With Mexican oil open to private investment for the first time, the country's initial bidding round is expected to remain competitive despite low oil prices, delays and a number of uncertainties, according to research and consulting firm GlobalData.

The company's latest report* states that the first bid round, which began on 11 December 2014 by offering 14 shallow-water exploration blocks, is currently scheduled to offer additional areas, including unconventional and deepwater opportunities, in the first half of 2015.

Adrian Lara, GlobalData's Senior Upstream Analyst for the Americas, states that no indication has been given of the expected levels of biddable profit oil in the shallow-water Production Sharing Contract (PSC). Furthermore, full details of the other contract models are yet to be released.

Lara comments: "With the international crude oil price having dropped from nearly $110 per barrel (bbl) in the first half of 2014 to its current price of below $50 per bbl, the government has already been forced to deviate from its original schedule.
"In the past week, the government has admitted that it may need to further delay high-cost areas, such as unconventionals. On top of this, the new schedule appears ambitious for a regulatory agency organizing its first ever licensing round."

Despite these delays, Will Scargill, GlobalData's Upstream Fiscal Analyst, notes that the lower oil price should not significantly affect the competitiveness of bidding on the shallow-water exploration blocks, as the adjustment of royalties to prevailing prices and profit shares to profitability mean that it should remain possible for investors to achieve attractive rates of return.

Scargill explains: "Comparison of the regime with that applicable to shallow-water areas in the US Gulf of Mexico at oil prices of $60 to $80 per bbl suggests that bids offering the government an initial 20% share of profit oil may be competitive. When discovered fields are offered, the government take is likely to be higher due to the lower risk.

"For deepwater areas later in the round, the government is expected to offer royalty and tax licenses, reflecting the high costs and risks associated with this type of exploration and development. Although the full details of this contract model have not yet been disclosed, it is expected to use a similar adjustment mechanism for the biddable additional royalty to that used in the PSC."

*Mexico Upstream Fiscal and Regulatory Report

With a strong focus on health and safety, Aquatic Engineering & Construction Ltd, an Acteon company, has achieved 1,000 consecutive days without a lost-time incident.

The photo shows a typical mobilization of an 11.4 m reel. This is a contract lift carried out under strict supervision, and as such there would be a lift plan in place prior to the start of the lift operation. In addition, there would be a method statement prepared, a risk assessment and tool box talk, which would be signed by all participants in the activity.

Aquatic's president, Chris Brooks, said, "I am proud to announce that, on Sunday, 14 December 2014, Aquatic reached the health and safety milestone of 1,000 days without a lost-time incident. This remarkable achievement is the result of the hard work and commitment of everyone at Aquatic. Both the professionalism of our health, safety, environment and quality team and the dedication of everyone who receives training and support from them have enabled us to reach this milestone.

"1,000 days without an incident means we have consistently safeguarded all our people, on- and offshore, and the people we work with on clients' vessels," he continued. "We are diligent about safety, and we work with awareness at all times to stay safe. We are committed to avoiding any incidents in our global operations."

Aquatic will share the news with customers and suppliers in a special issue of HSEQ e-AquatiCall; Aquatic's corporate newsletter. This will highlight the company's health and safety focus across a range of projects and achievements.

NOIA President Randall Luthi(photo) issued the following statement in response to President Obama's 2015 State of the Union Address:2015 State of the Union Address:

"While the President highlighted America's energy renaissance in his address to Congress tonight, he failed to note that the increase in the supply of American-made energy is occurring on state and private lands, not the federal lands under his control. The President was certainly right about one thing: low energy costs and gas prices have given American families and small businesses relief and have contributed to the recovering economy; however, the increased supply of oil and natural gas and lower energy costs have occurred in spite of, not because of, the Administration's energy policies.

"The President and his Administration have a prime opportunity in the coming months to take positive action to support a true all-of-the-above energy strategy that strengthens America's economy, creates thousands of new jobs, and enhances our energy and national security. This opportunity lies within the next 5-Year Outer Continental Shelf (OCS) leasing program. More than 85 percent of the OCS remains shuttered to exploration and development, including the entire Atlantic Coast, Pacific Coast, and the Eastern Gulf of Mexico. Changing the current policy to one that would open new areas of the OCS would be a positive step in the right direction toward a truly all-of-the-above energy approach that recognizes the opportunity in developing all offshore energy resources, including oil, natural gas and wind. In fact, another good American story is the progress toward harnessing the potential of offshore wind power, particularly in the Atlantic. NOIA supports all offshore energy sources, but it only makes sense for the Administration to devote similar efforts toward moving forward on offshore oil and natural gas leasing in new areas as well.

