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Post by Blitz on Jun 4, 2022 9:23:02 GMT -5
Ibama grants installation license for FPSO P-71 in Itapu field 3 Jun 2022 brazilenergyinsight.com/2022/06/03/ibama-grants-installation-license-for-fpso-p-71-in-itapu-field/(PN) The Brazilian Institute of the Environment (Ibama) granted the installation license for the P-71 platform, which will be installed in the Itapu field. The unit is part of the replicating platform family and will have a production capacity of 150,000 barrels per day. Petrobras had requested the license to install the platform in September last year. As a reminder, the P-71 would initially be allocated in the Tupi field, in the pre-salt layer of the Santos Basin. Itapu, in turn, will receive another platform, which would still be contracted. However, in October of last year, plans changed. Petrobras announced the decision to cancel the bidding for contracting the Itapu platform and relocated the P-71 to the field. On that occasion, Petrobras reached an agreement worth US$ 353 million with its partners in Tupi (Shell and Petrogal) to buy the shares of these oil companies in the P-71. It was also agreed to prepare a new Development Plan (PD) for the Tupi field, where the FPSO would originally be used. Currently, the P-71 is at the Jurong Shipyard, in Espírito Santo, in the final stage of construction. |
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Post by bjspokanimal on Jun 4, 2022 13:04:44 GMT -5
Different assets have different feasibilities in light of the politics of the energy transition toward renewables. The most reservations are in Europe and the U.S. where greenie politics are the most radical. Chevron's CEO was saying the other day that oil refineries will never again be built in the U.S., partly because of prohibitive approval requirements and partly because of perceived ROI on a 50 year useful life. Yet, China is building refineries and developing coal mines like there's no energy transition at all. FPSOs are booming because most of the biggest and highest quality oilfields remaining on earth are in deep water and oil rich, 3rd world countries want to produce their oil before the greenies potentially make that more difficult by mid-century. The big question for Transocean, is will an oil boom this decade spur newbuild construction of more drillships with their prospective 30-year useful lifespans if an energy transition could threaten their ROIs 10 or 15 years from now? As much as the industry scrapped hundreds of offshore rigs over the past 7 years, that needs to be mitigated somewhat by the fact that it Overbuilt drillships in 2013 and 2014, some of which are still stranded in shipyards and cold-stacked. All of this year's project sanctioning and FPSO construction bodes well for continued utilizations well into the 90% range even as reactivations of stranded and stacked units continue. But it's hard to figure that any newbuilds would be less capable than Titan and Atlas at $1.5 billion or more per pop and I don't see THAT happening soon in the wake of the cancelation of Valaris's DS-11 20k psi BOP upgrade project. Thus, I forecast no newbuilds, aside from some jackups targeted for captive, middle-east applications, (aside from completion of some mostly built, stranded rigs) given the cost, the long term ROI risk, and the industry's collective need to get the existing global fleet profitable for awhile.
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Post by Blitz on Jun 5, 2022 8:55:16 GMT -5
Different assets have different feasibilities in light of the politics of the energy transition toward renewables. The most reservations are in Europe and the U.S. where greenie politics are the most radical. Chevron's CEO was saying the other day that oil refineries will never again be built in the U.S., partly because of prohibitive approval requirements and partly because of perceived ROI on a 50 year useful life. Yet, China is building refineries and developing coal mines like there's no energy transition at all. FPSOs are booming because most of the biggest and highest quality oilfields remaining on earth are in deep water and oil rich, 3rd world countries want to produce their oil before the greenies potentially make that more difficult by mid-century. The big question for Transocean, is will an oil boom this decade spur newbuild construction of more drillships with their prospective 30-year useful lifespans if an energy transition could threaten their ROIs 10 or 15 years from now? As much as the industry scrapped hundreds of offshore rigs over the past 7 years, that needs to be mitigated somewhat by the fact that it Overbuilt drillships in 2013 and 2014, some of which are still stranded in shipyards and cold-stacked. All of this year's project sanctioning and FPSO construction bodes well for continued utilizations well into the 90% range even as reactivations of stranded and stacked units continue. But it's hard to figure that any newbuilds would be less capable than Titan and Atlas at $1.5 billion or more per pop and I don't see THAT happening soon in the wake of the cancelation of Valaris's DS-11 20k psi BOP upgrade project. Thus, I forecast no newbuilds, aside from some jackups targeted for captive, middle-east applications, (aside from completion of some mostly built, stranded rigs) given the cost, the long term ROI risk, and the industry's collective need to get the existing global fleet profitable for awhile. The 30yr to 50yr useful life arguments are key. As such, I would expect that is the timeframe needed for greener energy efficiencies to handle more and more of the world's energy needs and assume a meaningful percentage of the grids' loads. This sets the stage for a gradual and practicable tapering of the need for fossil fuels. |
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Post by bjspokanimal on Jun 5, 2022 15:15:01 GMT -5
I'm not concerned that the downsizing of all fossil fuel related industries will happen at a
faster rate of speed than the decline of fossil fuels. That's why I'm not concerned with the
progression of an energy transition. Most of the politics related to green energy hits us in
the face here in America, but the rest of the world outside of America, Europe, and a few places
like Japan, Australia and New Zealand will barely be transitioned 20 years from now.
If a few to no new drillships are built in the next 10 years, then that's consistent with the
industry shrinking way faster than the energy transition and it bodes well for the sustainability
of the current emerging drilling boom, as well as possibly better income statements even in mild
hydrocarbon downturns. The 7 year bust, along with the "threat" of energy transition is essentially
a big paradigm shift that looks like it's going to change the whole mindset of Transocean's
industry for a better, and more sustainable future.
