North Sea oil news

The UK Oil and Gas Authority’s 2021 Decommissioning Cost Estimate has revealed steady progress towards a £39 billion by end-2022 target – but makes it clear that the industry must maintain the pace of cost-cutting.

Equinor has concluded the drilling of wildcat well 31/11-1 S, the first exploration well in production licence 785 S.

Petrofac will continue to provide operations and maintenance services for Neptune Energy's Cygnus Alpha platform in the Southern North Sea for another three years.

The company is using Kongsberg Digital’s digital twin technology to create a virtual representation of the Ormen Lange deepwater gas field.

The module is currently on barge at Stord, Norway, and will be towed to the Johan Sverdrup field and lifted on board the riser platform by the heavy-lift vessel Sleipnir.

The US$17 million contract will see Petrofac fabricating, constructing and commissioning the topsides development.

The field will produce around 115 000 boe/d at plateau, with the start of production having been delayed from 2016.

Total investments in the project, intended to extend the lifetime of the Alvheim field, are projected at around US$1 billion and production is scheduled to start in 1Q24.

The companies say that the new unit will aim to recycle as much of the materials from decommissioned offshore platforms as possible.

Dagang NeXchange has increased its stake in Ping Petroleum to 90%.