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Chevron‘s $5.1bn Big Foot project faced another blow after another three tendons sank to the ocean floor.
The company announced on 1 June that six of the 16 tendons had sunk.
On 1 June, Chevron announced plans to shift its deepwater Big Foot tension-leg platform (TLP) from its existing location in the US Gulf of Mexico to more sheltered waters following a damage caused to subsea installation tendons.
The tendons sinking could delay the project further and also cut the company’s production by less than 25,000 barrels a day in 2017.
Russian energy company Gazprom secured permission from Turkey to carry out engineering surveys for the offshore section of the Turkish Stream.
As highlighted in the document, Gazprom will conduct investigations within the exclusive economic zone and territorial waters of Turkey.
This would help positioning the first offshore string of the gas pipeline.
Each of the four strings of the offshore section of Turkish Stream will have a throughput capacity of 15.75 billion cubic metres.
Power and gas company E.ON was considering selling its North Sea and Algerian oil and gas assets for $2bn.
Banking sources told Reuters that the German company’s latest decision comes as part of restructuring its business.
The sale process, which excludes the company’s Russian assets, is expected to be launched in the coming weeks and the company has provided access to prospective buyers with regard to its international exploration, as well as production assets.
Sources said that the sale process will be performed by Bank of America Merril Lynch by the way of an auction.
KMG and Eni will establish a joint operating company to operate the Isatay block on a 50/50 basis.
According to Eni, the block is estimated to have significant potential oil resources.
Nonprofit environmental law organisation Earthjustice submitted a letter to interior secretary Sally Jewell on behalf of ten green groups requesting to reconsider the decision.
The group claimed that the approval goes against the US rules set for protection of marine mammals.
DNV was set to introduce new plugging and abandonment (P&A) guidelines for offshore wells, which are expected to result in reduced costs of 30%-50%.
The certification body said that that optimised project execution and new technology could offer a cost saving of $32bn in the Norwegian Continental Shelf (NCS) alone.
In next 40 years, the cost on the Norwegian Continental Shelf (NCS) alone is estimated to be Nkr1,870bn ($108bn).
In its upcoming guideline, the company will use accepted risk-approach methodology taking into consideration environmental, as well as safety risk aspects.
The Norwegian Parliament gave final approval for Lundin Norway’s plan for development and operation (PDO) of the Edvard Grieg field, which would involve $4bn in capital costs.
The development of the field located in the Norwegian North Sea will also include platform, pipelines and production wells with first production from the field in PL338 expected in late-2015.
According to the company, a wholly owned subsidiary of Lundin Petroleum, the Edvard Grieg field is the first standalone development project operated by Lundin on the Norwegian Continental Shelf (NCS).
The company said in a filing to the Seoul stock exchange that it cancelled the project due to changes in the Equatorial Guinea LNG production project, reports splash247.
In November 2014, the company signed a deal with South Korean shipbuilder to build the FLNG project off the coast of Equatorial Guinea.
Egypt signed a $2bn offshore oil exploration deal with Italian oil and gas company Eni.
The new agreement signed by the company with the Egyptian General Petroleum Corporation (EGPC) is aimed at modifying previous oil agreements between both parties and activate the work programmes.
The activities include modifying the gas price in some agreements and extending work in others.
EGPC executive chairman Tareq Al-Mulla and Eni’s exploration activities head Antonio Villa signed the agreement, which includes the implementation of exploration and development activities at Belayim concession areas.
The Western Australian (WA) government signed an agreement with Woodside-led consortium for the provision of domestic gas from the Browse floating LNG (FLNG) project off the Kimberley coast.
Following the deal, the partners are preparing to move to front-end engineering and design (FEED) phase later this year.