Upstream news
2017 M&A activity passes US$8 billion mark as confidence gradually returns to UKCS
Merger and acquisition (M&A) activity on the UK Continental Shelf (UKCS) has surpassed US$8 billion this year in a clear sign that confidence is gradually returning to the basin, says Oil & Gas UK’s newly launched Market Insight.
Egypt’s super-giant Zohr gas field begins production, completing BP’s major project start-ups for 2017
BP has confirmed that production has started from the super-giant Zohr gas field, offshore Egypt. The field is operated by Eni, through its joint venture with The Egyptian General Petroleum Corporation (EGPC), and is the largest natural gas discovery yet to be made in the Mediterranean Sea.
Seabed Geosolutions secures 3D and 4D ocean bottom node contracts
The combined awards are valued at around US$60 million.
Aker BP investing in technology for increased recovery
Aker BP has invested in and acquired a 17 % stake in the company Fishbones AS. Fishbones is an unconventional stimulation technology applied to increase the production rates in tight reservoirs.
Otto Energy: SM 71 update - drilling ahead
SM 71 F2 drilling ahead at 4895 ft MD after setting 10 3/4 in. surface casing at 3685 ft MD. Drilling is proceeding according to plan and the well will reach TD prior to the end of December.
US leads the top ten countries by crude reserves, says GlobalData
Unconventional oil reserves across the top ten countries stand at 9.2% (45.8 billion barrels), oil sands reserves stand at 6.7% (33.3 billion barrels), and heavy oil represents 4.5% (22.2 billion barrels) of all remaining reserves.
Ampelmann offers solution to meet new lifeboat safety regulations
The oil and gas industry has just 18 months to upgrade critical release hook systems on offshore lifeboats to meet new regulations imposed by the International Maritime Organisation (IMO) to improve safety at sea.
Statoil acquires 25% of the Roncador field in Brazil and advances its strategic partnership with Petrobras to increase recovery
The transaction nearly triples Statoil’s production in Brazil, with attractive break-evens and potential for additional value creation for both parties through the application of Statoil’s expertise in improved oil recovery (IOR).
Kvaerner awarded contract for Valhall Flank West
Aker BP has awarded Kvaerner a contract for delivery of the topside and steel jacket substructure for Valhall Flank West. This is the first project in the Wellhead Platform Alliance, which was established in the spring of 2017 between Aker BP, Kvaerner, ABB and Aker Solutions.
Early start for Wintershall’s Maria field: production begins one year ahead of schedule
Project costs for subsea field reduced by more than 20%. Production in Norway to increase to more than 100 000 boe/d.