But back to Euro/U.S. perceptions. As much as we hear about green energy these days, I'm certain
that we're actually at a point where coal was 15 or so years ago, which was 11 years before coal
consumption peaked and coal usage today isn't far OFF of that peak. These things always happen more
slowly than the Euro/U.S. hype suggests, but to the extent that this one creates an over-reaction
with rig and refinery builders, that's good for a Transocean investment. Just your point about
EV charging stations being plugged into Multi-Trillion dollar grids that couldn't handle loads
even before the stations started popping up is a big deal. Another big deal is a GOP takeover in
November and a Desantis presidency in 2024, which ensures a more rational pace toward an energy
transition without all the craziness.
Bottom line: I like the energy transition, minus the leftist craziness part of it. It looks like
it will create cap-ex discipline that I WISH would have been in place one year earlier back in
2014... meaning 2 or 3 dozen fewer drillships built ahead of the 7 year rig purge.
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Post by Blitz on Jun 7, 2022 7:03:03 GMT -5
‘One Guyana’ hull in Indonesian waters, will head to Singapore soon – Hess By OilNOW - June 7, 2022 oilnow.gy/featured/one-guyana-hull-in-indonesian-waters-will-head-to-singapore-soon-hess/ President and Chief Operating Officer of Hess Corporation, Greg Hill, said the hull for the Yellowtail oil production vessel is complete, and sitting in Indonesian waters, waiting to travel to Singapore one the Prosperity, another Guyana-bound vessel, is complete. Prosperity is the floating production storage and offloading (FPSO) unit which will be used for the Payara project, which ExxonMobil recently announced is likely to start ahead of schedule, early 2023. It is under construction by SBM Offshore, at the Keppel Shipyard in Singapore. The hull for Yellowtail will be outfitted for the One Guyana FPSO, a vessel that will be producing 250,000 barrels of oil per day (bpd) as early as 2025. Government approved the project in April. Hill said Yellowtail, with a US$29 breakeven, is world class. The project will cost US$10 billion to develop, as opposed to US$9 billion for the Payara project. The COO explained that this is because it is targeting 925 million barrels, more than the 600 million at Payara. Prior to Yellowtail, three projects were approved and sanctioned for the Stabroek block – Liza Phases 1 and 2, which are already producing, and Payara. At the introduction and ramp-up of Yellowtail, production offshore Guyana would peak at 830,000 bpd, barring further optimisation work by ExxonMobil. Vice President Dr. Bharrat Jagdeo expects that by 2025, the year Yellowtail comes online, revenues to Guyana would be around US$2 billion at a US$50 per barrel oil price, or double that if the current high oil price situation repeats itself then. ExxonMobil plans to place six FPSOs offshore Guyana by 2027, producing more than 1.2 million bpd. The Stabroek Block resources has the potential, the partners believe, for 10 FPSOs. |
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Post by Blitz on Jun 8, 2022 10:35:41 GMT -5
Naming Ceremony Held for Yinson’s Anna Nery FPSO Jun 8, 2022 brazilenergyinsight.com/2022/06/08/naming-ceremony-held-for-yinsons-anna-nery-fpso/Malaysian FPSO provider Yinson, with its project partner Sumitomo Corporation named the new FPSO Anna Nery, during a naming ceremony held concurrently in Jiangsu, China and Kuala Lumpur, Malaysia. The FPSO Anna Nery is currently undergoing final conversion works and is going to set sail for Brazil in the third quarter, where it will be deployed at the Marlim Field located in the eastern part of the Campos Basin, about 150km offshore Rio de Janeiro. The FPSO will be stopping for a few days in Singapore and Mauritius for crew change and fresh supplies. The FPSO Anna Nery will be able to produce 70,000 barrels of oil and 4 million cubic meters of gas per day. Yinson Production Chief Executive Officer Flemming Grønnegaard said: “This milestone provides confidence that Yinson has the ability to continue delivering responsible solutions to meet the world’s increasing energy demands, even in challenging circumstances. “FPSO Anna Nery is our maiden asset in Brazil, and the first of three Brazil-bound offshore production projects that Yinson is currently undertaking. We are humbled by the trust that Petrobras has placed in us deliver on this important energy infrastructure project and we look forward to achieving final delivery.” Letters of Intent for the FPSO Anna Nery project were awarded to Yinson by Petrobras in October 2019, followed by firm contract execution in March 2020. In April 2020, Sumitomo took part in the project with a 25% stake. The estimated aggregate value of the FPSO Anna Nery project is $5.4 billion, with a contract period of 25 years from the date of the final acceptance. |
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Post by Blitz on Jun 9, 2022 8:51:27 GMT -5
Big volumes at 18,000 ft could see standalone FPSO for new Stabroek Block development By OilNOW - June 9, 2022 oilnow.gy/featured/big-payday-at-18000-ft-could-see-standalone-fpso-for-new-stabroek-block-development/  The Fangtooth discovery which was announced by ExxonMobil back in January 2022 holds enough oil deposits to underpin its own floating, production, storage and offloading (FPSO) vessel. This was disclosed by Hess Corporation which has a 30% working interest in the Stabroek Block. Chief Executive Officer and President of the company, John Hess said the majority of the Stabroek Block’s oil has been at 15,000 feet. This depth is referred to as the Upper Campanian or the Cretaceous age. Hess was speaking at the time at the Bernstein’s 38th Annual Strategic Decisions Conference. “But what we are finding now is at 18,000 feet, there are sand channels that are actually starting to trap the oil that is also being trapped at 15,000 feet. When we drilled to 18,000 feet, it was never optimally located to drill the biggest prospects,” he said. “This year, however, we drilled a well called Fangtooth that was optimally