kilometers south of Dakar, Senegal’s capital, the FPSO will be moored in waters about 780 meters deep. This vessel is designed to produce 100,000 barrels of oil per day and will be able to store approximately 1.3 million barrels of crude oil. //////////////// This story lends itself to why following the FPSO is a sure sign of serious offshore deepwater E&P. And now this... Pioneering Spirit Kicks Off Pipelay Ops for BP’s LNG Project Dec 22, 2023 www.oedigital.com/news/510354-pioneering-spirit-kicks-off-pipelay-ops-for-bp-s-lng-projectPioneering Spirit and Oceanic vessels (Credit: Allseas) Allseas’ construction vessel Pioneering Spirit has started pipelaying work on BP’S ultra-deepwater Greater Tortue Ahmeyim (GTA) natural gas project offshore Mauritania and Senegal. Allseas’ offshore construction support vessel Oceanic kicked off the offshore campaign by safely landing the first structure in the target box at 2800-meter water depth, marking a significant achievement for the operation. Pionieering Spirit will complete the pipelay scope, which covers the approximately 75 km outstanding on the two 16-inch export gas lines and four 10-inch CRA infriled lines, with multiple structures. The world’s largest construction vessel, which boasts a record-breaking 2,000-tonne tension holding capacity, has been fitted with 1000-tonne J-mode frame, designed in just two months by Allseas’ innovation team. The J-mode frame will enable Pioneering Spirit to install the 10 field termination assemblies (FTAs) required by the GTA project. Oceanic vessel will be on hand to provide the necessary support. Kosmos Energy discovered the GTA field in 2015, with BP signing onto the project through an agreement with Kosmos in 2016 as project operator. The project’s first phase is set to produce around 2.3 million metric tons of LNG per year. GTA comprises both FPSO and FLNG facilities. The FPSO will process natural gas and export it by pipeline to the project’s FLNG facilities, 10 km offshore. With eight processing and production modules, the FPSO will process around 500 million standard cubic feet of gas per day.
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Post by Blitz on Dec 28, 2023 12:38:33 GMT -5
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Post by Blitz on Dec 28, 2023 12:43:23 GMT -5
FLNG rebound: US$35Bn in investments on new projects over next five years 07 Apr 2023 - by John Snyder www.rivieramm.com/news-content-hub/news-content-hub/flng-rebound-us35bn-in-investments-on-new-projects-over-next-five-years-75678After some recent high-profile setbacks, developers are eyeing new projects in Africa and the Americas to leverage stranded gas resources Despite a recent history of cost overruns, construction delays and operational setbacks, floating LNG (FLNG) projects will see US$35Bn in new investment over the next five years, according to a leading Westwood Global Energy analyst.Africa will dominate these near-term FLNG investments, but opportunities abound in the Americas, points out Westwood Global Energy’s SubseaLogix & PlatformLogix director Mark Adeosun in his analysis of the market. Based on current and planned investments for 2023-2027, Westwood Global Energy forecasts 18.3 mta of additional FLNG capacity onstream by 2027, with an associated engineering, procurement and construction (EPC) award value of US$13Bn. A further 36.5 mta is anticipated onstream post-2027 from FLNG units sanctioned over 2023-27, with an EPC value of US$22Bn. Mr Adeosun says Africa will account for 56% (10.2 mta) of additional FLNG capacity onstream over the 2023-27 period. Four FLNG units destined for Africa are under construction or reactivation. These include Golar LNG’s Golar Gimi FLNG vessel, which is under conversion in Singapore for deployment at BP’s Tortue project, offshore Mauritania. Production will start in Q4 2023, with the first LNG export cargo set for Q1 2024. A converted Moss-type carrier, Gimi will use Black & Veatch’s PRICO liquefaction technology, the same as in Hilli Episeyo. LNG produced by Gimi will be lifted by BP under a 20-year contract. “A factor in FLNG investment is the role gas will play in transitioning to a low-carbon energy future” Meanwhile, another FLNG using PRICO liquefaction technology, the Eni-owned Tango FLNG, will start-up in December 2023 at the Marine XII block, offshore the Republic of Congo. Built in 2017, the barge-like Tango FLNG has a storage capacity of 16,100 m3 and liquefaction capacity of up to 0.6 mta. A second FLNG vessel, with a capacity of 2.4 mta, is being built by Wison (Nantong) Heavy Industry and is expected to be installed in the same block by 2025. Elsewhere, Perenco