North Sea oil news

Based on preliminary assessments, there is uncertainty whether the reservoir in the Gomez prospect can be commercially produced and no estimate of recoverable volumes has been established at this stage.

The winning ideas will be allocated a share of the £1 million prize fund, to complete the proposed work by 31 March 2022.

Valaris jack-ups have been contracted for work offshore the Netherlands, the UK North Sea and offshore Timor-Leste.

The new agreement will see Prism Energy provide risk management systems and consultancy services which will be used across the production company’s decom projects, operational assets and new development projects.

The results of the initial phase of the survey will be interpreted and, if required, a second geotechnical phase incorporating the collection of samples from the seabed will be undertaken before the end of the year.

The contract has been welcomed by OGUK and The Oil & Gas Authority as a strong example of collaboration, campaigning and innovation.

The two wells, north of the Edvard Grieg field, have confirmed a combined updated gross resource range of 12 – 60 million boe.

The work awarded to the two companies is required to finalise the technical definition of the proposed development prior to Aker BP and its partners making the final investment decision in late 2022.

The topside modification contract award from ConocoPhillips follows final investment decision by the licence partners and the completion of the front-end engineering and design (FEED) work, awarded in October 2020.

Siemens Energy will supply the complete packages for the electrical transmission, distribution, and power management system (PMS) for the Troll West electrification project in the North Sea.