located at 18,000 feet and we found material oil deposits that, in and of itself, could underpin another FPSO and it is very high-quality oil.” Guyana on track to become second largest deepwater producer in the world, says Rystad Energy | OilNOW He added, “Now that we have correlated the wells that we are drilling for, not only at 15,000 but 18,000 feet, we are starting to find other attractive deep prospects so there is a lot of potential in the deep for either tiebacks into the 15,000 feet and to an FPSO or to be a standalone project. So clearly, we are still in the early innings.” The Fangtooth well was one of the first two discoveries made in the Stabroek Block earlier this year. The well encountered approximately 164 feet (50 meters) of high-quality oil-bearing sandstone reservoirs. It was drilled in 6,030 feet (1,838 meters) of water and is located approximately 11 miles (18 kilometers) northwest of the Liza field. In an interview with OilNOW, Schreiner Parker, Rystad Energy’s Vice President for Latin America and the Caribbean, said the Norway-based independent energy research and business intelligence company estimates that Fangtooth holds approximately 230 million barrels of oil equivalent. Guyana scores big again as Exxon hits two more discoveries | OilNOW The Stabroek block is 6.6 million acres (26,800 square kilometers). ExxonMobil affiliate Esso Exploration and Production Guyana Limited is operator and holds 45% interest. Hess Guyana Exploration Ltd. holds 30% interest and CNOOC Petroleum Guyana Limited holds 25% interest. |
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Post by Blitz on Jun 14, 2022 7:02:40 GMT -5
You don't need deepwater drillships unless you have FPSO ships. I suspect this has been a bottleneck preventing more drillships from getting contracts. And now this... Demand Grows for OSVs in the Offshore Floating Production and Storage Energy Sector – Long read 6/13/2022 - By: Philip Lewis brazilenergyinsight.com/2022/06/13/demand-grows-for-osvs-in-the-offshore-floating-production-and-storage-energy-sector-long-read/ (OE) Over the last year we have seen an upswing in floating production and storage systems ordering after many years of low activity. According to our colleagues at World Energy Reports, “The global oil and natural gas markets are contending with rebounding energy demand on top of supply disruptions from Russia’s invasion of Ukraine. As a result, activity and business sentiment in the floating production sector has seldom been stronger.” This increased activity in the floating production and storage segment has a direct impact on OSV demand. Today there are on average more than 700 OSVs providing long term support to floating production and offloading systems globally. Depending on daily activity the number of active OSVs can rise above 1,000 units and also fall below 375 vessels. Our base case forecast is that around 425 additional OSVs will be required to support floating production and offloading systems currently on order and planned. Around 360 floating production and storage systems installed globally and close to 200 on order or planned Although we track other floating systems including floating LNG regassification units (FSRUs), this article focusses on five floating production and storage segments – floating production storage and offloading units or FPSOs, Floating LNG production storage and offloading units or FLNGs, floating production units with no storage or FPUs, floating storage units or FSOs and LNG floating storage units or FSU LNGs. Exhibit 1 summarizes the historical development of the market which reached close to 360 installed units by the end of May of this year and the forecast development of the sector based on current orders and planned activity.  Source: Intelatus Global Partners Around 47% of installed systems are FPSOs, by far the largest segment. Brazil is currently the largest market for FPSOs with 48 installed units. The influence of FPSOs becomes more pronounced when looking forward. FPSOs account for over 60% of all floating and production systems on order and close to 70% of planned units. The FLNG segment is in the early stages of its development journey. There are currently five operational units globally. But looking forward, the segment becomes the second most prospective segment after FPSOs. The FLNG segment accounts for 26 units on order and planned or 13% of the total. The next largest segment is floating production units without storage which cover semi-submersibles, TLPs, spars and barges. There are currently over 95 installed units globally, 50 of which are installed in the Gulf of Mexico. Of the 19 FPUs on order or planned, eight will be deployed in the Gulf of Mexico and three in Australia. FSOs account for close to 85 installed units today with deliveries of FSOs slowing of late. 15 FSOs are currently planned or on order. Like the FLNG segment, the FSU LNG segment is relatively small with six units currently operational. We anticipate that the segment will double in the coming years with a further six units planned or on order. Where are the opportunities for OSVs? At a high-level one can group OSV opportunities in the floating production and storage segment into three activities –- moving the unit, supporting installation and long-term production support. Moving the unit Whereas units are deployed globally, hulls are often built or converted in Asian yards. Drilling down into the FPSO segment, around 150 hulls have been moved from Singapore, China and South Korea. The UAE, Malaysia and Brazil are smaller but significant yard players. In other segments Singapore and China account for the largest origin for FSO hull tows and Singapore and South Korea for FSU LNG hull tows. For FPUs, South Korea is the leading semi-sub and TLP origin and Finland historically for spars. By far the most popular way to move a floating production system is by wet tow with large ocean-going towing tugs. Dry towage and self-propulsion remain an option and large heavy lift vessels have been deployed to move floating production hulls. However, there remains a limited choice of suitable heavy lift vessels, especially for the largest units. Our analysis indicates that wet tow activity generally calls for two-to-three 200± tonnes bollard pull main towing vessels. Escort tugs can also be deployed. Exhibit 2 shows our analysis of towing tugs that have deployed to move FPSOs.  