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Post by nickz34 on Feb 20, 2024 9:49:10 GMT -5
nickz34 ... it's getting too easy to find facts counter to your interpretation of doom and gloom at every corner of the offshore deepwater oil world. And now this... Petrobras postpones to June 2024 the final deadline for bid proposals the Sergipe Aguas Profundas FPSOs brazilenergyinsight.com/2024/02/19/petrobras-postpones-to-june-2024-the-final-deadline-for-bid-proposals-the-sergipe-aguas-profundas-fpsos/(PN) Changes in the Petrobras bidding calendar that foresees the contracting of two platform ships (FPSOs) for the Sergipe Aguas Profundas Project (SEAP). The state-owned company once again postponed the deadline for receiving proposals. When they were released last year, the notices predicted that the deadline for receiving proposals would be October 14th. Afterwards, Petrobras extended the date to January 15th. Now, the state-owned company has extended the deadline to June 14th. According to a source, the new deadline could give more companies time to prepare to participate in the competition. Furthermore, the extra period will also make it easier to find financing alternatives of this size. The two FPSOs will have the capacity to produce 120 thousand barrels of oil per day. The SEAP-I unit will be capable of processing 12 million cubic meters of natural gas per day, while SEAP-II will be able to process 10 million cubic meters of gas per day. For the SEAP-1 platform, the national content required will be 40%. For the SEAP-II unit, the local content will be 30%. The two platforms must be chartered to Petrobras for a period of 7,762 days. As a reminder, the first attempt for the SEAP I platform ended unsuccessfully. The competition was held using the so-called BOT (build-operate-transfer) model. In this modality, the winning bidder builds and operates the ship for an initial period and, subsequently, transfers the plant to the oil company. Ocyan made the only proposal in the process, but negotiations with Petrobras did not progress. @blitz the stock is getting destroyed just as I told you it would. Awful quarter and even worse guidance. And CFO bails.
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Post by Blitz on Feb 20, 2024 9:53:11 GMT -5
nickz34 ... it's getting too easy to find facts counter to your interpretation of doom and gloom at every corner of the offshore deepwater oil world. And now this... Petrobras postpones to June 2024 the final deadline for bid proposals the Sergipe Aguas Profundas FPSOs brazilenergyinsight.com/2024/02/19/petrobras-postpones-to-june-2024-the-final-deadline-for-bid-proposals-the-sergipe-aguas-profundas-fpsos/(PN) Changes in the Petrobras bidding calendar that foresees the contracting of two platform ships (FPSOs) for the Sergipe Aguas Profundas Project (SEAP). The state-owned company once again postponed the deadline for receiving proposals. When they were released last year, the notices predicted that the deadline for receiving proposals would be October 14th. Afterwards, Petrobras extended the date to January 15th. Now, the state-owned company has extended the deadline to June 14th. According to a source, the new deadline could give more companies time to prepare to participate in the competition. Furthermore, the extra period will also make it easier to find financing alternatives of this size. The two FPSOs will have the capacity to produce 120 thousand barrels of oil per day. The SEAP-I unit will be capable of processing 12 million cubic meters of natural gas per day, while SEAP-II will be able to process 10 million cubic meters of gas per day. For the SEAP-1 platform, the national content required will be 40%. For the SEAP-II unit, the local content will be 30%. The two platforms must be chartered to Petrobras for a period of 7,762 days. As a reminder, the first attempt for the SEAP I platform ended unsuccessfully. The competition was held using the so-called BOT (build-operate-transfer) model. In this modality, the winning bidder builds and operates the ship for an initial period and, subsequently, transfers the plant to the oil company. Ocyan made the only proposal in the process, but negotiations with Petrobras did not progress. @blitz the stock is getting destroyed just as I told you it would. Awful quarter and even worse guidance. And CFO bails. You've changed your definition of limit down to destroyed. What is the definition of destroyed? Stock price is already moving up from the open.
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Post by nickz34 on Feb 20, 2024 9:54:56 GMT -5
I have nothing further to add. Company reduced full year guidance.
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Post by Blitz on Feb 20, 2024 10:03:12 GMT -5
I have nothing further to add. Company reduced full year guidance. That's a blessing...
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Post by nickz34 on Feb 20, 2024 10:04:37 GMT -5
I’d like to suspend your account for two days for derogatory comments.
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Post by Blitz on Feb 20, 2024 13:08:03 GMT -5
I’d like to suspend your account for two days for derogatory comments. It's a good thing for me that only moderators and administrators can suspend members...
