Subsea news

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

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

The technology is set to save operational rig costs by helping lower overall wellhead installation costs due to reduced rig trips.

Work is continuing to confirm potential recoverable resources, but Neptune’s preliminary estimate is 8-24 million boe.