has sanctioned a 0.7 mta FLNG unit for deployment at the Cap Lopez Oil Terminal LNG off the coast of Gabon, and UTM Offshore has contracted FEED design studies for an FLNG vessel for the OML 104, offshore Nigeria, with plans for sanctioning in 2024. However, Mr Adeosun points out that UTM has not yet finalised a gas sales agreement with the block owners, ExxonMobil and Nigerian National Petroleum Corp (NNPC). Other proposed units forecast to be sanctioned in Africa over the next five years include a second unit at Eni’s Area 4 development, offshore Mozambique, and BP’s Yakaar-Teranga and BirAllah gas discoveries, offshore Senegal and Mauritania, respectively. Additionally, Golar LNG has secured an option to acquire a 148,000 m³ Moss-design LNG carrier for a 3.5 mta MKII FLNG conversion. If the unit acquisition completes in Q2 2023 as planned, it could be deployed offshore Africa. Delfin-Midstream-FLNG-2webz.png Delfin Midstream took FID on the first of its four proposed FLNG vessels as part of its Delfin LNG Project (source: Delfin LNG) FLNG in Americas In March, Delfin Midstream took FID on the first of its four proposed FLNG vessels as part of its Delfin LNG Project, an offshore export terminal located 40 nautical miles from the coast of Louisiana. The project envisions four FLNG vessels connected to existing offshore pipelines that transport natural gas from the US pipeline grid to the vessels. The company successfully conducted all permitting work under the Deepwater Port Act, governed by the US Maritime Administration, and received the non-FTA export licence from the US Department of Energy for the 13.3-mta project. SHI and Black & Veatch have completed FEED analysis for the first FLNG, and the LSTK EPC is “under final negotiations”, according to Delfin. “The supposed flood of new units has instead been a trickle” Delfin has an access agreement in place for the HIOS pipeline, with capacity to accommodate feedgas for all four FLNG vessels. The company also owns the UTOS offshore pipeline, the only 42-inch pipeline in the US Gulf, which was formerly owned and operated by Canadian pipeline operator Enbridge. The pipeline will be repurposed to transport natural gas from the onshore grid to the deepwater port site. Last year, Delfin Midstream signed a 15-year supply deal with energy trader Vitol. The company has also signed a heads-of-agreement to supply LNG to UK-based energy firm Centrica. The firm also aims to install two FLNG units under the Avocet LNG project, running parallel to the current project. Furthermore, Delfin Midstream says it has identified over 40 mta of liquefaction opportunities, including two projects in Canada, one of which is the Haisla Nation-led Cedar LNG in British Columbia, and offshore Mexico and south Texas. Aside from NFE’s plans to host liquefaction plants on converted jack-up rigs and fixed platforms, the US-based LNG player has entered into master service agreements with Sembcorp Marine for the engineering and conversion of two Sevan cylindrical drilling units (Sevan Driller and Sevan Brazil) to FLNG units. Energy demand drives investment Increasing energy demand and the challenges of energy security are driving renewed interest in FLNG projects. Mr Adeosun says another factor in FLNG investment is “the role gas will play in transitioning to a low-carbon-energy future.” This spate of investments comes despite setbacks on some high-profile projects, most notably Shell’s Prelude FLNG off of Australia. Mr Adeosun says that when Shell took FID on Prelude FLNG in May 2011, “it was meant to be the start of an era. An era that would herald the development of stranded gas fields at lower costs. However, 12 years on, the supposed flood of new units has instead been a trickle and only five FLNG units, with 12.1 mta of FLNG capacity, have commenced commercial operations.” Prelude has been plagued by issues, including construction delays, cost overruns and electrical problems, and labour action. Development costs and financing appear to have shelved the enthusiasm for other FLNG projects, including the Kumul FLNG and Western LNG Projects off the coast of Papua New Guinea, Steelhead LNG’s Kwispaa LNG Project (Canada) and Main Pass Energy Hub, off the coast of Louisiana in the US Gulf of Mexico. Developers can also point to post-Prelude FLNG success stories. These include Petronas’ PFLNG Satu from the Kumang Cluster development, offshore Malaysia, where it commenced operations in Q2 2016 to the Kebababgan field in 2019 without drydock. Other producing units include Golar LNG’s FLNG Hilli Episeyo in Cameroon, Petronas’ PFLNG Dua in Malaysia and Eni’s Coral Sul FLNG in Mozambique.