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Post by Blitz on Feb 21, 2024 8:15:25 GMT -5
ONE Guyana FPSO for ExxonMobil’s Yellowtail Field Leaves Drydock in Singapore brazilenergyinsight.com/2024/02/21/one-guyana-fpso-for-exxonmobils-yellowtail-field-leaves-drydock-in-singapore/(OE) SBM Offshore’s floating floating production, storage, and offloading (FPSO) unit ONE Guyana, built for ExxonMobil’s Yellowtail field offshore Guyana, has left the drydock and arrived along quayside at the Seatrium yard in Singapore. The FPSO is set to join three other SBM Offshore-operated FPSOs in Guyanese waters in 2025. Building upon the success of predecessors like Liza Destiny, Liza Unity, and Payara Prosperity, its design incorporates Fast4Ward program, promising top-notch performance and efficiency, according to SBM Offshore. SBM Offshore, a Dutch company that designs, builds, installs, and operates FPSO units, was hired by ExxonMobil to build this fourth and largest FPSO for Guyana operations back in 2022. The ONE Guyana will be used to develop the Yellowtail field offshore Guyana. It will have a production capacity of approximately 250,000 gross bopd, with first production expected in 2025. Under the contracts with ExxonMobil, SBM Offshore will construct, install and then lease and operate the FPSO 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. In May 2023, SBM Offshore also signed a 10-year operations and maintenance enabling agreementwith ExxonMobil in Guyana for the operations and maintenance of the Liza Destiny, Liza Unity, Prosperity, and ONE Guyana FPSOs. 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% interest in the Stabroek block, Hess Guyana Exploration holds a 30% interest, and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds a 25% interest.
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Post by Blitz on Feb 21, 2024 8:38:37 GMT -5
Yards’ bidding war almost over for TotalEnergies’ $6 billion Angola FPSO Commercial contract could be signed within weeks, targeting a construction start date in mid-2024 for Kaminho floater TotalEnergies chief executive Patrick Pouyanne.Photo: AFP/SCANPIX Xu Yihe and Iain Esau - Updated 21 February 2024, 06:18 www.upstreamonline.com/field-development/yards-bidding-war-almost-over-for-totalenergies-6-billion-angola-fpso/2-1-1601439The bidding war is almost over among Chinese yards to build a floating production, storage, and offloading vessel for Saipem that will be deployed on TotalEnergies’ ambitious $6 billion Kaminho — formerly Cameia-Golfinho — project offshore Angola. After significant delays and talks with other players, the supermajor homed in on Saipem as its preferred FPSO provider late last year, leaving the Milan-based player to whittle down the contenders battling to build the FPSO at a Chinese yard. Now, according to multiple industry sources, that intra-yard competition is drawing to a close, with a favoured facility set to land the prestigious contract. You need a subscription to read this story
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Post by Blitz on Feb 21, 2024 11:20:58 GMT -5
VIDEO: Fourth Guyana FPSO arrives in Singapore for integration SBM Offshore floater will produce for ExxonMobil in the Yellowtail field Milestone: One Guyana FPSO entering dry dock in SingaporePhoto: SBM OFFSHORE Fabio Palmigiani - South America Correspondent | Rio de Janeiro - Published 21 February 2024, 08:19 www.upstreamonline.com/rigs-and-vessels/video-fourth-guyana-fpso-arrives-in-singapore-for-integration/2-1-1601747The One Guyana floating production, storage and offloading vessel has successfully left dry dock and arrived at the Seatrium shipyard in Singapore to begin integration work. Constructed by Dutch floater specialist SBM Offshore for US supermajor ExxonMobil, the One Guyana FPSO will be the fourth unit to be deployed in the prolific Stabroek block offshore Guyana. The vessel has arrived in Singapore where integration of the topsides modules into the floater hull will commence. The One Guyana FPSO will be able to process 250,000 barrels per day of oil and 450 million cubic feet per day of natural gas, with storage room for 2 million barrels of crude. The FPSO will be spread-moored in water depths of about 1800 metres and will produce from the Yellowtail development once it enters operation in 2025. Its design is based on SBM’s Fast4Ward concept that incorporates its newbuild, multi-purpose floater hull combined with several standardised topsides modules. The Yellowtail development calls for the drilling of between 45 and 67 development wells. The subsea umbilicals, risers and flowlines production system comprising 51 subsea trees, as well as 12 manifolds, will be installed by TechnipFMC. ExxonMobil is already producing in Guyana via the Liza Destiny, Liza Unity and Prosperity FPSOs – all supplied by SBM. According to SBM, the core team working on the One Guyana FPSO in Singapore is mainly the same as the one that manufactured the Liza Destiny, Liza Unity and Prosperity units. SBM is also doing initial work on the FPSO that will be used by ExxonMobil at the Whiptail field, the company’s planned sixth development in Guyana, and where first oil is eyed for 2027.
