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November 2, 2014

October’s top stories: $6bn Stampede development , Petrofac secures $106m contract

Chevron and its partners will invest $6bn in the development of the Stampede project in the deepwater US Gulf of Mexico, and Petrofac has secured a $106m contract to support South Oil Company's (SOC) Iraq Crude Oil Expansion Project. Offshore Technology wraps up the key headlines from October.

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Chevron and partners to invest $6bn in Stampede project, US Gulf of Mexico

Chevron and its partners announced they will invest an estimated $6bn in the development of the Stampede project in the deepwater US Gulf of Mexico.

Chevron’s subsidiary, Union Oil Company of California, will run the deepwater subsea development, which will be tied back to a newly built Tension Leg platform.

Production from the project is expected to be about 80,000 barrels of crude oil per day; the drilling programme includes six production and four water injection wells.

Drilling is expected to start in the fourth quarter of 2015 with first production planned in 2018.

Petrofac wins contract extension to support Iraq Crude Oil Expansion Project

Petrofac secured a second contract extension, worth about $106m, to support South Oil Company’s (SOC) Iraq Crude Oil Expansion Project.

The extension, which will run for 12 months starting in December, brings the total value of the contract to more than $300m.

Petrofac will provide operations and maintenance services for a range of offshore facilities that include an offshore platform, central metering, a maintenance platform, and four single-point moorings.

Eni discovers oil in Minsala Marine exploration prospect, offshore DR Congo

Italian energy firm Eni discovered oil in the Minsala Marine exploration prospect, located in the Marine XII Block, offshore Democratic Republic of the Congo.

The company discovered the oil in the Minsala Marine 1 well, which was drilled to a total depth of 3,700m.

An accumulation of light oil was identified in the Lower Cretaceous age pre-salt sequence, passing via a 420m hydrocarbon column.

Technip wins contract to work on Kraken development, UK North Sea

Technip secured a large contract from EnQuest to work on the Kraken development in the UK North Sea.

The engineering, procurement, installation and construction (EPCI) contract, which is worth in the region of €250m to €500m, will be implemented by Technip’s Aberdeen operating centre in Scotland, UK.

The contract covers several project management engineering and installation works, which include fabrication and pipelay of about 50km of rigid pipe.

Total to sell stakes in several Norwegian oil fields for $317m

total

France-based Total agreed to sell stakes in various oil fields in Norway to PGNiG Upstream International for $317m.

Total E&P Norge will sell an 8% interest in the Gina Krog field, which is under development in the North Sea.

The field, which was approved in 2013, is expected to commence production in early 2017.

Upon completion, the field will produce 60,000 barrels of oil per day and n million cubic meters of gas per day.

Ophir Energy agrees acquisition of seven PSCs from Niko Resources

Ophir Energy agreed to acquire interests in seven deepwater production-sharing contracts (PSCs) in Indonesia from Niko Resources.

The company will pay $31m, with further payments of approximately $56m depending on the success of future exploration.

The seven fields, spanning 21,500km², hold prospective resources of more than three billion barrels of oil equivalent.

Upon completion of the deal, Ophir will operate six of the seven fields and increase its total exploration acreage by 40%.

Statoil secures new Australian offshore exploration permit

Australia

Norwegian energy firm Statoil secured a permit to explore oil and gas off the north-west coast of Australia.

The permit is Statoil’s third asset in the country and was awarded by Australia’s National Offshore Petroleum Titles Administrator (NOPTA) via the 2013 Offshore Petroleum Exploration Acreage Release.

The approval adds to the onshore operatorship in the Northern Territory’s South Georgina basin and four BP-operated offshore permits in the Great Australian Bight.

Statoil discovers more oil near Grane field in North Sea

North

Norwegian energy firm Statoil discovered between 30 million and 80 million barrels of recoverable oil near its operating Grane field in the North Sea.

The 25/8-18 S well proved a 25m oil column in the D-structure of the Heimdal Formation.

The Transocean Leader rig was used to drill the well, which is located in PL169 in the North Sea.

Statoil vice-president for exploration in the North Sea May-Liss Hauknes said: "We are pleased with having proved new oil resources in the Grane area."

Heerema Hartlepool to support Maersk Oil UK’s Culzean project

Heerema

Heerema Hartlepool secured a contract to support Maersk Oil North Sea UK’s Culzean development project.

The contract requires Heerema to provide engineering, procurement and construction (EPC) of the project’s wellhead platform (WHP) jacket.

Heerema will construct the WHP jacket and piles, as well as the wellhead access deck and access ways.

The wellhead access deck and access ways will be fabricated in Hartlepool, while the WHP jacket is planned to be built in Vlissingen in the Netherlands.

Pacific Rubiales Pemex to jointly explore oil and gas business opportunities in Mexico

Pacific Rubiales Energy signed a three-year memorandum of understanding (MoU) and cooperation with Petróleos Mexicanos and its subsidiary entities (Pemex) to jointly explore oil and gas business opportunities in Mexico.

The MoU will include discussions and analysis on several possible projects, including exploration, deepwater developments, revitalisation of mature fields, heavy and extra-heavy oil onshore and offshore fields, high-water production field and other upstream activities.

Both firms will exchange technical knowledge, information, experiences and practices, as well as any other mutually identified areas of interest.

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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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