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Post by Blitz on Dec 28, 2023 12:47:14 GMT -5
Brazil is pulling out all the stops to grow its offshore oil and gas assets... EIG to Acquire Ocyan for US$390 Million brazilenergyinsight.com/2023/12/28/eig-to-acquire-ocyan-for-us390-million/#more-60609(BW) EIG, a leading institutional investor in the global energy and infrastructure sectors, today announced that it has entered into definitive agreements with Novonor S.A. (“Novonor”) and Brazilian Development Bank (“BNDES”) to acquire Ocyan Participações S.A. (“Ocyan” or the “Company”), a Brazilian-based solutions provider to the offshore oil and gas industry, for a total amount of US$390 million, considering US$283 million for Novonor’s 100% equity interest and the remaining amount for liquidation of its outstanding balance of non-voting securities related to the Company. The transaction’s proceeds related to Novonor’s equity interest will be directly paid to BNDESPAR, in accordance with the fiduciary agreement previously executed by the parties, in order to settle a portion of Novonor’s debt. Ocyan has a 23-year track record delivering high-quality maintenance solutions to the offshore oil and gas sector, including the operation of subsea construction and decommissioning projects. As the only Brazilian operator in the Floating Production Storage and Offloading (“FPSO”) industry, Ocyan currently operates four offshore units through a 50/50 joint venture with Altera Infrastructure, holding long-term contracts with Libra Consortium, Karoon Energy and 3R Petroleum. The Company, with more than 3,000 dedicated employees, recently established a New Energies division that is focused on the digitalization of the oil and gas industry and engineering, procurement, and construction (“EPC”) contracts for renewable energy projects. EIG has invested more than US$2 billion in Brazil since 1998. The acquisition of Ocyan reflects EIG’s long-term, comprehensive Brazilian strategy focused on infrastructure supporting high-quality deepwater crude oil production, responsible decommissioning activities and investments in renewables and low carbon projects. Following the completion of the transaction, Ocyan will benefit from EIG’s deep technical expertise in FPSOs and potential synergies with Prumo Logística, an EIG portfolio company, and its subsidiary, Port of Açu. “I have known and respected Ocyan for decades,” said R. Blair Thomas, EIG’s Chairman and Chief Executive Officer. “The company’s resilience and the strength of its business have helped it overcome significant economic headwinds while maintaining a healthy balance sheet, positioning Ocyan for long-term growth. Brazil is home to over 25% of the global FPSO fleets, and we believe the future market dynamics for oil and gas infrastructure in Brazil are very favorable, underscoring our dual commitment to supporting growth and development in this important region while creating value for our investors. We are also excited to support Ocyan’s ventures in the renewables space to help drive the energy transition forward.” Flavio Valle, EIG’s Managing Director and Head of Brazil, said, “FPSO is an attractive asset class for both equity and debt opportunities, and we are pleased to deepen our presence in the industry. We have admired Ocyan for many years and have been impressed by their ability to develop ambitious projects through challenging economic environments. With our global footprint and local capabilities, which are now enhanced by meaningful capital