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Post by Blitz on Feb 26, 2024 8:24:27 GMT -5
FPSO sets sail for Brazil's Mero 3 Project due to start in first half of 2024 will include innovative subsea separation technology Brazil bound: The Marechal Duque de Caxias FPSOPhoto: YANTAI MARITIME SAFETY ADMINISTRATION Xu Yihe - Asia Correspondent | Singapore - Updated 26 February 2024, 03:46 www.upstreamonline.com/rigs-and-vessels/fpso-sets-sail-for-brazils-mero-3/2-1-1603409The Marechal Duque de Caxias floating production, storage and offloading vessel has embarked on its inaugural journey to Brazil ahead of anticipated first oil from the Mero 3 pre-salt field in the first half of this year. The launch of the Marechal Duque de Caxias FPSO, provided by Malaysia's MISC and built by Chinese shipyard CIMC Raffles, marks a pivotal moment for Petrobras, which aims to start production from the ultra-deepwater field before June. The vessel is primed to process an impressive 180,000 barrels per day of oil along with 12 million cubic metres per day of natural gas. You need a subscription to read this story
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Post by Blitz on Feb 27, 2024 8:14:11 GMT -5
Selecting 3 yards for securing FPSOs means this area is going be an accretive add for floaters. And now this... Eni selects three yards for deepwater FPSO work Italian giant taps three Asian yards for work on a floating production, storage and offloading vessel for the largest hydrocarbons discovery in the Ivorian sedimentary basin ENI chief executive Claudio DescalziPhoto: ENI Xu Yihe - Asia Correspondent | Singapore - Updated 27 February 2024, 02:12 www.upstreamonline.com/exclusive/eni-selects-three-yards-for-deepwater-fpso-work/2-1-1603976Italian energy giant Eni is advancing its strategy to capitalise on its significant offshore Ivory Coast assets, embarking on an ambitious expansion of its Baleine oil project. The Baleine field is the largest hydrocarbons discovery in the Ivorian sedimentary basin. The company plans to bolster the Baleine field's daily production to 150,000 barrels of oil and 200 million cubic feet of gas. You need a subscription to read this story
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Post by Blitz on Feb 27, 2024 8:17:18 GMT -5
www.offshore-technology.com/projects/baleine-field-cote-divoire/?cf-viewBaleine is a deepwater oil and gas field being developed offshore Cote d’Ivoire (Ivory Coast), at a water depth of 1,200m. It is the largest hydrocarbon discovery and the first commercial discovery made in the West African country since 2001. The Baleine field lies in Ivorian deepwater blocks CI-101 and CI-802 which are operated by Eni Cote d’Ivoire, a subsidiary of Italian multinational energy company Eni, with 90% interest. The Ivorian state-owned national oil and gas company Petroci holds the remaining 10%. The final investment decision for the Baleine field development was made in December 2022, with the start of production expected in 2023. Blocks CI-101 and CI-802 Block CI-101 lies at a water depth between 200m and 2,500m, approximately 50km south of Abidjan. Block CI-802 is located 80km southwest of Abidjan at a water depth between 2,000 and 2,700m. Eni also owns interests in five other blocks in the Ivorian deepwater: CI-205, CI-501, CI-504, CI-401 and CI-801. Baleine field geology and reservoir details The Baleine field is located within the Deep Tano sedimentary basin of the Ivory Coast. It contains light oil in two different stratigraphic levels of the Santonian and Cenomanian/Albian ages. The field is estimated to hold up to 2.5 billion barrels of oil and 3.3 trillion cubic feet of associated gas reserves. Baleine field discovery details The Baleine field was discovered by the Baleine 1X well, Eni’s first exploration well in Ivory Coast, in September 2021. The Baleine 1X discovery well was drilled to a total depth of 3,445m (11,302ft) at a water depth of 1,200m (3,937ft) in block CI-101, using the Saipem 10,000 ultra-deepwater drill ship. In July 2022, a second discovery well called Baleine East 1X was drilled in block CI-802, approximately 5km east of the Baleine 1X well. The Baleine East 1X well was drilled to a total depth of 3,165m (10,383ft) at a water depth of 1,150m (3,772ft). The Saipem 12000 drill ship was used to drill the well. Baleine East 1X encountered a continuous oil column of 48m in reservoir rocks. The production test confirmed the production of at least 12,000 barrels of oil and 14 million cubic feet (mcf) of associated gas a day from the well. Baleine field development details The Baleine project is being developed in phases, with production from phase one expected to begin in 2023. Phase two development of the field is expected to come on stream by the end of 2024. Phase one will involve three production wells tied back to the Firenze floating production storage and offloading (FPSO) vessel. The FPSO was upgraded in Dubai and set sail for Ivory Coast in April 2023. The oil from the FPSO will be loaded onto tankers, while the gas will be sent onshore to the Abidjan plant through a gas pipeline. FPSO Firenze details Eni acquired the Firenze FPSO from Saipem in December 2013. The FPSO vessel has a storage capacity of 700,000 barrels. It was deployed in the Aquila field operated by Eni in the Adriatic Sea, offshore Italy, until 2018. The vessel has been upgraded to treat up to 15,000 barrels of oil and 25mcf of associated gas a day to support initial production at the Baleine field. It will be named as the Baleine FPSO after its commissioning in Ivory Coast. Baleine field contractors involved Saipem was awarded two contracts for the Baleine field development in September 2022. The first contract was for engineering, procurement, construction and installation services for the subsea umbilicals, risers and flowlines and an onshore gas pipeline for the project. The second contract was for engineering, procurement, construction and commissioning services for the refurbishment of the Firenze FPSO vessel. The contract also included a ten-year operations and maintenance service agreement for the vessel. Bakers Hughes was contracted to supply subsea production systems along with flexible flowline and riser systems and connectors for the Baleine field in the first quarter of 2022.
