Following the sanction of the Peregrino phase 2 project in December, Statoil together with its partner Sinochem submitted the Plan of Development (PoD) to the National Agency of Petroleum, Natural Gas and Biofuels (ANP) in Rio de Janeiro on 30 January.
The project entails a new well head platform and drilling rig (Platform C) and adds approximately 250 million barrels in recoverable resources to Peregrino field. The project entails investments of approximately USD 3,5 billion.
"Over its lifetime the project will generate several positive effects for Statoil's supply chain and substantial tax incomes for Brazil. Peregrino Phase II will strengthen our position in the country and reinforce our long-term commitment for the development of Brazil", says Pål Eitrheim, senior vice president and Brazil country manager.
Phase II solution, with Platform C in the foreground.
The submission of the PoD to the Brazilian authorities is an important milestone. The Peregrino Phase 2 will enable the extension of the economic life of the Peregrino field in Campos Basin, Offshore Brazil.
Brazil is a core area for Statoil and Phase 2 is an important and strategic element in Statoil's ambition to continue to build a strong position in the country. The Peregrino field has a good track record, with more than 90 million barrels produced since first oil, in April 2011.
Based on the current plan, Peregrino Phase II is expected to start production towards the end of the decade, but Statoil will make adjustments to the schedule should that be necessary. The project team will look into further savings through simplification, standardization and a tailor made execution strategy thus improving return over investment.
Project concept
The current solution consists of a wellhead platform with a drilling unit (WHP-C) tied-back to the existing FPSO Peregrino. The facilities contains standalone power generation and will export power to WHP-A.
Phase II will enhance production from the Peregrino field by increasing the number of production wells from a new area (Peregrino Southwest), which today is not reachable by the existent platforms A and B. A total of 21 wells – 15 oil producers and 6 water injectors – are planned to be drilled as part of the Phase II development.
All the production and injection wells in the Phase II development are planned to be drilled from one new drilling center, WHP-C installed in 120 m water depth.
With platform C, the company will increase well potential and be able to continue producing in Peregrino field for a longer period of time.
The expected recoverable resources from the Phase II development within the concession period (until end of 2040) are 250 million barrels.
At OTC 2015, Parker will unveil new solutions for building tubing systems capable of meeting the immense challenges posed by higher pressures and corrosion mechanisms as oil and gas exploration and production moves into deeper offshore environments. The new technology will evolve the well-known ranges of small-bore tube fittings and valves from the Instrumentation Products Division of Parker Hannifin – a global leader in motion and control technologies.
Engineers constructing tubing systems for high pressure hydraulics, chemical injection systems and other higher-pressure topside and subsea offshore applications will be presented with new tube connection technology that provides easy-to-apply solutions for pressures up to 15,000 or 20,000 PSI.
At pressures of 15,000 PSI and more, tubing failures can pose an enormous threat to asset integrity. Ensuring asset integrity is a critical element of the new tube connection designs. Parker's engineering spans the spectrum of potential failure modes - from guarding against mechanical failures to combating corrosion mechanisms. The new connection technology is supported by Parker's heritage of materials expertise, which provides users with the highest-possible materials quality and the widest choice of corrosion resistant alloys to meet corrosion threats. Although metallurgy know-how is becoming quite common on the project teams run by operators and their engineering, procurement and construction contractors, Parker almost certainly has the broadest and deepest understanding of metallurgy in this market today - and will also help users with both expert advice and education.
With annual sales exceeding $13 billion in fiscal year 2014, Parker Hannifin is the world's leading diversified manufacturer of motion and control technologies and systems. Strong competitive advantages, a clear strategy and goals, consistent execution and performance, and many opportunities for growth, have allowed the company to consistently deliver strong shareholder returns. Parker has increased its annual dividends paid to shareholders for 58 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index.
Statoil has signed a contract with Allseas for installation of three platform topsides on the Johan Sverdrup field. The vessel will be installing the topsides for the drilling, processing and living quarter platforms.