Source: Intelatus Global Partners When analyzing the movement of semi-submersibles, the largest of the FPU sub-segments, we note an average two towing vessels ranging from 200 to 340 tonnes bollard pull for units with 100,000 barrels per day process capacity. Installation support Ahead of a floating production system’s arrival at site, mooring systems will already have been pre-laid by very large AHTSs and offshore construction vessels. Once the floating production system arrives at site, the towing tugs that brought the unit to the site are often used to support heading control during hook-up connection work as well as disconnection work when the unit leaves the field. In the case of FPSOs, FLNGs and FSOs this can require up to five large sized towing tugs. Smaller OSVs are often deployed for logistics support and security, fire and/or pollution control stand-by. Long-term operational support Depending on client and location, in terms of long-term support OSVs can be dedicated to the floating production system or where one client is supporting a significant amount of offshore infrastructure, such as Petrobras in Brazil, some vessels can be shared across several units. The main activities of OSVs during the production phase of the floating production systems cover general supply duties and security, safety and environmental control. For those systems with storage, offtake support includes pilotage, mooring hawser and hose handling, ferrying manifolds, parallel and tandem mooring. Different environmental conditions as well as size or type of shuttle tankers result in some regional variations in the types of anchor handlers seen supporting floating production systems. As an example, conventional tankers with midship manifolds are more commonly found in Africa whilst DP shuttle tankers with bow loading systems have typically but not exclusively been deployed in Brazil. The different conditions impact the specific offtake operations. Using the largest floating production and storage segment, FPSOs, Exhibit 3 summarizes the sizes of anchor handlers and PSVs deployed in long-term support operations by major region.  Source: Intelatus Global Partners Brazil and Africa are the largest FPSO markets for OSVs. It is worth noting the concentration of large anchor handlers in Brazil from around 150 to around 210 tonnes bollard pull, whereas the spread of sizes found in the large African market is significantly wider. For PSVs, there is less of a clear correlation of vessel size to FPSO storage or processing capacities. At a high-level we can say that 3,000-5,000 plus dwt PSVs are used for FPSO support, generally in the larger markets such as Africa and Brazil. Other OSVs are often deployed for security, fire and/or pollution control stand-by. How big is the opportunity for OSVs? Based on our analysis of existing operational practices and our forecast of planned and on order floating production and storage systems, Exhibit 4 summarizes our long-term demand forecast of OSVs to support operations. Our base case identifies a demand for around 425 units.  Source: Intelatus Global Partners Potential for large anchor handler supply tightnessIncreased exploration and production activity is a trigger for increased drilling rig utilization, which is also a trigger for AHT, AHTS and PSV utilization. The OSV fleet was built to support oil & gas activities and with the reactivation of idle vessels and even some new building supply and demand may find some balance. However, we believe that there is an emerging new demand for large anchor handlers for which there is insufficient vessel supply –- floating offshore wind farms. Pre-commercial floating wind turbine arrays are already being installed and large commercial projects of 500-1,000 MW are in planning for installation towards the end of the decade. Floating wind arrays deploy floating substructures which are generally semi-submersible, spar or TLP concepts designed to support the latest generation of wind turbine which has a capacity of around 15 MW, which means around 66 wind turbines will be installed on a 1 GW wind farm. Each substructure is moored to the seabed with at least three mooring lines. The largest anchor handlers have been deployed to date to install mooring, tow and hook up floating wind structures. Exhibit 5 summarizes the size of anchor handlers deployed on floating wind projects to date and compares a typical floating wind farm with a typical deep-water FPSO. One offshore wind farm consumes around five times more mooring line and up to 12 times more anchors than the FPSO project.  Source: Intelatus Global Partners, Equinor We see the challenge in the 16,000 bhp or 200 tonnes bollard pull anchor handlers and above segments. There are about 155-175 active anchor handlers and around a further 40 vessels in lay-up in this segment. With limited new building activity committed there is a potential supply shortage past the middle of the decade. This becomes a driver for a tight market, higher day rates and new building, especially for vessels featuring diesel electric, hybrid or fuel cell systems or vessels operating on low or zero carbon fuels. |
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Post by bjspokanimal on Jun 14, 2022 15:17:57 GMT -5
360 FPSOs currently operating and 200 on order or planned.
On order or planned FPSOs represent a 55.5% increase over
every one that's been put in place historically before now.
To put that in perspective, imagine that demand for oil
products were to increase so much that the world had, either
planned or on order, 55.5% more oil refineries?
Of course, that's ridiculous, but it illustrates the magnitude
of the shift toward deep water oil exploration relative to all
other sources of E&P. No other developing source of oil is
anywhere remotely close to needing 55.5% more infrastructure to
handle it's expected increase in oil production over the next
5 to 7 years.