commitments from local clients, we believe that EIG is uniquely positioned to deliver on this complex transaction and to usher Ocyan into a new phase of growth.” Héctor Nuñez, Novonor´s Chief Executive Officer, said, “This is another important milestone for the Novonor Group in fulfilling its commitments to its stakeholders as it aims to reestablish the company’s focus on diversified operations in the engineering sector, where it was established almost 80 years ago. We are very proud of Ocyan and its team, who are recognized for their operational and technical excellence, and are certain that their successful trajectory will continue.” Roberto Prisco Paraiso Ramos, Ocyan’s Chief Executive Officer, said, “Ocyan has built and operated more than US$4 billion of drilling rigs, pipelaying support vessels and FPSOs, alone or in joint ventures, always enjoying the very strong support of its shareholders and Novonor. This acquisition does not impact current contracts and operations with our clients and suppliers. This is another important chapter in our history and one that will undoubtedly create new opportunities for Ocyan.” The completion of the transaction is subject to certain customary closing conditions and is expected to occur in the first quarter of 2024. Lakeshore Partners (“Lakeshore”) has acted as EIG’s exclusive financial advisor, with Lakeshore’s newly established affiliate, Lake Capital, providing asset management services. Mattos Filho and White & Case served as transaction legal advisors and Stocche Forbes as fund counsel. EY has acted as BNDES’ exclusive financial advisor and Lacaz Martins as transaction legal advisor. VMB Jurídica served as transaction legal advisor to Novonor. About EIG EIG is a leading institutional investor in the global energy and infrastructure sectors with $23.0 billion under management as of September 30, 2023. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 41-year history, EIG has committed over $45.9 billion to the energy sector through over 400 projects or companies in 42 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For additional information, please visit EIG’s website at www.eigpartners.com. About Novonor Novonor is a global group of Brazilian origin. Its purpose is to contribute to building a sustainable future, serving society through the transformative capacity of its engineering and innovative solutions in key sectors such as petrochemicals, real estate, oil and gas, industrial, naval, mobility and port logistics. Throughout its almost 80-year history, it has made important contributions to the development of Brazil and the more than 30 countries in which it has operated. Its recognized capacity and quality of delivery and its commitment to working to the highest technical, productivity, governance and efficiency standards guide its operations. For additional information, please visit Novonor’s website at www.novonor.com. About BNDES The Brazilian Development Bank (“BNDES”) is the main financing agent for development in Brazil. Since its foundation, in 1952, the BNDES has played a fundamental role in stimulating the expansion of industry and infrastructure in the country. Over the course of the Bank’s history, its operations have evolved in accordance with the Brazilian socio-economic challenges, and now they include support for exports, technological innovation, sustainable socio-environmental development, and the modernization of public administration. For additional information, please visit BNDES’s website at www.bndes.gov.br.
