Upstream news

The combined value of the awards is approximately US$550 million and will account for 13 years of contract backlog.

The development will include 140 km of rigid risers and flowlines, 40 km of umbilicals and 19 trees, as well as associated subsea equipment, in water depths of approximately 2050 m.

From 2022, taxes will be limited to the low US$800 billion range, only ticking up in the early 2030s to about US$900 billion, before starting their final and uninterrupted decline to as low as US$580 billion in 2040 and about US$350 billion in 2050, according to Rystad Energy.

The transaction follows Repsol's sale of producing assets in Russia, the cessation of oil production activities in Spain and the exit from exploratory activity in other countries.

GPR300 is specially designed for deployment in shallow waters down to depths of 300 m.

‘Digital twins’ have been created for the K9-A, L5-D and F3-B platforms in the Netherlands, Gjøa in Norway, and Cygnus in the UK Southern North Sea.

The two companies have completed a survey offshore Egypt on behalf of Shell.

Hasselmus will be the first tie-back to the Draugen production platform in the Norwegian Sea and will add in excess of 4000 boe/d to the production.

Limbayong is an oil and non-associated gas field located 120 km offshore Sabah, Malaysia, in water depths of between 900 and 1200 m.

The development will consist of 19 subsea wells tied back to a FPSO located at the Bacalhau field in the Brazilian pre-salt.