"Other nations, including Canada, Cuba, Mexico, Norway, Greenland, Brazil and Ghana, have recognized these opportunities and are exploring new offshore areas. A recent study shows that by opening the Atlantic, Pacific, and Eastern Gulf of Mexico, America could, by 2035, create more than 838,000 jobs annually, spur nearly $449 billion in new private sector spending, generate more than $200 billion in new revenue for the government, contribute more than $70 billion per year to the U.S. economy, and add more than 3.5 million barrels of oil equivalent per day to domestic energy production.

"As the President knows, this issue is not a partisan one. Congressional Democrats and Republicans and the vast majority of the American public have stated their support for the safe exploration and production of America's offshore energy resources. We have an opportunity to leave future generations with a stronger economy and strengthened national and energy security for decades to come, and NOIA urges the President to help put America on this course by putting forward a 5-year OCS leasing program that opens new offshore areas for energy exploration and development."

ABOUT NOIA
NOIA is the only national trade association representing all segments of the offshore industry with an interest in the exploration and production of both traditional and renewable energy resources on the nation's outer continental shelf. NOIA's mission is to secure reliable access and a fair regulatory and economic environment for the companies that develop the nation's valuable offshore energy resources in an environmentally responsible manner. The NOIA membership comprises more than 325 companies engaged in business activities ranging from producing to drilling, engineering to marine and air transport, offshore construction to equipment manufacture and supply, telecommunications to finance and insurance, and renewable energy.

Eni owns a working interest of 8.5% in the field operated by Anadarko and holds also a 30% working interest in the nearby Hadrian South gas field.

Eni announces the production start-up from the Lucius Field in the Gulf of Mexico deepwater, 240 miles south of the Louisiana coast, United States.

Photo courtesy: Anadarko

Lucius, which is in approximately 7,000 feet of water, has a production secured through 6 subsea wells tied back to a moored production handling spar connected to the shore via dedicated oil and gas pipelines. The spar has a design capacity of 80,000 barrels of oil per day (bopd) and 450 million standard cubic feet per day (MMscfd) of gas. Once all wells are ramped up, Eni's share of the Lucius daily production is expected to be approximately 7,000 boed.

The Lucius field was discovered in November 2009 and the subsequent development project was sanctioned in late 2011. Eni owns a working interest of 8.5% in the field operated by Anadarko. Eni also holds a 30% working interest in the nearby Hadrian South gas field operated by ExxonMobil, which is a subsea development tied back to Lucius spar, and is expected to produce 300 MMscf/d at plateau, with startup expected in early 2015.

The Greater Hadrian area, which includes the Lucius and Hadrian South fields, represents a core asset for Eni's future production, since it is expected to provide approximately 20,000 boed equity of combined production at its peak.

In the US, Eni owns interests in 200 leases in the Gulf of Mexico and 530 leases in unconventional plays (shale gas and shale oil) onshore Texas. In addition, Eni owns interests in 100 leases in the North Slope of Alaska, which include 100% of Nikaitchuq and 30% of the Oooguruk oil fields.

Eni's current net production in the US is approximately 100,000 boed, 75% of which is operated

the past 12 years, Quest Offshore's consulting division has been commissioned by leading energy companies, industrial conglomerates, tier one OEMs, the finance industry and other members of the supply chain as well as industry lobby groups to provide expertise in assessing the current and future market conditions of a variety of offshore oil and gas related industries.They have successfully assisted their clients in understanding the complex dynamics of the global oil and gas production and exploration market, and have provided expert analyses allowing them to make optimal strategic decisions in reaching their short and long-term goals.