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Post by Blitz on Jan 1, 2024 9:04:43 GMT -5
Another example of why we follow the FPSOs. And now this... Mero-2 fired up offshore Brazil Oil and gas project producing via the Sepetiba FPSO 1 January 2024 - By Amanda Battersby in Singapore www.upstreamonline.com/production/mero-2-fired-up-offshore-brazil/2-1-1577602The Petrobras-operated Libra consortium has brought on stream the second phase of its Mero field development in the Santos basin offshore Brazil, which is being exploited via the Sepetiba floating production, storage and offloading vessel. The FPSO Sepetiba, also known as Mero-2, has an operational capacity of 12 million cubic metres per day of gas and 180,000 barrels per day of oil and is connected to six production and six injector wells to the field, in the first wave. Technology applied in the construction and operation of the FPSO will increase production efficiency and contribute to emissions reductions, noted co-venturer UK supermajor Shell. The floater has been designed for zero routine flaring to minimise greenhouse gas emissions, with the associated gas reinjected into the reservoir, The FPSO Sepetiba is located 180 kilometres from the coast of Rio de Janeiro in a water depth of 2050 metres. Its predecessor, the Guanabara FPSO, also known as Mero-1, started production in April of 2022. The Libra consortium plans to receive two more FPSOs by the middle of the decade. Thanks to Mero-2, the Mero field will reach a production capacity of 410,000 bpd, commented partner TotalEnergies. The French giant added that the two additional development phases of 180,000 bpd each — Mero-3 and Mero-4 — are currently under construction, with both start-ups expected by 2025. SBM Offshore is responsible for the engineering, procurement, construction, mobilisation, installation and operation of the Sepetiba FPSO, including topsides processing equipment as well as the hull and marine systems. The final investment decision for the Mero-2 project was taken in June 2019. “The production start-up of Mero-2 is a new milestone for TotalEnergies in Brazil, a key growth area for the company. With its vast resources and world-class productivity, the Mero development delivers low cost and low emission oil production, in line with the strategy of our company,” said Patrick Pouyanne, TotalEnergies chief executive. Brazil’s national oil company Petrobras operates the unitised Mero field with a 38.6% interest and its partners are Shell and TotalEnergies with 19.3% apiece, China’s CNPC and CNOOC on 9.65% each and Pre-Sal Petroleo (PPSA) — representing the government in the non-contracted area — having 3.5%. “The FPSO Sepetiba development leverages our world-class partnership with Petrobras and reinforces our presence in one of the most productive fields in Brazil," said Zoe Yujnovich, Shell's integrated gas and upstream director. "This project aligns with Shell's ‘Powering Progress’ strategy and our commitment to leverage increasingly efficient and competitive developments in our heartlands to provide safe, secure energy supplies today and for decades to come."
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Post by Blitz on Jan 2, 2024 9:02:53 GMT -5
Excerpt: South Korean offshore giant secures latest floating LNG prize Client for $1.5 billion contract is likely to be Cedar LNG 2 January 2024 - By Russell Searancke in Oslo www.upstreamonline.com/lng/south-korean-offshore-giant-secures-latest-floating-lng-prize/2-1-1577823South Korean offshore fabrication giant Samsung Heavy Industries said it has been awarded a $1.5 billion contract to build a new floating liquefied natural gas vessel for a North American client. Samsung said in a stock exchange announcement on Tuesday that the vessel is due for delivery in February 2028, and the contract is valued at 2 trillion won ($1.5)billion contract to build a new floating LNG vessel for a North American client.
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Post by Blitz on Jan 5, 2024 9:59:47 GMT -5
You don't expand capacity unless you need it. You don't build these vessels unless you need them. Looks like the people that build and need these vessels see a market space that is growing long term. And now this... Singapore-based FPSO fabricator boosts its shipyard capacity Dyna-Mac to acquire new yard through purchase of Exterran Offshore 5 January 2024 - By Russell Searancke in Oslo www.upstreamonline.com/rigs-and-vessels/singapore-based-fpso-fabricator-boosts-its-shipyard-capacity/2-1-1579214Singapore-based oil and gas fabricator Dyna-Mac has acquired a nearby shipyard to help boost its capacity to handle its current and future projects. Dyna-Mac said it had agreed to acquire Exterran Offshore, which has a shipyard of 4.5 hectares, for a cash consideration of US$8.25 million. Brazil yard wins major contract for FPSO topsides work - Read more Dyna-Mac is a leading fabricator of topsides processing modules for floating production, storage and offloading vessels. You need a subscription to read this story
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Post by Blitz on Jan 6, 2024 7:11:07 GMT -5