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Post by Blitz on Jun 15, 2022 7:48:35 GMT -5
This article is behind a paywall... Saipem to engineer Brazil-bound FPSO
 Italian contractor lined up for Shell’s Gato do Mato floater 15 June 2022 - By Amanda Battersby in Singapore www.upstreamonline.com/field-development/saipem-to-engineer-brazil-bound-fpso/2-1-1238141Italian contracting giant Saipem has been issued with a limited notice to proceed by floater specialist BW Offshore for early stage engineering services for the floating production, storage and offloading vessel destined for Shell’s Gato do Mato field development offshore Brazil. The LNTP is valued at up to $50 million, with Saipem’s share worth around $25 million, the contractor confirmed. “The LNTP is a key step ahead for this initiative and [the] Saipem project team is already fully mobilised,” said Saipem. |
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Post by Blitz on Jun 20, 2022 11:14:20 GMT -5
With African offshore discoveries growing as well as South American discoveries in Brazil, Suriname, and Guyana. I wonder if FPSO ships will become a bottleneck limiting deepwater E&P? And now this... There are expected to be around ten FPSO contracts awarded worldwide in 2022. Brazil is forecast to be the leading contributor and expected to account for three FPSO contracts, followed by the United Kingdom, which is expected to support the construction of two new vessels. The number of FPSO contracts awarded has seen an increase of roughly 233 percent in comparison to the year 2020, when the coronavirus pandemic's effect severely affected the FPSO market. Chart link: www.statista.com/statistics/1291035/fpso-global-contract-awards///////////////////////// Forecast number of floating production, storage, and offloading (FPSO) projects worldwide between 2022 and 2027, by leading countries Global FPSO planned projects forecast 2022-2027, by key country Published by N. Sönnichsen, Feb 18, 2022 Link to chart: 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. |
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Post by Blitz on Jun 20, 2022 11:24:11 GMT -5
Cosco delivers Brazil-bound floater The Almirante Barroso FPSO will be deployed on Petrobras’ Buzios field 20 June 2022 0:49 GMT UPDATED 20 June 2022 9:01 GMT - By Xu Yihe in Singapore www.upstreamonline.com/rigs-and-vessels/cosco-delivers-brazil-bound-floater/2-1-1241583  Japanese floater specialist Modec has taken delivery of a floating production, storage and offloading vessel — which is destined for Petrobras’ Buzios pre-salt field offshore Brazil — from Cosco Shipping Heavy Industry. The Almirante Barroso FPSO sailed from Cosco’s Dalian city yard, in northeastern China’s Liaoning province, on Saturday and should produce its first oil later this year. The floater is the 11th such unit Cosco has converted for Modec. It will be the 5th FPSO deployed at the Buzios field, which is operated solely by Petrobras and is located 180 kilometres off the coast of Rio de Janeiro, in the giant pre-salt region of the Santos Basin. |
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Post by Blitz on Jun 20, 2022 11:35:50 GMT -5
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Post by Blitz on Jun 27, 2022 6:35:49 GMT -5
Saipem strikes deal with Norwegian player for sale of Cidade de Vitoria FPSO BW Energy will pay Italian contractor $73 million for floater 27 June 2022 - By Nishant Ugal in New Delhi www.upstreamonline.com/rigs-and-vessels/saipem-strikes-deal-with-norwegian-player-for-sale-of-cidade-de-vitoria-fpso/2-1-1246003Italy’s Saipem has signed a deal with Norwegian operator BW Energy to sell the floating production storage and offloading vessel Cidade de Vitoria, which is currently working for Petrobras at the Golfinho field offshore Brazil. Saipem confirmed it has signed a memorandum of agreement (MoA) with BW Energy for the sale ofCidade de Vitoria FPSO. “Under the MoA, BW Energy will pay Saipem $73 million of which $25 million is due at the Golfinho transaction closing, $13 million is due at FPSO takeover and customs clearance, expected in 2023, and $35 million will be paid in 18 monthly instalments following the takeover,” Saipem noted. Earlier in June, BW Energy agreed to purchase for $75 million the Golfinho and Camarupim offshore clusters in Brazil’s Espirito Santo basin from national oil giant Petrobras. Saipem added that the sale of the FPSO is “subject to the closing of the acquisition by BW Energy of the 100% operating working interest in the Golfinho field from Petrobras”, which is expected in the first quarter of 2023. The Italian contractor further said that considering the terms of the Golfinho transaction, the “current lease and operate contract between Saipem and Petrobras — which would have expired in February 2023 — has been extended until the FPSO takeover, or June 2024, whichever comes first”. Article continues below the advert Saipem also noted the FPSO sale agreement is in line with the assumptions of its 2022-2025 strategic plan. The Golfinho cluster is situated in water depths of between 1300 and 2200 metres. The cluster comprises the Golfinho and Canapu fields, plus a 65% operated stake in Block BM-ES-23, home of the Brigadeiro discovery and other finds known as the Park of the Sweets area. According to BW Energy, the Golfinho cluster has several proven low-risk infield development opportunities with substantial potential long-term upside from gas accumulations. “Golfinho offers material ongoing production and cash flow in Brazil at an attractive price with significant upside potential in near-field exploration and phased developments,” BW Energy chief executive Carl Arnet recently noted. The Golfinho field in May produced 8600 barrels per day of oil via the Cidade de Vitoria FPSO. The floater started operations at Golfinho in 2007 and is currently producing via five wells. |
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Post by Blitz on Jul 4, 2022 9:25:06 GMT -5
