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Chevron’s $5.1bn Big Foot faces further setback as three more tendons sink

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.

Gazprom to perform surveys on offshore section of the Turkish Stream

Gazprom

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.

E.ON looks into sale of North Sea and Algerian oil and gas assets for $2bn

EON

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.

KazMunayGas and Eni finalise agreement to jointly explore Isatay block in Caspian Sea

KazMunayGas

KazMunayGas (KMG) and Eni concluded an agreement for 50% of the subsoil use rights in the Isatay block in the Kazakh Caspian Sea to be transferred to Eni.

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.

Green groups urge US Interior to withdraw Shell’s risky Arctic drilling approval

Walrus

Green groups urged the US Department of Interior to withdraw its conditional approval for Royal Dutch Shell‘s Arctic oil exploration plan.

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 proposes new guideline to slash offshore plugging and abandonment costs

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.

Norway gives final approval for Lundin’s $4bn development of Edvard Grieg field

Norway

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).

Excelerate Energy scraps $2bn FLNG vessel order with Samsung Heavy Industries

US-based Excelerate Energy cancelled its plans to order for a $2bn floating liquefaction storage and offloading (FLNG) vessel from Samsung Heavy Industries.

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 and Eni sign $2bn offshore exploration agreement

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.

Woodside partners to supply gas to Western Australia from Browse FLNG project

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.

Partners in the project include Woodside Browse (operator), Shell Australia, BP Developments Australia, Japan Australia LNG (MIMI Browse) and PetroChina International Investment (Australia).