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Post by Blitz on Mar 1, 2024 8:35:13 GMT -5
Major FPSO company says not enough competitors for big high-cost projects BW Offshore sees a shift away from the lease and operate model due to the high cost and risk to the FPSO contractor Lease and operate model hard to finance: BW Offshore chief executive Marco BeenenPhoto: BW OFFSHORE Russell Searancke - Norway Correspondent | Oslo - Updated 1 March 2024, 04:18 www.upstreamonline.com/rigs-and-vessels/major-fpso-company-says-not-enough-competitors-for-big-high-cost-projects/2-1-1606125A leading Norwegian floating production, storage and offloading (FPSO) company has highlighted that a lack of competitors and the increasing size, cost and complexity of projects is putting pressure on the traditional lease and operate model. The lease and operate model is one whereby the FPSO is rented out to the oil and gas operator on a multi-year basis at an agreed dayrate while the FPSO company also operates and maintains (O&M) the vessel. The alternative is for the oil and gas operator to own the FPSO, and a third party provide the O&M. You need a subscription to read this story
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Post by bjspokanimal on Mar 2, 2024 15:37:29 GMT -5
Yards’ bidding war almost over for TotalEnergies’ $6 billion Angola FPSO Commercial contract could be signed within weeks, targeting a construction start date in mid-2024 for Kaminho floater TotalEnergies chief executive Patrick Pouyanne.Photo: AFP/SCANPIX Xu Yihe and Iain Esau - Updated 21 February 2024, 06:18 www.upstreamonline.com/field-development/yards-bidding-war-almost-over-for-totalenergies-6-billion-angola-fpso/2-1-1601439The bidding war is almost over among Chinese yards to build a floating production, storage, and offloading vessel for Saipem that will be deployed on TotalEnergies’ ambitious $6 billion Kaminho — formerly Cameia-Golfinho — project offshore Angola. After significant delays and talks with other players, the supermajor homed in on Saipem as its preferred FPSO provider late last year, leaving the Milan-based player to whittle down the contenders battling to build the FPSO at a Chinese yard. Now, according to multiple industry sources, that intra-yard competition is drawing to a close, with a favoured facility set to land the prestigious contract. You need a subscription to read this story I particularly like this post because it indicates that indications of shipyards being full to capacity, as we were seeing 18 months ago, is subsiding. I do not know all the factors playing into this increase in competition that we're seeing for Total's project, but I suspect that it's because there are shipyards that were not previously set up to build FPSOs that are now more capable in that regard. Such shipyards have seen quite a few years now of intense FPSO demand and to the extent that they are not getting orders for other vessels (like semi-submersible or drillship rigs), they're expanding their specialties, particularly in China, where post-covid sluggishness in their economy is encouraging different ways of addressing production in many industries. I would add that if true (expanded world capacity to build FPSOs), that's good news for Transocean, because Transocean can only drill production wells that have FPSOs being readied for their production. If FPSO bottlenecks are relieved over the remainder of this decade, then so too would timeline bottlenecks that limit drillship tenders also be relieved.
