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Post by Blitz on Jan 5, 2024 8:45:47 GMT -5
I'm expecting more "E" in Suriname's E&P in deepwater basins. They are eying Guyana's success and like what they see. The map does not show many planned wells offshore Suriname but that will change. And now this... Suriname’s oil and gas industry: Progress in 2023 OilNOW - January 5, 2024 oilnow.gy/featured/surinames-oil-and-gas-industry-progress-in-2023/ Suriname’s first offshore oil discovery was made in 2020 at the Maka Central-1 well in Block 58. Since then, more than eight discoveries have been made in several blocks. The Suriname basin is estimated to hold over 30 billion unproven barrels, its state oil company, Staatsolie has estimated. The company has been readying the country for offshore oil development. Let’s take a look at the progress made in 2023. Offshore contracts awarded: Aiming to have as much of its offshore area under contract, Staatsolie signed production sharing contracts (PSCs) for Block 6 and Block 8 with TotalEnergies Suriname and QatarEnergy on May 28. Then on December 15, it awarded PSCs for three deepwater blocks: 63, 64, and 65 from the Demerara Bid Round. Block 63 was awarded to PETRONAS, Block 64 was awarded to a TotalEnergies, QatarEnergy and PETRONAS consortium and Block 65 was awarded to BG International – a Shell subsidiary and QatarEnergy. Block 58’s first development announced: Patrick Pouyanné, Chairman and Chief Executive Officer (CEO) of TotalEnergies, visited Suriname on September 13 to announce the preliminary design of the first production field in Block 58. Total, as operator, leads the project alongside APA Corporation, its 50% partner. Together, they drilled 14 wells in this block, according to Staatsolie. Estimated to cost US$9 billion, the project will develop approximately 700 million barrels from the Sapakara South and Krabdagu reservoirs. Both lie in water depths of between 100 to 1,000 metres. A floating production, storage and offloading (FPSO) vessel with the capacity to produce 200,000 barrels per day (bpd) will be utilized, connected to subsea wells. Development studies have been launched for the project. TotalEnergies’ expansion bolsters Suriname’s offshore oil prospects | OilNOW PETRONAS mulling Block 52 development: A development at Block 52 around the Roystonea-1 well discovery could be possible. PETRONAS Chief Operating Officer (COO) Adnan Zainal Abidin visited in November and disclosed that the company is contemplating conducting at least two additional drillings this year to amass more comprehensive data for its field plans. On November 2, Petronas announced an oil discovery at the Roystonea-1 exploration well. Further evaluation is being undertaken to determine the full extent of the discovery and its potential development synergy with the Sloanea-1 discovery made in 2020 within the same block. Staatsolie had deemed Sloanea-1 as having “promising” potential to become a natural gas development. Local Content strides: In the field of Local Content, Staatsolie launched the BlueWave Supplier Development program in collaboration with ExxonMobil and Chevron. The program aims to take the business operations of local companies to a higher level so that they have greater opportunities to supply goods and services to the offshore sector. According to Staatsolie, 25 companies participated in the first tranche while the second will begin in the first quarter of 2024. |
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Post by Blitz on Jan 5, 2024 9:28:29 GMT -5
Noble and Petronas Agree Rig Swap Offshore Suriname brazilenergyinsight.com/2024/01/05/noble-and-petronas-agree-rig-swap-offshore-suriname/ (OE) Offshore drilling contractor Noble Corporation and Malaysian oil company Petronas, through its subsidiary Petronas Suriname E&P, have agreed to rig swap for extended scope offshore Suriname. Based on an existing contract option, Noble and Petronas Suriname E&P have entered into an agreement for the 7th generation drillship Noble Voyager to drill one well in Block 52 offshore Suriname. The work scope has been transferred to the Noble Voyager from the Noble Discoverer, which was previously assigned the contract option. The contract extension is expected to start in February 2024, with an estimated duration of 120 days. The clean dayrate is $470,000, according to the companies. The parties have further agreed to add a new one-well option to the contract. “We are very pleased to continue our partnership and collaboration with PETRONAS in Suriname with this extension and agreement to transfer the work scope to the Noble Voyager. This will be the third of our rigs to work in Block 52 and we look forward to getting the Voyager back in action in early 2024.,” says Blake Denton, SVP of Marketing & Contracts. The Noble Voyager recently completed a contract offshore Mauritania. The drillship has moved to Port of Spain, Trinidad and Tobago to start preparations for the Petronas work scope. |
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Post by Blitz on Jan 5, 2024 9:46:59 GMT -5