Despite the negative implications of and uncertainties around today's lower oil price environment, Quest believes that significant opportunities exist for companies willing to make immediate long-term strategic decisions. As with any significant structural shift in a large industry, the recent outlook changes will create inefficient market situations that well-positioned and opportunistic companies will be able to seize. Quest expects that as oil prices begin to stabilize, merger and acquisition activity will increase. Suppliers to project development activities will undergo significant restructuring, reshuffling the dynamics of most offshore oilfield service markets. Companies who take advantage of these opportunities will be well positioned for the next growth cycle.

Quest's consultancy practice works with clients to provide comprehensive data-driven advice and analytics. Using our market expertise and in-depth analysis, Quest can assist in planning for and reaching your business development goals. Through Quest's strategic advisory services, sector specialists work with you to identify profitable opportunities to maximize your company's current market position as well as identify valuable targets to expand your offerings. Markets in which we have extensive relevant experience include:

Market Due Diligence
* * Mergers & Acquisitions
* * Initial Public Offerings
* * Debt Transactions
* * Litigation Support

Offshore Market Positioning
* * Barriers to Entry
* * Competitor Analysis
* * Cost Analysis
* * Supply Chain Analytics

Re-organization/Efficiency
* * Market Assessments
* * Cost Analysis and Reductions
* * Growth Opportunities
* * Market Modeling

he world's largest ship and offshore classification society DNV GL has opened up a new office in Nanjing. It will support business growth in the area and be the centre for operations in Central China. Headed by Area Manager Chen Keng, DNV GL Central China covers most of the Jiangsu Province and follows the Yangtze River upstream to Chongqing and Sichuan.
"Central China is home to dozens of shipyards, many industry manufacturers and is therefore one of the most important areas for DNV GL to focus on in China. The launch of our expanded new office demonstrates our commitment", says Torgeir Sterri, Vice President and Regional Manager for Greater China at DNV GL.

"More expertise and competence in all ship types and offshore units as well as a strong focus on research, technology and innovation enables DNV GL to support the transformation and development of Central China's maritime industry more effectively. Together with our customers, we will contribute to a safer, smarter and greener future", Sterri adds.

The expanded office accommodates all staff from both legacy DNV and legacy GL. "Our customers now have easier access to our services. This puts us in a much better position to support them, strengthen our existing cooperations and generate more business in the area", says Area Manager Chen Keng.

DNV GL has been involved in many advanced newbuilding projects in China, such as 10,000 TEU container ships, 25,000 DWT Duplex chemical tankers, high-end OSVs and multi-purpose dry cargo vessels.

"We are proud and grateful for the trust and good cooperation built and maintained with our customers and partners in the area. With the support from our regional and global resources, I am very confident that we will be able to meet the even higher expectations from our customers on quality, technology and innovation development", concludes Chen Keng.

DNV GL in Central China
The Nanjing office was established in 2008 to support China's fast development in the maritime sector. With 130 professionals in three stations in Nanjing, Wuhan and Jiangyin, DNV GL provides a complete maritime service portfolio to more than 20 shipyards carrying out newbuilding and repair projects, over 100 manufacturers requiring certification services, and many shipowners, requiring fleet in service and newbuilding support

At the end of last year, Petrobras deployed its first wet Christmas tree (equipment installed on a wellhead, composed of a set of remotely operated valves designed to control the flow of fluids such as oil, water and natural gas from a reservoir to the surface) using cables in the pre-salt area. The main change involved was the use of a subsea equipment support vessel (SESV) to install the equipment rather than a traditional drilling ship. This resulted in a time saving of approximately 10 days, generating a gain of more than US$5 million. The well on which the Christmas tree was installed using this technique, called 7-SPH-2D-SP, is located in Sapinhoá field, in the pre-salt layer of Santos Basin, at a depth of 2,130 meters.

The operation, which involved lowering the Christmas tree into position and installing it on the wellhead using a suspended cable, was carried out from an SESV using a subsea equipment guidance system. This installation technique replaces the use of drilling ships, which are much more expensive to charter. SESVs have some other major advantages in relation to traditional drilling ships. For example, using a drilling ship it takes around 10 hours to lower a "riser" (a kind of pipe) 1,000 meters in the open sea. Consequently, the time taken to lower a Christmas tree for installation on a well at a water depth of 2,300 meters is 40 hours on average. SESVs, on the other hand, can perform the same maneuver in less than four hours, due to the cable launch and return speed.

