North Sea oil news

The contract is expected to commence in July 2022, with a duration of 21 months.

The extended PRM imaging contract will run from 1 January 2022 until 31 December 2024.

The revision will result in an impairment in the region of US$1.8 billion.

Preliminary calculations of the expected size indicate between 3.3 and 5.2 million standard cubic metres of recoverable oil equivalent, or around 21–33 million barrels of recoverable oil equivalent.

Shell's decision last week not to progress the Cambo oilfield project in the UK North Sea means the development is being paused.

Orcadian Energy, Orsted and Katoni Engineering must now complete work on their studies by 31 March 2022, with project reports to be published in 2Q22.

Shell said in a statement that it had "concluded the economic case for investment in this project is not strong enough at this time, as well as having the potential for delays".

Petrogas will employ the harsh-environment jack-up rig Maersk Resilient to drill the appraisal well.

Piping spools and umbilicals will be removed using the Utility ROV Services system (UTROV), a remotely-operated tool carrier equipped with multiple attachments for the recovery of subsea equipment.

The Buzzard Phase II development in the UK North Sea is expected to reach its peak production of approximately 12 000 boe/d in 2022.