Excerpt: Petronas and ExxonMobil weeks away from drilling new exploration probe in sizzling Suriname play Two discoveries have already been made in promising offshore block 5 January 2024 - By Russell Searancke in Oslo www.upstreamonline.com/exploration/petronas-and-exxonmobil-weeks-away-from-drilling-new-exploration-probe-in-sizzling-suriname-play/2-1-1579399?abtest=aA joint venture of Petronas and ExxonMobil is limbering up to drill a new offshore exploration well in Suriname in a block where it has already made two oil discoveries. Malaysia's state oil company operates Block 52 and has just secured a drillship from Noble Corporation for the one-well assignment. Noble said in a LinkedIn post on Thursday it had agreed with a rig swap with Petronas whereby the Suriname probe will be drilled using the Noble Voyager drillship instead of the semi-submersible Noble Discoverer. |
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Post by Blitz on Jan 5, 2024 10:20:13 GMT -5
This company works in the Permian and in deepwater blocks offshore Suriname. Both XOM & CVX have expanded assets in the Permian and offshore Suriname and Guyana. Supermajors and big oil are targeting these areas as where to be now and in the future... but the Permian assets will be depleted much faster and more expensive while offshore breakeven will stay steady. That will exacerbate the need for floaters driving dayrates higher due to tight supply with increasing demand. And despite what the ESG voodoo models show... demand for oil is not going down, it's going up. And now this... APA Corporation increases oil production from Permian basin with $4.5 billion Callon Petroleum acquisition January 04, 2024 www.worldoil.com/news/2024/1/4/apa-corporation-increases-oil-production-from-permian-basin-with-4-5-billion-callon-petroleum-acquisition/(WO) – APA Corporation and Callon Petroleum Company have entered into a definitive agreement under which APA will acquire Callon in an all-stock transaction valued at approximately $4.5 billion, inclusive of Callon’s net debt. Under the terms of the transaction, each share of Callon common stock will be exchanged for a fixed ratio of 1.0425 shares of APA common stock.  Source: Callon Petroleum The transaction is expected to be accretive to all key financial metrics and add to APA’s inventory of high quality, short-cycle opportunities. Callon’s assets provide additional scale to APA’s operations across the Permian basin, most notably in the Delaware basin, where Callon has nearly 120,000 acres. On a pro forma basis, total company production exceeds 500,000 boed and enterprise value increases to more than $21 billion. “Callon has built a strong portfolio in the Permian basin that is complementary to our existing Permian assets and rounds out our opportunity set in the Delaware,” said John J. Christmann IV, APA’s CEO and president. “The acquisition is accretive and unlocks value for both shareholder bases, as increased scale will enable us to realize significant overhead and cost-of-capital synergies. The pro forma footprint in the Permian will also create opportunities to capture meaningful operating synergies.” “We are very proud of the significant steps we have taken to enhance Callon’s asset base, operational performance and balance sheet over the past several years,” said Joe Gatto, Callon’s president and CEO. “This combination with APA now provides for an enhanced value proposition for our shareholders built on their depth of experience and strong execution in the Permian basin, flexibility for increased capital allocation, and ongoing delineation and optimization efforts.” Combined Permian asset position and preliminary 2024 planned activity. Pro forma average daily Permian basin production was 311 MMboed in Q3 2023, which represents a 48% increase from APA’s Permian basin production on a standalone basis. APA's oil production as a percentage of boe’s in the Permian increases from approximately 37% to 43% in Q3 2023, on a pro forma basis. Pro forma APA positioning. “APA has a proven ability to deliver strong results from its unconventional assets in the Permian basin, and we look forward to building on the progress that the team at Callon has made within its asset base. This transaction is aligned with our strategy of maintaining and growing a diversified portfolio, underpinned by large-scale core areas of operation while continuing to build a portfolio of medium and longer-term exploration-driven development opportunities,” Christmann said. Following the closing, the company’s worldwide pro forma production mix will be approximately 64% U.S. / 36% international. APA’s global portfolio includes ongoing development on large-scale legacy assets in the U.S. and Egypt. The company is also advancing a FEED process for a large-scale FPSO development offshore Suriname. In addition to current production and development activities across the globe, APA maintains a differentiated exploration portfolio, which includes newly acquired large-scale blocks offshore Uruguay and onshore state-land leases in Alaska.