Petrobras had already used this technology at depths of up to 2,000 meters. Following engineering studies, some adaptations were made to the SESV Skandi Santos, enabling the vessel to install equipment at depths of up to 2,300 meters. After the success of this first experience, the use of SESVs has now been proven as a viable option for the pre-salt layer, and this will help reduce operating costs and times. Petrobras has now chartered a second SESV, which is being adapted for depths of up to 2,500 meters and which should start operating in the second half of 2016.

Sapinhoá field is operated by Petrobras (45%), in partnership with BG E&P Brasil Ltda (30%) and Repsol Sinopec Brasil S.A. (25%).

Acteon has announced the start-up of Clarus Subsea Integrity Inc., a new Group company created from 2H Offshore's subsea integrity business segment. Based in Houston, USA, the new company will commence operations in January 2015 and plans to expand globally.

Paul Alcock, executive vice president, Acteon, said, "Clarus is a service with its own brand identity, which will broaden the strong integrity capability developed at 2H over the past ten years. Clarus will support and enhance the subsea mechanical and electrical infrastructure segment of Acteon's global business and will support growing Opex-oriented markets, particularly in the global context of ageing deepwater fields."

Clarus will be led by John MacDonald and Dharmik Vadel, who previously managed subsea integrity activities within 2H Offshore. Vice president, MacDonald, said, "Clarus aims to become a unique pacesetter in global subsea integrity engineering by focusing on the essential operator objectives of compliance, uptime and efficiency. Clarus provides engineering solutions by efficiently interpreting data to help operators make better-informed decisions in operating their assets. Our goal of providing clarity to clients inspired the name we have chosen: Clarus, which is the Latin word for 'clear.'"

Clarus service offerings will include data management, risk based integrity assessment, anomaly management, fitness for service, subsea condition monitoring, key performance indicators and corrosion analysis. The initial subsea equipment specialty focus will grow to include integrity of all in-water equipment including hull and moorings.

GAC, a world leader in global shipping services, has been appointed sole provider of hub agency services for the worldwide LNG fleet of BG Group.

The agreement also covers crude oil and LPG shipments to accommodate BG Group's expanding cargo range.

The new five-year contract took effect on January 1 with GAC providing hub and ship agency services and a range of value-added solutions covering the movement of BG Group's cargoes around the world.

Kumar Ganesan, General Manager for GAC Global Hub Services coordinated the negotiations along with Bob Bandos, Managing Director of GAC Shipping USA. Bandos had first established the relationship with BG Group in 2001.

"This global contract with BG Group is an outcome of mutual reliability, a commitment to thinking long-term and a willingness to listen to each other," says Ganesan. "It's the product of a partnership that continues to grow stronger."

"We have been working closely with the BG Group for more than a decade and we look forward to supporting the company in its global LNG, LPG and Crude Oil business growth."

GAC operates Hub Agency Centers in Dubai, Houston, Singapore and Grangemouth, coordinating port calls globally for fleet operators

Deep Casing Tools is pleased to announce the establishment of new branch office in the Jebel Ali Free Zone (JAFZA) area in the United Arab Emirates. Local sales and operational services have contributed to the company's success and the establishment of a new regional base underpins the commitment to new and existing customers.

John Rider, Vice President, Middle East and Asia Pacific for Deep Casing Tools

As well as serving the company's established Middle East market, the combined office and warehouse facility will also provide a supply base for the growing demand for tools in the Far East, where supply agreements have recently been signed with major contractors in Malaysia and Vietnam.

The facility underpins the strong reputation that the company has established with major operators in the Middle East and reinforces its ambitious growth plans. To support this growth, a new post has been created and John Rider has been appointed as Vice President, Middle East and Asia Pacific, based in UAE. John has previously worked in the UAE, USA, Caspian, Russia UK and Africa.

Deep Casing Tools' CEO Lance Davis said: "I am delighted that John has decided to join us. His considerable industry knowledge of field operations and his global commercial and technical sales experience will be invaluable in strengthening Deep Casing Tools' growth strategy."

Deep Casing Tools doubled its revenue year-on-year to £9m in 2014.

