Deals this week: Lundin Norway, Vryhof, BP

1 February 2019 (Last Updated February 1st, 2019 10:02)

Lundin Norway has entered an agreement with Lime Petroleum for the acquisition of Utsira High acreage position in the North Sea.

Lundin Norway has entered an agreement with Lime Petroleum for the acquisition of Utsira High acreage position in the North Sea.

The Utsira High acreage includes the Rolvsnes and Goddo oil prospects, which together hold potential resources of more than 250 million metric barrels of oil equivalent (Mmboe). The transaction involves a purchase consideration of $23m.

The acquisition will enable Lundin Norway to increase its interest in Rolvsnes from 50% to 80% and its stake in Goddo prospect from 40% to 60%.

Lundin Norway is a subsidiary of Lundin Petroleum, which is a Swedish oil and gas exploration and production company. Lime Petroleum is a subsidiary of Rex International, an oil and gas company based in Singapore.

Vryhof and its unit Deep Sea Mooring (DSM) have entered an agreement with Diamond Offshore to provide mooring and associated services for the rigs belonging to the latter.

DSM will also provide assistance in the development of Diamond Offshore Mooring Integrity Management System (MIMS), which is focused on the procurement, inspection, and maintenance standards.

“Doris Engineering will train Senegalese engineers to the company’s methods and tools, as part of the contract.”

Vryhof is a Dutch anchoring and mooring solutions provider, while Diamond Offshore is a Texas-based offshore drilling company.

BP Ventures, a capital subsidiary of BP, has invested £5m ($5.7m) in artificial intelligence (AI) firm Belmont Technology.

Belmont Technology will help BP in strengthening its AI and digital potential in terms of its offshore business.

Apart from being beneficial for BP, the investment will also help Belmont in enhancing its experimental capabilities and workforce.

BP is a UK-based oil and gas company while Belmont Technology is a US-based software company.

Doris Engineering has been awarded an adviser contract by the Senegalese Ministry of Petroleum and Energies for offshore field oil and gas development in Senegal.

Under the contract, Doris will focus on the Grand Tortue Ahmeyim project and the SNE project and will determine the production performance of the two fields by reviewing their offshore infrastructure.

Doris Engineering will train Senegalese engineers to the company’s methods and tools, as part of the contract.

Based in France, Doris Engineering is an engineering services provider focused on the oil and gas industry.

The Grand Tortue Ahmeyim project is operated by BP, while the SNE project is operated by Woodside.

TechnipFMC has been awarded an integrated engineering, procurement, construction, and installation (iEPCI) contract by Lundin Norway.

TechnipFMC will provide iEPCI services for the Luno II and Rolvsnes offshore development projects in the North Sea, under the contract.

The contract value varies between $250m and $500m.

TechnipFMC is a UK-based service provider for the oil and gas sector, while Lundin Norway is an oil and gas company.