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FEED work to begin on $40bn Browse LNG Project off Australian coast

Brose FLNG

Browse Joint Venture (JV) plans to start front-end engineering and design (FEED) for the Browse floating LNG Project off the Kimberley coast in Australia.

The project completed its preliminary front-end engineering and design (pre-FEED).

Completion of the FEED phase will help finalise the cost and technical definition to advance the project to its final investment decision (FID).

The phase will also determine the commercialisation plans, timing and sequencing of FLNG deployment.

Shell receives conditional approval for drilling in Chukchi Sea offshore Alaska

The US Bureau of Safety and Environmental Enforcement (BSEE) conditionally approved Shell‘s two applications for permits to drill (APD) to conduct exploratory drilling activities in the Chukchi Sea, offshore Alaska, under rigorous safety requirements.

Restricting Shell to drill only the top sections of wells at the Burger Prospect, Burger J and V, the APDs prohibit the company from drilling into oil-bearing zones.

The conditions require Shell to stay away from conducting simultaneous drilling activity at the wells and plug and abandon the top section of the first well prior to proceeding with any drilling activity at the second site.

The APDs also define restrictions that are related to marine mammal protection consistent with requirements established by US Fish and Wildlife Service (USFWS).

Chevron to layoff 1,500 employees to cut costs

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Chevron announced plans to cut 1,500 jobs, 2% of its global workforce, in an effort to make savings of $1bn.

The company’s latest announcement comes amid plunging crude prices and the move is to offset the impact of falling prices.

According to the company, nearly all the layoffs will take place in Texas, US.

In recent years, Chevron expanded in Texas to develop land in the Permian shale formation and California.

SBM Offshore secures $1.55bn for Cidade de Saquarema FPSO vessel

Cidade De Saquarema

Dutch company SBM Offshore raised $1.55bn for its FPSO Cidade de Saquarema vessel.

The financing was provided by a consortium of 16 international banks along with insurance cover.

Insurance cover was secured from four Export Credit Agencies (ECA) including Nippon Export and Investment Insurance (Nexi), Servizi Assicurativi del Commercio Estero SpA (Sace), Atradius Dutch State Business (Atradius) and UK Export Finance (UKEF).

FPSO Cidade de Saquarema vessel is capable of processing up to 150,000 barrels of crude oil and six million cubic metres of gas per day.

UK awards 41 more licences to explore North Sea oil and gas

The UK Oil and Gas Authority (Oga) awarded 41 new licences to explore the UK Continental Shelf in the North Sea.

The new licences are in addition to the 134 confirmed in late-2014, which bring the total to 175 licences to explore 353 blocks.

The awarding of new licences has been confirmed following additional environmental assessment and consultation.

Caley trials system to test deepwater subsea manifold components

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Seanamic Group’s unit Caley Ocean Systems trialled its intervention work over control system (IWOCS) deployment system, to test the manifold functions on four deepwater subsea manifolds.

The self-contained portable skid features A-frame, umbilical reeler / power unit and deployment frame.

The IWOCS system was deployed from a vessel, and evaluated manifold mounted valves through the manifold subsea control module (SCM). The deployment frame was overboarded and retrieved using the IWOCS umbilical.

BP settles 2010 Deepwater Horizon oil spill claims with $18.7bn payments

Deepwater

BP Exploration and Production (BPXP), the US upstream subsidiary of BP, agreed to pay $18.7bn to settle the claims regarding the 2010 Deepwater Horizon oil spill incident that killed 11 crew members.

Agreements have been carried out with the US Department of Justice (DoJ) and five Gulf Coast states including Alabama, Florida, Louisiana, Mississippi and Texas.

Under the agreement, BPXP will pay a civil penalty of $5.5bn for over a period of 15 years to the US federal government under the clean water act (CWA).

Besides the $1bn, which was already committed for early restoration, the company will pay $7.1bn to the US and the Gulf Coast states over 15 years for natural resource damages (NRD) that were caused due to the spill.

Enterprise completes $1.5bn Gulf of Mexico asset sale to Genesis

Texas-based midstream energy services company Enterprise Products completed the sale of its offshore Gulf of Mexico pipelines and services business to Genesis Energy for $1.5bn, in an all cash transaction.

The initial announcement regarding the sale of assets was made earlier this month.

Enterprise serves deepwater fields in the Gulf of Mexico off the coast of Texas, Alabama, Louisiana and Mississippi.

The assets include 2,350 miles of oil and natural gas pipelines and six offshore hub platforms.

Subsea 7 and OneSubsea partner to offer integrated subsea development solutions

UK-based Subsea 7 and the US-based OneSubsea signed an agreement to design, develop and provide integrated subsea development solutions.

The companies plan to develop the solutions using their subsurface expertise, subsea production systems (SPS), underwater processing systems, subsea umbilicals, risers and flowlines systems (SURF) and life-of-field services.

As part of the alliance, Subsea 7 will offer its experience and technology in seabed-to-surface engineering with OneSubsea’s reservoir expertise and subsea production, as well as processing systems technologies.

Gazprom terminates €2bn pipeline construction contract with Saipem

Russian energy company Gazprom terminated a €2bn contract with Italian oil field contractor Saipem, which was awarded for construction of a pipeline under the Black Sea.

Gazprom told Reuters the latest decision comes as the company faced various issues with regard to the Turkish Stream pipeline.

According to Saipem, the cancellation for convenience is a standard contractual clause, which provides for the termination of the agreement in the absence of a contractual breach.