January's top stories: Energean's $1.5bn Israel fields, Summit's LNG terminal
Energean Oil & Gas revealed plans to invest up to $1.5bn to develop Israeli offshore fields, Summit Group's plans to develop $500m LNG terminal in offshore Bangladesh, BP to sell interests in Magnus oilfield. Offshore-technology.com wraps up the key headlines from January, 2017.
Greek company Energean Oil & Gas revealed initial details for development of Karish and Tanin natural gasfields in offshore Israel.
During a press conference in Tel Aviv, the company said that the two fields will be developed using a floating production, storage and offloading (FPSO) unit.
Using the FPSO, the company expects to be able to maximise recovery of reserves and minimise environmental impact and allows safe processing of oil, storage and offloading with minimal onshore installations.
Summit Group secured a contract from Petrobangla to build a floating liquefied natural gas terminal at offshore Moheshkhali Island within Chittagong division of Bangladesh.
Under the contract, Summit Group's Summit LNG Terminal Company will set-up floating facilities within 18 months after the entering a final agreement.
The floating terminals will have a daily supply capacity of 500 million cubic feet of natural gas, reported Thedailystar.net.
Oil and gas companies were revealed to be seeking to rebalance business portfolios and preparing for a new era of operations, according to research by industry technical advisor DNV GL.
Around half (49%) of senior oil and gas executives either expect their businesses to diversify into or invest more in opportunities outside of oil and gas. Despite this, almost eight out of ten also see long-term opportunities for gas.
Entitled 'Short-term Agility, Long-term Resilience', the document is DNV GL’s seventh annual benchmark study on the outlook for the oil and gas industry.
EnQuest signed an agreement to acquire part of BP's stakes in Magnus oilfield with associated pipeline infrastructure in the UK northern North Sea, and Sullom Voe Terminal (SVT) near Shetland.
Under the agreement, BP will sell 25% interest in Magnus field from its 100% interest, 25% interest in several associated pipelines and 3% interest of Sullom Voe Terminal.
Through BP Exploration Operating Company, BP owns 12% stake in Sullom Voe Terminal.
Xodus Group received a subsea engineering service contract from North Sea operator Apache for two new infill well developments in Nevis and Skene fields in the area's northern region.
Under the contract, Xodus Group will design and develop spools that do not require metrology, saving time and manpower.
In the last 18 months, Xodus delivered multiple successful projects for Apache that includes concept, front-end engineering design (FEED) and detailed design for the Beryl field’s 4km long Far North Triassic (FNT) subsea tie-back.
Maersk Oil raised concerns with the Danish gas market about the lack of an economically viable solution to fully recover the remaining resources from the North Sea’s Tyra field.
The notification also stated that this field will stop all production from 1 October 2018.
According to EU regulations, every decision that can affect production must be communicated to the market.
Broadland Radiators developed two customised radiators to aid cool generator sets, which are to be deployed at the Culzean gas field located in the North Sea.
The radiators will be used to cool emergency (EDG) and essential (ESG) generator sets intended for the hostile North Sea Environment.
The EDG package, developed by Eureka Pumps, is powered by an AtEX rated (Zone 2) 12V4000P83 MTU engine with all ancillaries contained within an A60 container, measuring 8m x 5m x 4.9m.
UK Export Finance (UKEF) revealed it would to issue $400m in funding to support GE Oil & Gas's contract for Ghana's Offshore Cape Three Points Project (OCTP).
The $850m contract will help create jobs in Aberdeen and Bristol. This funding is claimed to be the first of its kind by a European agency and UKEF’s first direct loan in an African project.
Headquartered in UK, GE Oil & Gas will deliver subsea production systems to this project.
Statoil announced that its development and operation plan has been approved by authorities for the Utgard and Byrding fields in the North Sea.
Statoil is the operator of both the fields, owning a 38.44% interest in Utgard and 70% in Byrding.
The company has estimated Nkr3.5bn ($0.41bn) as capital expenditures for Utgard, while Byrding requires an investment of Nkr1bn ($0.12bn).
US-based Vaalco Energy announced the restarting of production from the Avouma 2-H well on the Avouma Platform off the coast of Gabon, Central Africa.
The Avouma 2-H well resumed production after using a hydraulic workover unit to replace a failed electric submersible pump (ESP) system.
Currently, the well is producing 2,700bpd or 730bpd net to the company. After the addition of two recent workover wells, the combined net production is 4,600bpd for the company.