In the Awards in Predefined Areas 2014, Statoil has been awarded interests in 15 licenses on the NCS, 8 of those as operator. Today, the government has also announced the blocks in the 23rd concession round.

Drill rig Transocean Barents in the Barents Sea. (Photo: Harald Pettersen)

"These are very positive news for Statoil and the whole industry. Access to new quality acreage is essential to ensure continued exploration activity and value creation on the NCS," says Irene Rummelhoff, senior vice president for NCS exploration in Statoil.

"We are pleased with the APA 2014 award of new acreage in mature areas enabling us to prove additional time-critical resources around existing production hubs. We also welcome the announcement of blocks in the 23rd concession round, in particular the new acreage in the Barents Sea South-East which is an important contribution to further exploration in frontier areas of the NCS," says Rummelhoff.

Statoil is positive to the work the authorities are now initiating in order to expand the knowledge base related to sea ice data.

In APA 2014, Statoil has been awarded new licenses in all three NCS provinces:

North Sea
• 80% ownership and operatorship in PL783 and 20% ownership in PL782S west of Balder. This is new acreage with significant volume potential on the eastern flank of the South Viking Graben in a prolific oil prone area. The location and size of the main prospect makes it a very interesting candidate in Statoil's portfolio. PL782S is stratigraphically split and limited upwards by Base Cretaceous.

• 50% ownership and operatorship in PL772. This is new acreage in a prolific area to the north of the King Lear discovery.
• 51% ownership and operatorship in license extension PL025B.
• 30% ownership in license extension PL044C.
• 62% ownership and operatorship in license extension PL046E.
• 50% ownership and operatorship in license extension PL072E.
Norwegian Sea

• 40% ownership and operatorship in PL794 and 20% ownership in PL795. These are exciting licenses in the vicinity of Njord with prospectivity of various play models.
• 40% ownership and operatorship in PL796. This is a new near infrastructure license east of Mikkel. Acreage around Njord and Mikkel is important for feeding existing infrastructure with new volumes as tie-in developments. We also see significant upside potential in the area.
• 20% ownership in PL798 and PL799. This is promising gas prone acreage west of Skarv with follow-up possibilities.
• 42% ownership and operatorship in license extension PL159E.
• 50% ownership in license extension PL127B.
Barents Sea

50% ownership in PL803 - a new license in the Tromsø basin. We see exciting opportunities in the area, particularly in some of the more under-explored plays.

Claxton, an Acteon company, is extending its large surface riser inventory to meet operators' needs as more heavy-duty jackup rigs enter the North Sea. The company, which already has more than 560 feet of rapid call-off surface riser stock, is adding new joints in the size and pressure required to interface with the blowout preventer (BOP) stacks on the new rigs.

Martin Jolley, vice president sales and commercial, Claxton, said, "Soon there will be six ultra heavy-duty jackups operating alongside the 44 other jackups in the North Sea. The new rigs all require surface risers with 18.3/4" ID and 15 k pressure ratings. We are bolstering our inventory in this area to support our clients.

"Our surface riser supply capability has always been broad; we cover 13.3/5" through to 21.1/4" internal diameter options, which are available in a range of low and high pressure options up to 15 k ratings. Our new 18.3/4" 15 k stock will further strengthen our position as a leading supplier of surface risers for the North Sea and beyond.

"Claxton has a broad range of supporting rental equipment to manage riser interfaces, so we're confident that our surface riser packages and rapid mobilisation capability will continue to meet the needs of operators and drilling contractors. Claxton's full riser capability covers subsea and surface risers, riser handling and tensioning. The complete range of bore, pressure and system options we supply is unmatched in the North Sea."

Claxton provides the vast majority of well control interfaces, with more than 4,000 surface riser and associated range of rental adaptors, connectors, handling tooling and ancillary items.

Working alongside sister riser businesses in the Acteon group, Claxton's surface and subsea riser supply capability is used by operators in the North Sea and beyond. Claxton supplied the first 10,000 psi subsea riser system to a North Sea operator and delivered a complete riser system for the deepest waters ever tackled from a jackup, in Statoil's Gullfaks field.

