Offshore news

Global deepwater spending to touch $114bn by 2022

Drilling exploration and spending

Drilling exploration and spending in deepwater oil and natural gas regions across the world is expected to touch $114bn in the next decade from $43bn in 2012, according to a new report, ‘The Future of Global Deepwater Markets’, published by energy and mining research group Wood Mackenzie.

The study found that drilling activity and deepwater spending worldwide will almost triple by 2022 by maintaining an overall compound annual growth rate of nine percent, reported Platts.

Wood Mackenzie senior management consultant and author of the study Malcolm Forbes-Cable said: "To meet the forecasted well demand the fleet will require 95 additional deepwater rigs to be constructed between 2016 and 2022, representing $65bn of investment."

Shell plans floating liquefied natural gas plants after Prelude

Royal Dutch Shell is planning more floating liquefied natural gas (FLNG) plants after the completion of its Prelude project, which is currently under construction in Western Australia.

Construction on the FLNG facility began in 2012 and is expected to be completed in early 2017.

Shell Australia production general manager, Michael Schoch, speaking to The Telegraph in Australia, said: "Expertise gained from the Prelude project will help develop other floating LNG opportunities, with the expertise residing here and the world will be looking at us.”

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Aker Solutions secures contract for UK North Sea

Norway-based oil services provider <a href=Aker Solutions” height=”70″ src=”https://www.offshore-technology.com/wp-content/uploads/static-progressive/July_Offshore_top_3.JPG” style=”padding: 8px” title=”Norway-based oil services provider Aker Solutions” width=”70″ />

Norway-based oil services provider Aker Solutions has secured a contract worth up to NOK2.7bn ($440m), its largest subsea contract in the UK, to provide 25 subsea trees and six template manifolds for oil field development in the UK’s North Sea.

As part of the contract the company will provide associated controls, diverless horizontal tie-in systems and slim line rigid lockdown wellheads for the oil field development.

Aker will also provide template manifolds and trees that will allow the use of hydraulically submersible pumps to improve oil recovery and flow assurance.

UK commemorates Piper Alpha disaster 25 anniversary, safety still a priority

The 25th anniversary of the Piper Alpha disaster, in which 167 men died, was remembered by survivors, victims’ family members and government representatives at the Memorial Garden in Aberdeen’s Hazlehead Park, on Saturday.

The Piper Alpha disaster occured on 6 July 1988, when explosions and a fireball ripped through an oil rig in the North Sea.

The tragedy, which left a deep impact on the offshore oil and gas industry and directly led to more than 100 changes in safety practices, has been highly debated over many years, with experts saying that offshore safety is still a prerogative.

Offshore drilling services market to reach $121.1bn by 2018, says report

The offshore drilling services market

The offshore drilling services market is expected to grow from $73.1bn in 2013 to $121.1bn by 2018, growing at a compounded annual growth rate (CAGR) of 10.6%, according to a new report published by market research and consulting firm, MarketsandMarkets.

The report said the market will grow primarily due to new offshore discoveries and exponential rise in demand for energy worldwide.

The offshore drilling services market, which is growing after the slump following the oil spill in the US Gulf of Mexico in 2010, includes contract drilling services, as well as directional and logging while drilling services and various submarkets.

Reliance Industries to invest $6.5bn in KG-D6 gas fields

Indian energy firm Reliance Industries (RIL) has announced it will invest about $6.5bn in its KG-D6 gas fields, to re-achieve natural gas production of up to 60 million standard cubic metres per day (mmscmd) by 2019-20.

RIL president and chief operating officer (E&P) B Ganguly was quoted by PTI as saying the company can achieve a production level of 40 to 60 mmscmd by 2019-20, once they get timely approvals and the right natural gas price.

The Bay of Bengal KG-D6 fields, which commenced gas production in April 2009, have a current production of more than 14 mmscmd.

CAPS Australia to supply air compressor package for North Rankin B Platform

Compressed Air and Power Solutions

Compressed Air and Power Solutions (CAPS) Australia has secured a supply contract from Woodside Petroleum to provide an air compressor package for the new $5bn North Rankin B Platform.

The project aims to extract remaining low pressure gas from the ageing North Rankin and Perseus gas fields.

North Rankin and Perseus gas and condensate fields are located about 137km off the north-west coast of Western Australia, in a water depth of about 125m.

Scotland to get greater share of North Sea output, says government

An independent Scotland would receive up to £1.5 trillion of unexplored oil and gas reserves in the North Sea in the next 40 years, the Scottish Government has said in a report on North Sea oil and independence.

The report, published on Tuesday, called ‘Maximising the Return from Oil and Gas in an Independent Scotland’, said this would make the national GDP of Scotland 115% of that of the UK.

It also insisted oil income will rise to up to £57bn and challenged predictions from the UK Office for Budget Responsibility (OBR) that states short-term oil revenues will flatline to produce cumulative tax revenues of £33.2bn by 2018.

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