Israel shoots down drones heading to Energean’s new FPSO By OilNOW - July 4, 2022 oilnow.gy/featured/israel-shoots-down-drones-heading-to-energeans-new-fpso/ Three Hezbollah drones that appeared to be heading for Energean’s new FPSO have been shot down by Israeli forces. The FPSO recently arrived in the Mediterranean Sea for operations at the Karish gas field. Just weeks ago, Lebanon warned Israel against commercial activity in the area since it believes that the Karish gas field is located within disputed waters where both states hope to develop offshore energy. Lebanon’s President, Michel Aoun, had said any activity in the disputed area “constitutes a provocation and a hostile act.” But Israel claims the Karish gas field is not part of the disputed area and is in fact located in its waters. According to reports, the Israel Defence Force (IDF) said the UAVs had not posed any immediate threat. The Israeli armed forces said they had used a fighter jet and a missile ship to intercept the three over Israel’s economic waters. The IDF said the interception demonstrated its ability to provide “multi-layered air defence”. Its forces spotted the drones at an early stage and destroyed them “at the optimal operational point”. Hezbollah said the three drones were there to gather information and to “send a message” to Israel. Israeli Minister of Defence Benny Gantz said the state would defend its infrastructure against any threat. “The terrorist organisation Hezbollah undermines the ability of the Lebanese state to reach an agreement on the maritime border that is vital to the Lebanese economy and its citizens,” Gantz said. “Energean Power’s operational routine was not disturbed. The company has, as always, full confidence in the Israeli government and in the Israeli security capability,” Energean said. The FPSO arrived offshore Israel in early June. It is due to reach first gas in the third quarter of this year. |
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Post by Blitz on Jul 4, 2022 10:11:14 GMT -5
Ping hits the fairway: FPSO identified for UK oil project Ping Petroleum takes delivery of a cylindrical floater for the Avalon project 4 July 2022 By Russell Searancke in Wellington www.upstreamonline.com/field-development/ping-hits-the-fairway-fpso-identified-for-uk-oil-project/2-1-1251866 UK operator Ping Petroleum has taken delivery of a floating production, storage and offloading vessel to be deployed on its Avalon development in the UK North Sea. The FPSO in question is the cylindrical Sevan Hummingbird, which will be modified to facilitate electrification from an external, low-carbon source, said Dagang NeXchange (DNeX), the Malaysian major shareholder in Ping. DNeX said the FPSO was acquired from marine energy transportation company Teekay Corporation. |
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Post by Blitz on Jul 5, 2022 17:30:30 GMT -5
Tullow Oil Taps Petrofac of O&M Services at Ghana FPSO OE Staff July 5, 2022 www.oedigital.com/news/497856-tullow-oil-taps-petrofac-of-o-m-services-at-ghana-fpso Credit: P.G. McCardle/MarineTraffic.com London-listed oilfield services giant Petrofac has won a contract with the oil firm Tullow Oil to provide operations services for Tullow's Jubilee Development offshore Ghana. Petrofac’s role in the Jubilee development in Ghana – one of the largest oil fields discovered offshore West Africa in 20 years – includes the provision of operations, maintenance, and technical support services for Tullow Oil’s Kwame Nkrumah FPSO. Tullow’s Chief Executive Officer, Rahul Dhir said, “This new partnership with Petrofac will leverage Petrofac’s years of experience in operating onshore and offshore facilities and will deliver improved operations on [Kwame Nkrumah]. In particular, Petrofac’s experience in workforce training will be key in helping Tullow develop Ghanaian talent in leadership roles in the management of Ghana’s offshore facilities.” According to World Energy Reports' FPSO database (paywall), the Kwame Nkrumah MV21 FPSO started production in December 2010. The FPSO was delivered by Japan's MODEC, and can produce 120,000 barrels a day, with a storage capacity of 1.6 million barrels. |
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Post by Blitz on Jul 5, 2022 17:37:40 GMT -5
Excerpted due to a paywall... TechnipFMC wins $1 billion subsea contract for Equinor’s BM-C-33 project EPCI contract for pre-salt development offshore Brazil is subject to final investment decision 5 July 2022 - By Fabio Palmigiani in Rio de Janeiro www.upstreamonline.com/field-development/technipfmc-wins-1-billion-subsea-contract-for-equinor-s-bm-c-33-project/2-1-1253171 TechnipFMC has signed a letter of intent with Norwegian operator Equinor potentially worth more than $1 billion to carry out integrated front-end engineering and design studies on the giant BM-C-33 pre-salt project offshore Brazil. The BM-C-33 development in the Campos basin features the Pao de Acucar, Gavea and Seat discoveries, and is estimated to hold more than 1 billion barrels of oil equivalent in recoverable resources. It is expected to enter operation in 2026 via a large floating production, storage and offloading vessel with processing capacity of 125,800 barrels per day of oil and 16 million cubic metres per day of natural gas.///////////////// Found this after I posted the above article: Petrofac secures operations services contract for Nkrumah FPSO in Ghana July 5, 2022 www.offshore-technology.com/news/petrofac-nkrumah-ghana/Petrofac will provide operations, maintenance, and technical support services for Tullow Oil’s FPSO vessel. Tullow Oil has awarded a contract to Petrofac to provide operations services for the Jubilee Development project in Ghana. Under the contract, Petrofac will be responsible for operations, maintenance, and technical support services for Tullow Oil’s Kwame Nkrumah (KNK) floating production storage and offloading (FPSO) vessel. Installed at a water depth of approximately 1,100m on the Jubilee field, the FPSO is designed to process over 120,000 barrels of oil per day, and inject more than 230,000 barrels of water per day and 160 million standard cubic feet per day of produced gas. Petrofac Asset Solutions business chief operating officer Nick Shorten said: “I’m delighted that we are continuing to grow our presence in Africa, with valued long-term partner Tullow Oil. We bring our considerable global FPSO experience to Ghana, also putting us in a good position to support other similar facilities in the region. “Petrofac has been in North Africa for more than two decades and now we are building our presence across the continent, growing local jobs, developing local skills, and collaborating with local partners.” The contract follows recent orders for Petrofac to decommission seven subsea wells in Mauritania. The contract includes the project management, engineering, planning, and plugging and abandonment (P&A) of seven wells on Tullow Oil’s Banda and Tiof fields. Tullow CEO Rahul Dhir said: “This new partnership with Petrofac will leverage Petrofac’s years of experience in operating onshore and offshore facilities and will deliver improved operations on KNK. “In particular, Petrofac’s experience in workforce training will be key in helping Tullow develop Ghanaian talent in leadership roles in the management of Ghana’s offshore facilities.” Earlier this year, Petrofac announced that it had received two contracts from India’s Cairn Oil & Gas, Vedanta. |