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Post by Blitz on Mar 4, 2024 8:39:01 GMT -5
First crude oil offtake from new FPSO represents ‘historic achievement in India’s energy sector’ EXPLORATION & PRODUCTION - March 4, 2024, by Melisa Cavcic www.offshore-energy.biz/first-crude-oil-offtake-from-new-fpso-represents-historic-achievement-in-indias-energy-sector/India’s government-owned energy giant Oil & Natural Gas Corporation (ONGC) has held a flag-off ceremony for the first crude oil offtake from a floating production, storage, and offloading (FPSO) vessel, which is working at what is said to be the first deepwater development located off India’s east coast. FPSO Armada Sterling V; Source: Shapoorji Pallonji Energy (SP Energy) Following the FPSO Armada Sterling V’s first oil at the Block KG-DWN 98/2 development project on the east coast of Kakinada offshore India, Shri Narendra Modi, India’s Prime Minister, flagged off the first crude oil tanker Swarna Sindhu from ONGC’s Krishna Godavari deepwater block. This project is anticipated to add 7% to India’s oil and gas production at its peak production level. The flag-off ceremony, organized in Begusarai in Bihar, was graced by Bihar Governor, Shri Rajendra Vishwanath Arlekar; Bihar Chief Minister, Shri Nitish Kumar and Shri Giriraj Singh, Minister of Rural Development and Panchayati Raj Department and MP, Begusarai Loksabha constituency along with Shri Hardeep Singh Puri, India’s Minister for Petroleum & Natural Gas and Housing & Urban Affairs, along with senior dignitaries from Petroleum Ministry, Shri Arun Kumar Singh, Chairman and CEO of ONGC and the firm’s directors. Developed with an investment of over 41,000 crore rupees (around $4.95 million), ONGC claims that the KG-DWN 98/2 deepwater oil field M in Krishna Godavari Basin is one of the most technologically complex projects. The total anticipated daily peak gas and oil production from the project is about 10 million standard cubic meters per fuel or 45,000 bopd.
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Post by Blitz on Mar 4, 2024 8:58:12 GMT -5
SBM updates FPSO delivery schedules, Angola strategy March 1, 2024 www.offshore-mag.com/vessels/article/14305965/sbm-updates-fpso-delivery-schedules-angola-strategySBM Offshore has issued updates on its latest FPSO construction programs. Courtesy SBM Offshore's "Full-year Results 2023" presentation Offshore staff MONACO — SBM Offshore has issued updates on its latest FPSO construction programs. Topsides module lifting is nearing completion on the Almirante Tamandaré, with integration and commissioning activities progressing in parallel. The FPSO is due to be delivered later this year and should produce first oil for Petrobras from the Búzios Field in early 2025. Alexandre de Gusmão, working for the Mero Field, is also undergoing topside modules lifting and integration, with first oil expected in 2025. SBM has allocated its seventh Fast4Ward MPF hull to the FPSO Jaguar for Exxon Mobil’s Whiptail project offshore Guyana. A carbon capture solution developed jointly with Mitsubishi Heavy Industries and designed to reduce FPSO emissions by up to 70% should be available to the market from 2025. In Angola, SBM has signed agreements to acquire Sonangol's equity shares in the lease and operating entities related to the FPSOs N’goma, Saxi Batuque and Mondo; and the company has agreed to transfer to a Sonangol subsidiary its equity in the parent company of the Paenal Yard. All remain conditional on consents from clients and partners and approval by various competent authorities. SBM’s plan is to reorganize its business in Angola, focusing on lease and operate activities. Courtesy SBM Offshore 034_j2_mcolin_dji_0600_hr_pgl_floatoff Offshore southern France, the company has installed the three 8.4-MW floaters for the Provence Grand Large floating offshore wind pilot project, jointly owned by EDF Renewables and Maple Power. It is France’s first power-producing floating offshore wind development and the first anywhere to deploy tension-leg mooring technology, said to minimize motions and the seabed footprint. SBM Offshore is now assessing potential partnerships to pursue this market further. Finally, the company continues R&D on adapting deepwater floating systems for production of hydrogen and ammonia as well as carbon capture utilization and storage. 03.01.2024
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Post by Blitz on Mar 7, 2024 11:05:07 GMT -5
Equinor project reaches milestone with first steel cut for FPSO topsides Bomesc has started building 17 modules for FPSO RAIA for Equinor’s BM-C-33 pre-salt project off the coast of Brazil. Equinor chief executive Anders Opedal.Photo: NTB/SCANPIX Xu Yihe - Asia Correspondent | Singapore - Published 7 March 2024, 02:46 www.upstreamonline.com/rigs-and-vessels/equinor-project-reaches-milestone-with-first-steel-cut-for-fpso-topsides/2-1-1609101Equinor’s Raia project offshore Brazil has taken another step forward, with first steel being cut for the topsides destined for the floating production, storage, and offloading vessel to be stationed at the development. The Norwegian operator’s ultra-deepwater development in Brazil’s Campos basin — previosuly named BM-C-33 — covers three offshore fields — Pao de Acucar, Gavea and Seat — holding more than 1 billion barrels of oil equivalent in recoverable resources. The development, 200 kilometres off the coast of Rio de Janeiro, in water depths reaching 2900 metres, is expected to enter operation in 2027 via the FPSO, which has planned processing capacity of 125,800 barrels per day of oil and 16 million cubic metres per day of natural gas, and a storage capacity of 2 million barrels. You need a subscription to read this story
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Post by Blitz on Mar 11, 2024 12:38:07 GMT -5