PIRA Energy Group, a leader in global energy market analysis, announced today that Gemma Postlethwaite, the company's current COO, will assume the role of Chief Executive Officer effective immediately. Dr. Gary N. Ross, PIRA's founder and current CEO, will become Executive Chairman and will continue to lead the company's oil group.

"Since Gemma came on board as COO in early 2014, she has had a transformational impact on the business," said Dr. Ross. "She has a keen sense of how clients' needs are changing and how best to address those needs. In a short period of time, we've rebuilt our online platform and created a roadmap for better delivering data and analysis to more types of energy professionals. With Gemma onboard and with our newly expanded management team, the future is extremely bright for PIRA and its clients. I am now able to focus primarily on making our oil group and its products even stronger."

Dr. Ross built PIRA to help clients understand the entire energy market through rigorous fundamentals analysis. Today, PIRA has grown into one of the world's leading energy analysis companies, covering all energy commodity areas. Its "total view of the energy market" takes a bottom-up, fundamentals analysis of supply and demand as well as a top-down macroeconomic approach. PIRA's team of experts and comprehensive data tools serve a full range of worldwide clients, from upstream to downstream companies, physical players to investors, government to private entities, and those focused on the short term to those that need long-term perspectives.

"As PIRA approaches its 40th year of operations, I am thrilled to move into this new role," said Ms. Postlethwaite, who over her 15-year career has held leadership positions at major information-services companies. "Gary's vision and passion for the business have made PIRA the leader in our industry and an invaluable source of information and advice to our clients. I firmly believe no other entity understands the complexities of this market better than the incredible team of experts at PIRA.

At a time when our clients face very volatile market conditions, we are renewing our commitment to them — the commitment to provide the most expert, objective and integrated analysis of worldwide energy markets. We take this commitment seriously. It shapes the way we work every single day. I am excited to share what's coming next with our clients."

On behalf of the Johan Sverdrup partnership Statoil will sign a detail engineering contract for the Johan Sverdrup development with Aker Solutions.

Worth NOK 4.5 billion the contract includes engineering and procurement management (EPma) until the scheduled production start in 2019.

The contract includes engineering and procurement management for the riser and processing platform topsides for the Johan Sverdrup field, phase one, in addition to hook-up work and gangways for the entire field.

Aker Solutions has so far been responsible for the front-end engineering of all four platforms that constitute the field center, a contract signed at the end of 2013.

"In light of the Johan Sverdrup project's ambitious progress plan having competent cooperation partners that share our goals is essential. Through the front-end engineering phase several hundred Statoil employees have been stationed at Aker Solutions. Together we have formed the basis for a seamless transition to detail engineering which will ensure a cost-effective progress plan," says Arne Sigve Nylund, Statoil's executive vice president for Development and Production Norway.

"The Johan Sverdrup field development is of great importance, not just to Statoil and our partners, but also to the supply industry and society. At plateau, the production from this field will account for 25% of the combined production on the Norwegian continental shelf. Although the prospects for the future of the field are very good maintaining the right focus on costs both in the construction and operations phase is essential," Nylund concludes.

"Targeted efforts have been made to cut costs and improve the efficiency of the deliveries. We are therefore pleased to see that Norwegian suppliers are competitive and that we can sign this contract with Aker Solutions. They have started their own improvement work and their deliveries on our integrated cooperation at Sverdrup are progressing well. This is an important contract for the project, and our expectations for the implementation are high", says Margareth Øvrum, Statoil's executive vice president for Technology, Projects and Drilling.

"As the EPma supplier Aker Solutions gets a key role in the Johan Sverdrup project, and is thus an important contributor to a successful project. We look forward to a close and good partnership," she ends.

This contract award is conditional on an investment decision for the Johan Sverdrup development in February 2015, and is subject to the approval of the Plan for Development and Operation for the field in Parliament in 2015.

• The samples obtained in the exploratory survey known as Sandia confirmed the existence of gas, although without the necessary volume nor quality to consider future extraction.
• The Rowan Renaissance drillship will return to Angola to continue with Repsol's exploration program in that country.
• Around 750 professionals from more than 50 companies, some based in the Canary Islands, have worked on the research project, applying the maximum safety and environmental protection standards.