APA Corporation owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom and that explore for oil and natural gas offshore Suriname.
Callon Petroleum Company is an independent oil and natural gas company focused on the acquisition, exploration and sustainable development of high-quality assets in the Permian basin in West Texas. |
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Post by Blitz on Jan 5, 2024 10:29:19 GMT -5
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Post by Blitz on Jan 5, 2024 10:36:15 GMT -5
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Post by bjspokanimal on Jan 5, 2024 15:50:48 GMT -5
The graphs above support the notion that GDP and population growth will easily ensure that a worst case scenario of oil demand peaking, then plateauing at that peak level for a long time, should happen.
That is not a bad prospect, considering that world oil reservoir depletion is easily outpacing new discoveries and will continue to do so going forward.
But then there's Transocean's landmark illustration #4 from last February's presentation. That suggests that beyond the worst-case scenario of plateauing oil demand, that history suggests that oil demand will continue to increase, at least until 2050, since overall energy demand will increase much faster than the energy transition can accommodate it. Oil's percent of total energy consumption will continue to decline, but total oil consumption will continue to increase.
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Post by Blitz on Jan 8, 2024 8:16:15 GMT -5
Oil majors gradually taking over Guyana-Suriname basin OilNOW - January 8, 2024 oilnow.gy/featured/oil-majors-gradually-taking-over-guyana-suriname-basin/ The oil majors ExxonMobil, TotalEnergies, Chevron, and Shell are gradually expanding their presence in the Guyana-Suriname Basin. With some contracts expected to be finalized in 2024, these four companies will have stakes in 15 offshore blocks, amounting to more than 75,000 square kilometers (km2). ExxonMobil is expected to acquire its fifth block in the basin, once it finalizes a contract with Guyana for block S8. The block was awarded after Guyana’s first offshore licensing round to a consortium of ExxonMobil, Hess and CNOOC. Exxon will pick up this block after announcing a decision to divest its stake in Guyana’s Kaieteur block, late last year. Exxon also holds a 35% operating stake in the Canje block, and a 45% operating stake in the prolific Stabroek block, where it has made dozens of discoveries, has lined up six oil developments, and plans to drill many more exploration and appraisal wells in the next few years. Over in Suriname, Exxon has a 50% stake in block 52, where Petronas has made two discoveries – Sloanea-1 and Roystonea-1. It also operates block 59, with a 33% interest. Altogether, Exxon will hold stakes in blocks in the basin which amount to 47,856 km2. Chevron, through its acquisition of Hess, has gained access to a coveted prize – 30% interest in the Stabroek block. Chevron will also hold a stake in block S8 offshore Guyana when the contract is finalized. In Suriname, Chevron is the operator of block 5, with a 40% stake. It also operates block 7, with an 80% stake. Chevron holds a 67% stake in block 42, and 33% in the ExxonMobil-operated block 59. Altogether, Chevron’s holdings in the Guyana-Suriname basin will account for about 48,666 km2, slightly surpassing ExxonMobil in terms of area. Guyana also awarded block S4 to TotalEnergies, part of a consortium with QatarEnergy and Petronas. When this is finalized, Total will have interests in seven blocks in the Guyana-Suriname basin. That will be the highest number of blocks among majors, but with significantly less acreage than Exxon and Chevron – just 23,244km2. Total also has a 35% stake in the ExxonMobil-operated Canje block, and holds a 25% interest in the Orinduik block in a joint venture with QatarEnergy. Total’s biggest prize among this lot, however, is its 50% operating stake in block 58. Partnered with APA Corporation, Total has made several discoveries there, and intends to bring its first development on stream by 2028. TotalEnergies also, in 2023, acquired three blocks offshore Suriname, as operator with 40% interest in each – blocks 6, 8 and 64. Shell has no interest in Guyana blocks, but it has stakes in three blocks offshore Suriname. Shell operates block 42, with 33% interest, and a 20% interest in the Chevron-operated block 5. It also recently acquired a 60% interest and operatorship in block 65. |
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Post by bjspokanimal on Jan 8, 2024 22:27:31 GMT -5
So far, block 58 and the northwest corner of block 52 have been the extent of decent discoveries in Suriname. If block 58 develops like Stabroek, it could be enough to result in a few nice tenders this year and next. No reason to think block 52 alone couldn't be using 4 drillships by late next year.
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