Petrobras admits lack of competition behind FPSO tender delays Company is at different stages of contracting of six floaters for work offshore Brazil Difficulties: Petrobras engineering, technology and innovation director Carlos Travassos Photo: PETROBRAS Fabio Palmigiani - South America Correspondent - Rio de Janeiro, Published 11 March 2024, 10:43 www.upstreamonline.com/rigs-and-vessels/petrobras-admits-lack-of-competition-behind-fpso-tender-delays/2-1-1610814Petrobras has admitted it has delayed contracting dates for three key floating production, storage and offloading vessel tenders because potential bidders are having difficulties in securing financing for the projects. Last month, as reported by Upstream, Petrobras sent shockwaves across the floater industry when it postponed the bid deadline for tenders to charter two FPSOs to produce from the deep-water section of the Sergipe-Alagoas basin and another competition to contract an FPSO for the redevelopment of the Barracuda-Caratinga field. Speaking to reporters in a press conference, Petrobras engineering, technology and innovation director Carlos Travassos said the lack of competitiveness was the main reason behind the decision to delay the Sergipe-Alagoas tender by four months to mid-June. You need a subscription to read this story
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Post by bjspokanimal on Mar 12, 2024 12:27:03 GMT -5
Petrobras admits lack of competition behind FPSO tender delays Company is at different stages of contracting of six floaters for work offshore Brazil Difficulties: Petrobras engineering, technology and innovation director Carlos Travassos Photo: PETROBRAS Fabio Palmigiani - South America Correspondent - Rio de Janeiro, Published 11 March 2024, 10:43 www.upstreamonline.com/rigs-and-vessels/petrobras-admits-lack-of-competition-behind-fpso-tender-delays/2-1-1610814Petrobras has admitted it has delayed contracting dates for three key floating production, storage and offloading vessel tenders because potential bidders are having difficulties in securing financing for the projects. Last month, as reported by Upstream, Petrobras sent shockwaves across the floater industry when it postponed the bid deadline for tenders to charter two FPSOs to produce from the deep-water section of the Sergipe-Alagoas basin and another competition to contract an FPSO for the redevelopment of the Barracuda-Caratinga field. Speaking to reporters in a press conference, Petrobras engineering, technology and innovation director Carlos Travassos said the lack of competitiveness was the main reason behind the decision to delay the Sergipe-Alagoas tender by four months to mid-June. You need a subscription to read this story The concern here, is whether this is because the best capitalized FPSO shipbuilders are booked up and Petrobras is having to appeal to lesser-capitalized shipyards for bids... shipyards that rely on financing for construction but maybe don't have the credit rating that allows them to get that financing . This hypothesis would seem to counter the point I made in my post above in this thread.
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Post by Blitz on Mar 12, 2024 15:04:57 GMT -5
bjspokanimal ... Here's some info starting from late 2021: Worldwide FPSO survey: 27 units on order Aug. 1, 2021 - David Boggs Brazil remains most active region with 30% of market. www.offshore-mag.com/field-development/article/14206483/energy-maritime-associates-worldwide-fpso-survey-27-units-on-order//////////////// Global Top 20 FPSO Companies [2023] - blackridgeresearch.com www.blackridgeresearch.com/blog/list-of-global-top-floating-production-storage-offloading-fpso-vessel-companies-contractors-manufacturers-installers-operators-owners-suppliers-in-the-world/////////////////// Global FPSO planned projects forecast 2022-2027, by key country Published by Statista Research Department, Aug 25, 2023 www.statista.com/statistics/1291283/number-of-planned-fpso-projects-worldwide/ A total of 56 floating production, storage and offloading (FPSO) vessels are expected to commence operations between 2022 and 2027. Brazil is the country projected to lead these projects, with 22 planned FPSO additions. By comparison, the following two leading countries announced four FPSOs each. In 2021, there were ten FPSO contracts awarded worldwide. /////////////////////// Global FPSO vessel-building contracts awarded 2019-2023 Published by Statista Research Department, Dec 20, 2023 www.statista.com/statistics/1291035/fpso-global-contract-awards/Around 12 FPSO contracts are expected to be awarded worldwide in 2023. Brazil is forecast to be among the leading contributors. There was a notable slump in the number of FPSO contracts awarded in 2020, when the pandemic dampened production outlooks within the industry. ////////////////// FPSO Companies - This report lists the top FPSO companies based on the 2023 & 2024 market share reports. Mordor Intelligence expert advisors conducted extensive research and identified these brands to be the leaders in the FPSO industry. Source: www.mordorintelligence.com/industry-reports/fpso-market/companies////////////////// Chinese shipyards swamped with new FPSO orders Wind installation vessel bookings also up sharply as country captures larger share of construction market Departure: Cosco delivered the FPSO for BP’s Greater Tortue Ahmeyim LNG project offshore Mauritania and Senegal earlier this year.Photo: TECHNIP ENERGIES Xu Yihe - Houston - Published 2 April 2023, 17:01 www.upstreamonline.com/focus/chinese-shipyards-swamped-with-new-fpso-orders/2-1-1406423The fabrication business for floating production, storage and offloading vessels, long dominated by Singapore and South Korea, has established a strong foothold in China, where the wide availability of lower-cost labour and markedly improved engineering and yard capacities have been a boon to local