Repsol has completed the exploratory well, which began on 18 November 2014 in the Atlantic Ocean about 60 kilometers from Lanzarote and Fuerteventura, to analyze the possible existence of hydrocarbons. The analysis of samples obtained showed the presence of gas (from methane to hexane) but without the necessary volume nor quality to consider future extraction.

The exploratory survey confirmed that oil and gas have been generated in the basin, although the deposits found have been saturated with water and the hydrocarbons present are in very thin, non-exploitable layers.

No further exploratory activity will be carried out in this area, and the Rowan Renaissance dynamically-positioned drillship will return to Angola to continue Repsol's exploration campaign in that country.

On 11 January, a total depth of 3,093 meters (882 meters of water depth and 2,211 meters of subsoil) was reached and the collection of data on the traversed geological formations was completed.

The well will be sealed throughout the next week under the strictest safety protocols, the same that have been applied during the entire exploratory drilling campaign.

Around 750 professionals from over 50 companies have worked on the research project, applying the highest safety and environmental protection standards at all times. At the start of this campaign, Repsol estimated the possibility of finding hydrocarbons at between 15% and 20%. The company carried out the campaign in the belief that a discovery of hydrocarbons would be beneficial for the Spanish economy.

The excellence of all operations related to this campaign was achieved thanks to the deployment of top professionals – not only from Repsol, but also from other contracted companies, some of them from the Canary Islands – and the use of cutting-edge technology such as the Rowan Renaissance dynamically-positioned UDW drillship, which was supported by four other vessels.

Repsol has great experience in offshore exploration. The company's reserve replacement ratio (the amount of reserves added by the company compared to the production) was 204% in 2012 and 275% in 2013, among the highest in the industry.

The MacArtney Group is pleased to announce the entry of an exclusive representative agreement with Alakaluf Ltda - a leading marine technology provider based in Chile. The agreement represents another important leg in MacArtney's ongoing thrust to increase its local presence in all South American markets for underwater technology.

Alakaluf Ltda.
Founded in 1994, in Punta Arenas, by marine biologist and M. Sc. Oceanography Sergio Andrade, Alakaluf Ltda. has achieved extensive expertise in supplying marine scientific and renewable energy solutions for all relevant industries and operators in Chile. Moreover, Alakaluf also supplies solutions for regional oil and gas in the Magellan Strait, underwater mining, coastal tourism, seaports, aquaculture and fisheries applications.

One-stop marine technology
With additional warehouse facilities and offices located in Santiago, Valparaiso and Concepcion, Alakaluf has grown to become a major vendor of marine solutions across Chile. During its existence, Alakaluf has developed several strategic alliances with leading providers of underwater equipment, including WET Labs, Rockland scientific, Sea Bird and many more. Through the agreement with MacArtney, Alakaluf will not only be the regional representative for SubConn® connectors, but also significantly extend its capacity of providing more full-scale solutions all the way from surface to seabed. Specifically, MacArtney winch handling solutions, telemetry and comprehensive connectivity solutions coupled with the multitude of sensor and data acquisition options already offered, will aid to render Alakaluf a true one-stop supplier of marine technology. Meanwhile, MacArtney is bound to benefit from the vast network of contacts and local expertise held by Alakaluf.

Tecnologías y Ambiente
Translatable to 'Technology and Environment' - the slogan of Alakaluf grants evidence to the central role that renewable energy technology plays within the company. To promote renewable energy in Chile, Alakaluf has partnered with several leading global developers - especially within the field of tidal energy. "Together - the depletion of fossil energy resources, the advancement of non-conventional marine energy technology and the increase in energy demand from coastal communities and the industry enable a viable increase in the development of renewable projects in Chile" says Alakaluf CEO, Sergio Andrade.

This focus area is hugely interesting to MacArtney, which has participated in several pioneering and industry scale projects with non-conventional marine renewables over the past decade. "With our rugged and advanced GreenLink inline terminations, subsea hubs and general connectivity solutions, we hold the capacity to effectively interconnect several tidal, wave or wind units and safely transfer the harnessed energy back to shore. We are confident, that in close cooperation with Alakaluf and its other partners, we can create great results for- and boost further advancement of - marine renewables in Chile" Says MacArtney Sales and Marketing Director, Marco MacArtney.