Allseas will transfer the topsides to Pioneering Spirit (former Pieter Schelte) before they are transported to the Johan Sverdrup field. On the field pioneering spirit will install the topside on the steel jackets.
The drilling platform topsides will be installed in 2018, and the processing and living quarter topsides will follow in 2019.
The vessel has a lifting capacity of 48,000 tons. The heaviest lift will be carried out during installation of the processing platform topside that weighs around 26,000 tons.
After the topsides have been assembled onshore they will be transported offshore for installation. This allows more work related to completion and testing of the topsides to be performed onshore. The number of offshore man-hours will be reduced, which reduces both time and costs.
Constructed in South Korea, "pioneering spirit" is currently being completed in Rotterdam.
This contract award is subject to the Norwegian parliament's approval of the plan for development and operation of the Johan Sverdrup field in 2015.
DeepOcean Brasil Servicos Ltda., a subsidiary of DeepOcean Group Holding BV (DeepOcean), announces the that company has been awarded a one year extension of contract for the provision of flexible repair and IMR services from Petróleo Brasileiro S.A. using the Deep Endeavour.
Deep Endeavour is a multi-purpose subsea support construction and cable-lay vessel, with work class ROV, riser recovery and deployment system and more than 1,600m2 of deck space. Vessels track record includes ROV based subsea maintenance operations, saturation diving support, as well topsides construction support. Vessel has already proven her performance in the Brazilian Inspection, Maintenance and Repair (IMR) market, and will maintain her special capability for repairing flexible pipelines and electro hydraulic control umbilicals.
"DeepOcean has an extensive track record in providing IMR services for our oil and gas customers worldwide. We are pleased that Petrobras values our IMR services, and has extended the contract with DeepOcean. This award allows us to maintain our long term commitment to Brazilian subsea industry even in a strained global subsea business environment." Mads Bårdsen DeepOcean's EVP International comments..
McDermott International, Inc. (NYSE:MDR) ("McDermott") announced on Monday that it has been awarded a large project for a new jacket, temporary deck and replacement umbilical by Qatar Petroleum for the North Field Alpha gas development, offshore Qatar. Work is expected to be executed through the second quarter of 2016 and will be included in McDermott's first quarter 2015 backlog.
The jacket installation calls for highly specialized engineering by McDermott to simulate the expected behavior of the structure during launch to ensure a safe and successful operation. (Photo: Business Wire)
The brownfield contract includes front-end engineering design verification, detailed engineering, procurement, construction, installation ("EPCI") and commissioning of a new six-legged, 15-slot wellhead jacket and temporary drill deck, with a total weight of approximately 5,000 tons. The work also includes the decommissioning, removal, replacement and pre-commissioning of 2.6 miles of composite umbilical and a fiber optic cable, in the Maydan Mahzam field.
"For more than 30 years, McDermott has successfully delivered numerous projects for Qatar Petroleum and its partners in Qatar's North Field, and we are pleased to further build on this relationship, as they focus on enhancing their oil recovery and production capability," said Tom Mackie, Vice President, Middle East. "We believe our ability to provide a fully integrated EPCI solution from one centralized location in Dubai will enable us to be more effective at ensuring certainty of delivery across all stages of the project allowing for more scheduling flexibility, and higher quality and safety, which is critical when working within an actively producing field, to ensure minimal operational interruption."
Detailed engineering, procurement and construction is expected to be carried out by McDermott's specialist teams in Dubai, United Arab Emirates with vessels from the McDermott global fleet scheduled to undertake the installation work in 2016.
McDermott Middle East, Inc. (NYSE:MDR) ("McDermott") announced on Monday that it has been awarded initial work for a significant power supply system replacement contract by Saudi Aramco for the Marjan field, offshore Saudi Arabia. Work is expected to be executed through the fourth quarter of 2016 and will be included in McDermott's first quarter 2015 backlog.