yards. Chinese shipyards are packed with orders for FPSOs destined for Brazil and Guyana as they are now better positioned than most of their Asian counterparts to respond to subcontracting requirements offered by leading engineering, procurement and construction contractors such as Modec of Japan and SBM of Holland. Last year, Chinese yards continued to outshine their Asian competitors to land high-profile FPSO orders after having forged long-term alliances with foreign EPC contractors. You need a subscription to read this story /////////////////// Keppel To Construct One Of The Largest FPSO Worth US$2.9 Billion in a New Contract By MI News Network - August 16, 2022 www.marineinsight.com/shipping-news/keppel-om-wins-us2-9-billion-newbuild-fpso-p-80-contract-from-petrobras/New generation FPSO to minimise emissions with carbon capture and reinjection as well as energy recovery capabilities Keppel Offshore & Marine (Keppel O&M)’s wholly owned subsidiary, Keppel Shipyard, has won an international tender from Brazil’s National Oil Company, Petroleo Brasileiro S.A (Petrobras), for the engineering, procurement and construction (EPC) of P-80, a Floating Production, Storage and Offloading vessel (FPSO) for about US$2.9b. Scheduled for completion in 1H 2026, the P-80 is the second FPSO that Keppel O&M will be building for Petrobras for the Buzios field in Brazil. The first FPSO, P-78, is currently under construction by Keppel Shipyard. The P-80 is structured on progressive milestone payments and will be cash-flow neutral during its execution lifecycle. It would add over S$4bn to Keppel O&M’s orderbook. The P-80 will be one of the largest floating production units in the world with a production capacity of 225,000 barrels of oil per day (bopd), water injection capacity of 250,000 bpd, 12 million cubic metres of (Sm3/d) of gas processing per day and a storage capacity of two million barrels of oil. When completed, the P-80 will be on par with the largest oil producing platforms in Brazil. Mr Chris Ong, CEO of Keppel O&M, said, “We are pleased to be selected by Petrobras for a repeat order of yet another landmark FPSO vessel, which reaffirms our capabilities as the preferred development partner for complex turnkey projects. By leveraging our strong EPC capabilities and network of yards, as well as teaming up with leading industry specialists, we have been able to offer a win-win solution that is both cost effective for our customer and profitable for Keppel O&M and our partners. “Our first such project for the Buzios field, the P-78, is being built on this operating model. It is progressing on track with its schedule and within budget, and has been contributing to Keppel O&M’s earnings. Drawing from our experience with the P-78, we are confident that we can further enhance the efficiency and economics of the P-80, as well as generate a substantial amount of work in Brazil with thousands of jobs for the country.” Keppel O&M will harness its global network of yards, offices and partners to undertake the project execution. The design and engineering will be carried out through its centres in Singapore, Brazil, China and India. The fabrication of the topside modules which weigh about 47,000 metric tonnes (MT) in total will be spread across its facilities in Singapore, China and Brazil, with the integration and commissioning works to be completed in Singapore. Construction of the hull and accommodation will be carried out by CIMC Raffles in China. Keppel O&M will also undertake the final phase of offshore commissioning works when the FPSO arrives at the Buzios field. Petrobras operates the world’s largest carbon capture, utilisation and storage (CCUS) programme. The P-80, along with the P-78 FPSO, will incorporate green features such as carbon capture and reinjection of carbon back into the reservoir where it is stored. Both FPSOs are designed to maximise carbon reinjection and minimise the need for gas flaring. In addition to CCUS, the P-80 will also be outfitted with energy recovery systems for thermal energy, waste heat and gas, as well as seawater deaeration to reduce the consumption of fuel and the carbon emissions of the vessel. Mr Ong added, “As a leader in providing sustainable offshore energy and infrastructure assets, Keppel O&M is glad to be able to support Petrobras in reducing the carbon emissions of the P-80 and P-78. Our partnership with Petrobras in their decarbonisation journey over the years includes work on four other FPSO projects, which showcase various innovative sustainability features, and we look forward to build on our strong track record of delivering high quality vessels to them.” Keppel O&M has delivered a significant number of projects for Brazil and Petrobras over the years, which includes FPSOs, production platforms, Floating Storage Regasification Units, drilling rigs and accommodation vessels, to support Brazil’s energy infrastructure. BrasFELS, Keppel O&M’s yard in Angra dos Reis, Brazil is currently also undertaking integration and fabrication work for two other FPSOs that will operate in the Sepia field and the Buzios field. The above contract is not expected to have a material impact on the net tangible assets or earnings per share of Keppel Corporation Limited for the current financial year. Reference: Keppel Offshore & Marine
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Post by bjspokanimal on Mar 12, 2024 23:34:19 GMT -5
FPSO orders and the number of pending FIDs, both leading indicators of floater demand, look good for 2024. Still, there are identifiable reasons for the contract swoon since last summer, but it didn't look like late 2023 would be as soft as it ended up being when we were looking at 2023 conditions last year at this time. I like how 2024 looks, but with a lot of caution hovering over my optimism. Oil companies haven't stopped shifting gears yet.
