Drilling & production

The outcomes would enhance the UK’s energy security and would ensure that emissions from North Sea oil and gas production remain world leading.

Equinor and Sval Energi have entered into an agreement for the sale of Equinor’s non-operated share in the Greater Ekofisk Area and a minority share in Martin Linge (19%).

The company has announced that the Fajr-8 development well was tested at a daily rate of 2440 barrels of oil and negligible water. The well encountered 98 feet of high-quality oil pay in sandstone of the Bahariya Formation.

The licences contain two firm wells on the Oswig and Velocette prospects anticipated to drill in the summer 2022 and 2Q23 respectively. All the licences are operated by OMV which will retain a 40% working interest post-transaction.

The company plans to drill the main target horizon, the Sasanof-1 Well, in this prospect during May/June 2022.

The company is extending its contracts with Baker Hughes Norge, Halliburton AS and Schlumberger Norge AS for integrated drilling and well services on Equinor-operated fields on the Norwegian continental shelf (NCS).

The companies have signed a MoU for transfer of the Krafla operatorship from Equinor to Aker BP, making Aker BP the operator of all discoveries in the NOAKA area.

The companies have signed a legally binding sale and purchase agreement with Angola’s state-owned oil company for a total consideration of US$335.5 million.

Petrofac has been appointed by PDC as the Decommissioning Services Provider in a contract valued at around US$200m.

The ONE Future Coalition is a group of more than 50 natural gas companies working together to voluntarily reduce methane emissions across the natural gas value chain to 1% (or less) by 2025.

The company has secured new renewable electricity supplies for its operated assets in Germany, reducing emissions by more than 11 000 t of CO2 per year.

The companies aim to expand the toolset for real-time quality control of stimulation performance with a focus on maximising value to E&P operators.

The rig acquisition is expected to create around 100 jobs in a variety of onshore and offshore roles.

MacGregor, part of Cargotec, has secured a contract with Otto Candies to deliver an active heave compensated FibreTrac offshore crane.

The company’s research shows that total free cash flow (FCF), a company’s cash from operations after accounting for outflows and asset maintenance, will balloon to US$834 billion, a 70% increase from the US$493 billion profits in 2021.