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Post by Blitz on Jul 11, 2022 17:08:52 GMT -5
FPSO Anna Nery left China for Brazil to produce at the Marlim field 7/11/22 brazilenergyinsight.com/2022/07/11/fpso-anna-nery-left-china-for-brazil-to-produce-at-the-marlim-field/(PN) The platform ship (FPSO) Anna Nery left the Cosco Qidong shipyard in China and began its journey to Brazil. In the next two weeks, the vessel will carry out navigation tests in Chinese waters. It will then make stops in Singapore and Mauritius, to refuel and change crews. The arrival in Brazil is scheduled for October, when the final stage of commissioning and acceptance tests will be carried out. The FPSO Anna Nery is the first vessel within the Marlim and Voador Revitalization Project, in the Campos Basin. The FPSO is chartered to Petrobras from Yinson and will have the capacity to produce 70,000 barrels of oil and process 4 million m³ of gas. The start of production is scheduled for next year. Currently, the Marlim field produces around 30,000 barrels of oil per day. The FPSO Anna Nery and the FPSO Anita Garibaldi – which was also contracted by Petrobras for the revitalization of Marlim – will be connected to 75 wells and will allow the extension of production from the field’s deposits until 2048. The new systems will allow the expansion of the current production of Marlim and Voador to more than 150 thousand barrels of oil per day. A novelty of the vessel is the “All Electric” concept, which consists of maximizing the use of electric energy to drive the equipment of the production unit, which contributes to a lower level of carbon emissions in relation to other project concepts. |
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Post by Blitz on Jul 14, 2022 8:12:06 GMT -5
New Guyana FPSOs to be built with Liza Unity’s record sustainable design – Exxon By OilNOW - July 14, 2022 oilnow.gy/featured/new-guyana-fpsos-to-be-built-with-liza-unitys-record-sustainable-design-exxon/The SBM Offshore built and operated Liza Unity FPSO, Guyana's second oil production vessel, while under construction in Singapore. The unit has since been delivered to Guyana and is producing oil at the Stabroek Block. ExxonMobil has marked a milestone with the SBM Offshore built and operated Liza Unity floating production storage and offloading (FPSO) vessel for its second oil development in the Stabroek Block offshore Guyana. It was the first FPSO in the world to be awarded the SUSTAIN-1 notation for its sustainable design and operations. And with 10 FPSOs envisioned to develop the oil and gas resources in the Stabroek Block, Exxon plans to ensure upcoming vessels follow Liza Unity’s sustainable design. The Stabroek Block holds close to 11 billion barrels of oil equivalent. And with the use of industry-leading technology, Exxon said it is working to develop, reliably produce and deliver energy resources from those barrels to the global market. WATCH: Normand Installer vessel performing installation work for Liza Unity FPSO But not only that, Exxon also has to deliver energy that meets global needs while also helping to reduce air emissions as the world aims to achieve net zero. With production vessels like the Liza Unity, the company would be on the right path. “Guyana is becoming a major source of energy [and] vessels like the Liza Unity help develop oil and gas resources with lower air emissions through sustainable design and operations,” Exxon outlined in its most recent Energy Factor publication. It said, “Designing more efficient vessels for operation in Guyana ensures the ability to meet global production needs while supporting lower-emission energy goals.” The Liza Unity was designed and built – and now operates – in alignment with the American Bureau of Shipping’s SUSTAIN-1 Notation and the United Nation’s Sustainable Development Goals (SDG). According to Exxon, the vessel is “more energy efficient and has a lower air emissions impact than other vessels.” Liza Unity achieves pilot flare, new gas compression system for Liza Destiny – Exxon “The SUSTAIN-1 notation focuses on the environmental aspect of design and monitoring. It focuses on waste management, protecting the marine environment around your surroundings, reduction of air emissions, and efficiency in your overall process. We were able to show that for the Liza Unity in Guyana and became the first FPSO to do so,” said Exxon’s Unity Asset Manager, Travys Townson. And having the SUSTAIN-1 notation is said to be a testament to Exxon’s focus on sustainability and minimising environmental impacts in oil and gas production, Townson, added. Liza Unity delivering the goods for Guyana, Stabroek co-venturers The Liza Unity is just the start. The next FPSO for Exxon’s third development – Payara is being constructed with the SUSTAIN-1 requirements, by SBM Offshore. Additionally, the One Guyana FPSO for Exxon’s fourth development at Stabroek Block, is also currently under construction by SBM Offshore. |
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Post by Blitz on Jul 14, 2022 8:19:17 GMT -5
Anna Nery FPSO Leaves China Shipyard Ahead of Journey to Brazil OE Staff July 12, 2022 www.oedigital.com/news/498019-anna-nery-fpso-leaves-china-shipyard-ahead-of-journey-to-brazil Photo: Petrobras Agency The Anna Nery FPSO, bound for Petrobras' Marlim offshore field in Brazil, last Friday left the Cosco Qidong shipyard in China, marking the start of its journey to Brazil. The FPSO, to be provided to Petrobras by Malaysian FPSO provider Yinson, with its project partner Sumitomo Corporation, will now carry out navigation tests for 15 days in Chinese waters. After this, the FPSO will make stops in Singapore and Mauritius, where it will take supplies and change the crew. It is expected to arrive in Brazil in October when the final stage of commissioning and acceptance tests will take place after which the FPSO will start its 25-year contract with Petrobras. The Anna Nery FPSO is scheduled to start production in 2023. It will be able to produce 70,000 barrels of oil and process 4 million m³ of gas. The FPSO Anna will be the first of two FPSOs that will be part of the Marlim and Voador Revitalization Project in the Campos Basin. The FPSO Anna Nery together with the FPSO Anita Garibaldi, the next production unit scheduled to operate the Marlim and Voador revitalization project, will be connected to 75 wells and will allow the extension of production from the field's deposits until 2048. The new systems will enable the expansion of the current production of Marlim and Voador to more than 150 thousand boepd. |