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Post by kingrig on Mar 13, 2024 0:00:54 GMT -5
FPSO orders and the number of pending FIDs, both leading indicators of floater demand, look good for 2024. Still, there are identifiable reasons for the contract swoon since last summer, but it didn't look like late 2023 would be as soft as it ended up being when we were looking at 2023 conditions last year at this time. I like how 2024 looks, but with a lot of caution hovering over my optimism. Oil companies haven't stopped shifting gears yet. it is getting a bit scary right now with these contracts, it’s mid March, hopefully things start to pick up shortly
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Post by bjspokanimal on Mar 13, 2024 19:34:08 GMT -5
Nothing about now "scares" me at all. Surging revenues and cash flow, with positive EPS by Q3 is pretty much baked in. My "cautious optimism" is more directed at the $500k dayrate barrier and reactivations. We saw the softness that ensued since last summer and hindsight reveals a few identifiable reasons for it but I believe it caught Transocean brass off guard some too. Remember that during the Q2 call early last August, Mr. Thigpen suggested rather confidently that we would see a reactivation by year end.... and that's the last we heard about it. He saw something in August that never materialized.
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Post by Blitz on Mar 14, 2024 11:39:47 GMT -5
Nothing about now "scares" me at all. Surging revenues and cash flow, with positive EPS by Q3 is pretty much baked in. My "cautious optimism" is more directed at the $500k dayrate barrier and reactivations. We saw the softness that ensued since last summer and hindsight reveals a few identifiable reasons for it but I believe it caught Transocean brass off guard some too. Remember that during the Q2 call early last August, Mr. Thigpen suggested rather confidently that we would see a reactivation by year end.... and that's the last we heard about it. He saw something in August that never materialized. I think Thigpen and crew were looking dreamy eyed at the number of 'floater opportunities' in slide #15 and perhaps did not see the USA going from pumping 11 million bbl/day to over 13 million bbl/day. Then there was all the recession talk that never resulted in a recession. Then there was all the M&A distractions... The price of oil fell as did profits... OPEC & OPEC+ cut target production... And I think, the 300 million bbl SPR withdrawl also disrupted the supply & demand dynamic that is still rebalancing.
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Post by bjspokanimal on Mar 14, 2024 13:07:57 GMT -5
Nothing about now "scares" me at all. Surging revenues and cash flow, with positive EPS by Q3 is pretty much baked in. My "cautious optimism" is more directed at the $500k dayrate barrier and reactivations. We saw the softness that ensued since last summer and hindsight reveals a few identifiable reasons for it but I believe it caught Transocean brass off guard some too. Remember that during the Q2 call early last August, Mr. Thigpen suggested rather confidently that we would see a reactivation by year end.... and that's the last we heard about it. He saw something in August that never materialized. I think Thigpen and crew were looking dreamy eyed at the number of 'floater opportunities' in slide #15 and perhaps did not see the USA going from pumping 11 million bbl/day to over 13 million bbl/day. Then there was all the recession talk that never resulted in a recession. Then there was all the M&A distractions... The price of oil fell as did profits... OPEC & OPEC+ cut target production... And I think, the 300 million bbl SPR withdrawl also disrupted the supply & demand dynamic that is still rebalancing. View AttachmentEvents last fall also appeared to slow down the progress that more marginally financed oil companies (following covid) were making toward their long-delayed FIDs. Petrobras, who during the first half of last year, appeared to be getting nervous about floater availability, seemingly stopped worrying so much by fall as slowing FIDs and mergers quelled the advent of expected tenders. We're seeing signs now that the lull should be coming to an end this year but I'm in a little more of a show-me stance now than I was a year ago. The redacted reactivation comment from Mr. Thigpen last fall appears to suggest he is of the same mindset, but I know that also because they're negotiating for longer and longer contracts with start dates further and further into the future than before.
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