November’s top news stories

6 December 2019 (Last Updated December 6th, 2019 10:17)

Saudi Aramco set the offer price range for the IPO of its shares at SAR30 ($7.90) to SAR32 ($8.50) a share and Ithaca Energy acquired CNSL for $2bn. Offshore-technology.com wraps up the key news stories from November 2019.

November’s top news stories
Saudi Aramco’s IPO is set to value the oil giant at around $1.7tn. Credit: Saudi Arabian Oil Co.

Saudi Aramco IPO seeks valuation of up to $1.7tn

State-owned petroleum and natural gas company Saudi Aramco set the offer price range for the initial public offering (IPO) of its shares at SAR30 ($7.90) to SAR32 ($8.50) a share.

The base offer size will be 1.5% of the company’s outstanding shares, which could value it at up to $1.7tn.

Earlier in the month, the company announced its intention to proceed with an IPO on the main market of Saudi stock exchange, Tadawul.


Ithaca Energy completes $2bn sale of Chevron North Sea

UK-based oil and gas operator Ithaca Energy announced the completion of the acquisition of Chevron North Sea Limited (CNSL) for $2bn.

The acquisition deal was initially announced in May 2019. The transaction was effective from 1 January 2019.

The deal added ten producing field interests to Ithaca’s existing portfolio, which amounts to an approximate 300% increase in the company’s forecast 2019 production and a 150% increase in its proven and probable (2P) reserves.


India to divest majority stake in Bharat Petroleum

The Government of India agreed to sell 53.3% of its stake of oil marketing firm Bharat Petroleum Corporation (BPCL).

According to the Press Trust of India, the government was considering plans to sell BPCL to foreign and private firms.

However, the news agency noted that the privatisation plan needed prior approval from parliament.


Australia’s NOPSEMA orders Equinor to resubmit environmental plan

Australian regulator the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) ordered Norwegian energy company Equinor to resubmit its environmental plan (EP) for its proposed drilling project in the Great Australian Bight.

Equinor’s proposed exploration drilling project in the Great Australian Bight would be located in the Stromlo-1 well, in the EPP 39 licence, which is 372km offshore South Australia.

An environment plan for the proposed drilling activity in the Great Australian Bight to NOPSEMA was submitted by Equinor in April 2019.


Two Equinor workers injured in Heimdal platform explosion

Two Equinor employees were injured in what the company called a “serious work-related incident” on its Heimdal platform in the North Sea on 28 November 2019.

The incident occurred when a portable gas container on board the platform exploded, which was reported to Equinor’s emergency response centre at 18:06 Central European Time. There were 70 personnel on board Heimdal when the incident occurred.

The injured employees were treated by medical personnel on board Heimdal and transported to Haukeland University Hospital and Stavanger University Hospital for further treatment.


ABB proves subsea power system for offshore oil and gas

Swiss-Swedish technology multinational ABB completed a 3,000-hour shallow water test proving that its subsea power distribution and conversion technology system for the offshore oil and gas industry is commercially viable.

The technology will allow energy companies to access a 100 MW power supply over distances up to 600km and to water depths of 3,000m using a single cable with little or no maintenance for up to 30 years.

The complete system incorporates a number of electronics and control systems that are proven to operate underwater, improving on previous iterations of the technology that could only use a step-down transformer and a transmission cable.


Aker Solutions to supply maintenance services for Vår Energi assets

Norwegian engineering company Aker Solutions secured a contract to provide maintenance and modification services for Vår Energi’s North Sea assets.

The contract has a duration of three years and covers operation, maintenance, modification and engineering services. It will have an option for a total of two additional years. Aker will provide services for Vår Energi’s Jotun, Balder and Ringhorne assets.

The Balder field, which is located in PL 001 on the Utsira High, started production in 1999. Ringhorne is located in PL 027 and 169 E and the Jotun field is in PL 027 B.


Halliburton launches multizone system for deepwater operations

Oilfield services company Halliburton unveiled the Xtreme Single-Trip Multizone (XSTMZ) system for extreme deepwater conditions.

The new XSTMZ system can be used for completing wells in deepwater and ultra-deepwater conditions up to 15,000 per square inch (psi).

The pressure rating of the XSTMZ system is designed on the basis of the company’s 10,000psi rated Enhanced Single-Trip Multizone (ESTMZTM) system.


RusselSmith to use Saab Seaeye electric ROV for subsea operations

Nigeria-based oilfield services provider RusselSmith added Saab Seaeye’s Cougar XT electric underwater robotic vehicle to its remotely operated vehicle (ROV) fleet.

Saab Seaeye’s vehicle is expected to enhance RusselSmith’s offshore deepwater operations. The Cougar XT electric underwater robotic vehicle will meet RusselSmith’s existing and estimated subsea undertakings, including repairs and maintenance, inspection, light construction work and drill support.

RusselSmith CEO Kayode Adeleke said: “It is a powerful, highly manoeuvrable and capable ROV and we believe it will add a lot of value to our subsea operations.”


Petrobras selects Emerson’s hosting services for deepwater operations

Global technology and engineering firm Emerson entered a multi-year agreement with Brazilian integrated energy company Petróleo Brasileiro (Petrobras).

Emerson will provide its managed hosting services to support Petrobras in enhancing deepwater operations efficiency and productivity. These will also allow Petrobras to reduce costs and help improve geoscientists’ subsurface understanding capability.

These managed services will streamline the engineering firm’s exploration and development (E&P) software deployment. It will provide capabilities such as high-performance and remote desktop data management for office and field locations.