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Post by Blitz on Jul 20, 2022 7:13:54 GMT -5
FPSO Almirante Barroso En Route to Brazil, MODEC Says OE Staff July 20, 2022 www.oedigital.com/news/498169-fpso-almirante-barroso-en-route-to-brazil-modec-says Japanese FPSO leasing company MODEC said Wednesday that the FPSO Almirante Barroso MV32 had started its navigation towards Brazil last Sunday. Upon reaching Brazil, the FPSO - bound for Petrobras' Búzios deepwater oil field - will continue to be commissioned in the city of Angra dos Reis, in the southern region of the Rio de Janeiro state. The FPSO Almirante Barroso MV32 – which will have the capacity to produce up to 150,000 barrels of oil and process 6 million cubic meters of gas daily – is the 15th platform delivered by MODEC for the Brazilian offshore sector. This will be the 5th FPSO deployed at the Búzios field. The Búzios field is 100% operated by Petrobras and is situated 180 km off the coast of Rio de Janeiro, in the giant “pre-salt” region of the Santos Basin, Brazil, at a water depth of approximately 1,900 meters. MODEC is responsible for the engineering, procurement, construction, mobilization, chartering and operations of the FPSO, including topsides processing equipment as well as hull and marine systems. According to World Energy Reports, Cosco Dalian was responsible for the handling of the tanker hull conversion to FPSO. Info on MODEC's website shows that the FPSO is expected to start producing oil at the Buzios field in 2022. The FPSO is expected to stay at the site until 2043. |
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Post by Blitz on Jul 22, 2022 8:31:48 GMT -5
SBM Offshore completes US$1.75 billion financing of ONE GUYANA 7/21/22 brazilenergyinsight.com/2022/07/21/sbm-offshore-completes-us1-75-billion-financing-of-one-guyana/#more-46613  SBM Offshore is pleased to announce it has completed the project financing of FPSO ONE GUYANA for a total of US$1.75 billion. The project financing was secured by a consortium of 15 international banks. The Company expects to draw the loan in full, phased over the construction period of the FPSO. The financing will become non-recourse once the FPSO is completed and the pre-completion guarantee has been released. The project loan is in line with the duration of the charter hence a two-year tenor post-completion and carries a variable interest rate based on SOFR plus 2.2% margin. The FPSO ONE GUYANA builds on the experience to date of FPSOs Liza Destiny, Liza Unity and Prosperity. As such, the design is based on SBM Offshore’s industry leading Fast4Ward® program that incorporates the Company’s new build, multi-purpose hull combined with several standardized topsides modules. The FPSO will be designed to produce approximately 250,000 barrels of oil per day, will have associated gas treatment capacity of 450 million cubic feet per day and water injection capacity of 300,000 barrels per day. The FPSO will be spread moored in water depth of about 1,800 meters and will be able to store around 2 million barrels of crude oil. The project is part of the Yellowtail development which is the fourth development within the Stabroek block, circa 200 kilometers offshore Guyana. Esso Exploration and Production Guyana Limited, an affiliate of Exxon Mobil Corporation, is the operator and holds a 45 percent interest in the Stabroek block, Hess Guyana Exploration Ltd. holds a 30 percent interest and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds a 25 percent interest. |
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Post by bjspokanimal on Jul 22, 2022 12:06:44 GMT -5
Although FPSO's can be pretty expensive, the cost needs to be compared to what shallow
water producers often have to spend to lay pipelines, finance shore-based facilities that
do what FPSOs do, and coordinate it with facilities that will ship the product, either
across land via pipeline or train, or to loading dock facilities that put it on tankers.
FPSO's are increasingly viable as land operations become increasingly prohibitive, often
not just because of cost, but because of increasingly hostile or bureaucratic societal
hurdles associated with involving anything on shore.
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Post by Blitz on Jul 28, 2022 7:10:22 GMT -5
BP reserves Yinson FPSO for Angola July 28, 2022 www.oedigital.com/news/498349-bp-reserves-yinson-fpso-for-angolaBP has reserved Yinson's Nganhurra floating, production storage and offloading (FPSO) vessel for use on its proposed 10-well subsea Palas, Astrea and Juno oil fields (PAJ Project), on Block 31, offshore Angola. Under an agreement signed between BP and Yinson, Yinson will exclusively allocate FPSO Nganhurra to BP for the PAJ Project until 31 December 2022, with an extension option until 30 June 2023, while contract negotiations to convert, operate, maintain and lease the FPSO for the PAJ project are done. The lease and operate contract is anticipated to include a 10-year fixed term. It is expected to be executed by the end of 2024 subsequent to BP reaching final investment decision. FPSO Nganhurra has a production capacity of 100,000 barrels of oil per day and was built by Samsung in 2006. The FPSO, which operated at the Enfield field in Australia until autumn 2018, is currently laid up outside Labuan, Malaysia. Yinson holds an exclusive purchase option for FPSO Nganhurra until 30 June 2023 with its owners, Woodside Energy and Mitsui E&P Australia Pty Ltd, with an option for Yinson to extend such exclusive purchase option until 31 December 2023. Yinson Production Chief Executive Officer Flemming Grønnegaard says, “We have recently completed two successful redeployment projects, which are FPSO Abigail-Joseph and FPSO Helang, and the Group is currently engaged in a redeployment delivery for FPSO Atlanta. We are confident that our track record, technical knowledge and experience in this industry will support and fulfill bp’s business needs.” ##### Background information: The first deepwater development in block 31 offshore Angola began production on Dec. 6, 2012. The $14-billion PSVM development consists of four oil fields - Plutão, Saturno, Vênus and Marte - in water depths between 1,500 and 2,500 m (4,921 and 8,202 ft). |
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