Samsung Heavy Industries Gets $1.5B FLNG Order Jan 5, 2024 www.oedigital.com/news/510581-samsung-heavy-industries-gets-1-5b-flng-order(Credit: Cedar LNG) Samsung Heavy Industries (SHI) has secured an engineering, procurement and construction (EPC) contract for a new floating LNG production unit worth $1.5 billion. SHI formed a consortium with Black & Veatch for the delivery of the new FLNG unit, subject to final investment decision for the project (FID) being developed by the 'North American client'. Undisclosed by SHI, the client is most likely Haisla Nation and Pembina Pipeline Corporation (Pembina), a partner in the development of the proposed Cedar LNG project, which confirmed the order had been placed to SHI-Black & Veatch consortium “This is a critical milestone on our path towards a FID for Cedar LNG, the first Indigenous majority-owned LNG project in the world. We have secured world class FLNG expertise and look forward to working with SHI and Black & Veatch to build an LNG facility with one of the cleanest environmental profiles in the world that will usher in a new era of low carbon, sustainable LNG production,” said Doug Arnell, Cedar LNG Chief Executive Officer. “Our role in helping Cedar LNG make history on this world-class facility aligns with our commitment to deliver a reliable and resilient global energy supply as a leader in the world’s energy transition,” added Mario Azar, Black & Veatch Chairman & Chief Executive Officer. Cedar LNG is a proposed floating LNG facility in Kitimat, British Columbia in Canada, within the traditional territory of the Haisla Nation. The project now has major regulatory approvals, signed memorandums of understanding for long-term liquefaction services for the project’s total LNG capacity, and with the achievement of this milestone, the project is at an advanced stage of planning and development with a FID expected by the end of the first quarter 2024. Subject to a positive FID, onshore construction work for the project could start as early as the second quarter 2024, with the delivery of the FLNG and substantial completion expected in 2028. The project is strategically positioned to leverage Canada’s abundant natural gas supply and British Columbia’s growing LNG infrastructure to produce low-carbon LNG for overseas markets. Natural gas will be delivered to Cedar LNG through an approximately 8-kilometer-long pipeline that connects to the Coastal GasLink pipeline. The natural gas will then be converted to LNG, before being loaded onto an LNG carrier, about once every 7 to 10 days or up to 50 times a year. Each LNG carrier will travel through Douglas Channel to Hecate Straight, using the existing deep-water shipping lane, on its way to customers in the Asia Pacific. Up to 500 people will be working at Cedar LNG during the peak of construction. Approximately 100 people will be working at the facility full-time during operation. //////////////////// How The U.S. Became The World’s Top LNG Exporter Robert Rapier, Senior Contributor - Jan 5, 2024,12:37pm EST www.forbes.com/sites/rrapier/2024/01/05/how-the-us-became-the-worlds-top-lng-exporter/?sh=3d90ea1a786dIn 2003, the late author and investment banker Matther Simmons predicted that with “certainty,” by 2005 the U.S. would enter a long-term natural gas crisis for which the only solution was “to pray.” T. Boone Pickens and a number of high-profile energy insiders concurred. ConocoPhillipsCOP 0.0% and ExxonMobilXOM +0.3% made large acquisitions of natural gas companies, betting on a future with much higher natural gas prices. Liquefied natural gas (LNG) import terminals were being built to help address the expected supply shortfall. By 2005, U.S. natural gas production had begun to decline. Natural gas spot prices regularly spiked above $10 per million British thermal units (MMBtu), and sometimes as high as $15/MMBtu. What happened next was unanticipated. Natural gas producers were experimenting with a combination of hydraulic fracturing (“fracking”) and horizontal drilling. Their success would change everything. Instead of an ongoing decline, by 2007 U.S. natural gas production was moving substantially higher. The industry was in the early stages of the largest expansion of U.S. natural gas production in its history. A decade later, natural gas production was 50% higher than the level in 2007. Today, it is 86% higher and still climbing. Along the way, LNG import terminals were converted into LNG export terminals, and many more were built. Natural gas expansion was so dramatic, that in 2016, the U.S. began to sharply increase LNG exports. At first, exports were a drop in the bucket compared to those of Qatar and Australia — the world’s two largest LNG exporters. But the rise was steep, and by 2022 it looked like a possibility that the U.S. could soon overtake those countries as the world’s largest LNG exporter. LNG Exports from 2000 through 2022. ROBERT RAPIER That has now happened, according to data compiled by Bloomberg. Data through the end of December 2023 showed record U.S. exports of 91.2 million metric tons. The U.S. became the world's leading LNG exporter in 2023, surpassing Qatar and Australia. The increase in production was attributed to the return of Freeport LNG to full service, adding 6 million metric tons, and the full-year output of Venture Global LNG's Calcasieu Pass facility, which added 3 million metric tons more than in 2022. This is an extraordinary achievement for U.S. natural gas producers, but it is even more impressive when you consider the state of the industry in 2005. It turns out that predicting the future is hard, even for an integrated supermajor like ExxonMobil.
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Post by Blitz on Jan 8, 2024 8:27:46 GMT -5
More info from a few posts above... Petronbras has a $102B investment pie to spend on Brazil's oil & gas. And now this... SBM Offshore confirms FPSO’s achievement of first oil off Brazil brazilenergyinsight.com/2024/01/08/sbm-offshore-confirms-fpsos-achievement-of-first-oil-off-brazil/#more-60809Dutch FPSO operator SBM Offshore has corroborated the start of production from a floating production, storage, and offloading (FPSO) vessel, which is working on Petrobras’ giant oil field in the Santos Basin offshore Brazil. As a result of a 22.5-year lease and operation deal from December 2019 with SBM Offshore, Petrobras chartered the FPSO Sepetiba for operations on its Mero field in the Santos Basin offshore Brazil. According to SBM Offshore, this FPSO is formally on hire as of January 2, 2024, after achieving first oil and the completion of a 72-hour continuous production test leading to final acceptance. The FPSO Sepetiba, which is owned and operated by special purpose companies owned by affiliated companies of SBM Offshore (64.5%) and its partners (35.5%), comes with a production capacity of 180,000 barrels of oil per day (b/d) and a compression capacity of up to 12 million cubic meters of gas. The start of production from the second development phase of the Mero field in the Libra block more than 180 kilometers off the coast of Rio de Janeiro, which is the third largest field in Brazil after Tupi and Búzios, comes months after Petrobras welcomed the arrival of the vessel in Brazilian waters. The field will now be able to reach a production capacity of 410,000 b/d while two additional development phases of 180,000 b/d each – Mero-3 and Mero-4 – are currently under construction, with start-ups expected by 2025. The Mero field is currently also home to the FPSO Pioneiro de Libra with the capacity to produce up to 50,000 bpd, operating the early production system (SPA 2). In addition, the field hosts the FPSO Guanabara with the capacity to produce up to 180,000 bpd, which reached its production peak of 179,000 barrels of oil per day in February 2023, about eight months after the first oil. The Mero unitized field is operated by Petrobras (38.6%), in partnership with Shell Brasil (19.3%), TotalEnergies (19.3%), CNPC (9.65%), CNOOC (9.65%) and Pré-Sal Petróleo (PPSA) (3.5%), representing the Brazilian government in the non-contracted area. Petrobras plans to put many new FPSO units into operation in the pre-salt layer offshore Brazil by 2027 to boost production, enabling it to reach 2.4 million boe. During the next five years, oil and natural gas are expected to be given the biggest slice of the Brazilian giant’s $102 billion investment pie.
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Post by Blitz on Jan 10, 2024 7:19:21 GMT -5
Estimated New floating production, storage, and offloading (FPSOs) - 2003-2027
Source: Petrobras Strategic Plan 2023-2027
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