McDermott has successfully executed several offshore electrification projects for Saudi Aramco such as the one pictured. (Photo: Business Wire)
The overall brownfield project comprises integrated engineering, procurement, construction, installation ("EPCI") and replacement of the decks of two existing tie-in platforms, as well as the removal and salvage of existing gas turbine generators, and the installation of two new 115kV subsea power and communication cables. The initial scope of work awarded today, comprises the engineering, procurement, fabrication and load-out of the platforms and cable.
"McDermott's continuing relationship with Saudi Aramco and our commitment to the Kingdom of Saudi Arabia is reflected in this project award, as well as our ability to provide integrated services and an efficient technical solution within an active production field," said Tom Mackie, Vice President, Middle East. "We approach facility modifications with safety and our client's production in mind, using the latest technology, a full suite of design disciplines and proprietary McDermott processes to minimize operational interruption."
Engineering is expected to be carried out by McDermott's specialist teams in Dubai, U.A.E.; Al Khobar, Saudi Arabia; and Chennai, India, and the two new electrical decks are scheduled to be fabricated at the Dubai-based fabrication facility
McDermott International, Inc. (NYSE: MDR) ("McDermott") announced on Tuesday that it has been awarded a sizeable manifold and subsea safety isolation valve module fabrication contract by FMC Technologies for the Jangkrik fields located offshore Kalimantan, Indonesia. The contract was included in McDermott's fourth quarter backlog and is expected to be completed by the first quarter of 2016.
McDermott's Indonesian fabrication facility has broad experience delivering customized and high-quality subsea solutions.
"Our demonstrated track record in the delivery of customized, high-quality subsea solutions from our Indonesian fabrication facility on Batam Island, including the Gorgon subsea structures fabrication project and the Ichthys engineering, procurement, construction and installation project, positions us strategically to support FMC Technologies in fabricating the Jangkrik Complex subsea infrastructure," said McDermott's Hugh Cuthbertson, Vice President and General Manager, Asia Pacific. "McDermott is also pleased to continue its longstanding commitment to providing in-country value to Indonesia through its delivery of projects from its Batam Island facility to the Indonesian energy industry."
This is the first time that FMC Technologies has awarded work to McDermott's Asia Pacific region. The scope of the project includes fabrication of approximately 3,200 tons of subsea manifolds and subsea safety isolation valve modules to be installed in water depths ranging from approximately 329 feet to 1,640 feet. Fabrication commenced in February 2015 at McDermott's Batam Island facility in Indonesia, which will also be responsible for factory acceptance testing ("FAT") / extended FAT and system integration testing.
"The McDermott team worked closely with FMC Technologies to determine execution strategies that meet their requirements and ensure high quality and on-schedule delivery," explained Cuthbertson.
The Jangkrik Complex is operated by Eni and comprises two main fields – Jangkrik Main, located approximately 44 miles from the coast in the Muara Bakau permit area, along the Makassar Strait, and Jangkrik Northeast, approximately 16 miles from Jangkrik Main.
NYC-based PIRA Energy Group believes current Brent crude tightness will not last. In the U.S., crude build drives another record total U.S. commercial stock level. In Japan, crude runs eased and product stocks drew. Specifically, PIRA's analysis of the oil market fundamentals has revealed the following:
World Oil Market Forecast, February 2015
PIRA's outlook for an improving global economy is on track. Current Brent crude tightness will not last. The basic problem is that the Atlantic Basin has no outlet for its excess crude, with Middle East producers aggressively pricing in Asia to maintain market share. The surplus hit Europe first, then North America, and now all prices point supply back to Europe.
Crude Build Drives another Record Total U.S. Commercial Stock Level
The U.S. crude balance structure that has bloated crude inventories to record levels continues unabated. Domestic crude supply is now up more than 1.5 MMB/D over the last four weeks, compared to last year, while crude imports remain stubbornly high, down only 0.55 MB/D over the same period. Weekly crude runs and exports are up a combined 0.7 MMB/D, but not nearly enough to forestall stocks growing at a faster clip than last year. Total commercial stocks built this week, to a new record high. With a draw last year, the year-over-year surplus increased. With falling crude runs but imports remaining around 7.30 MMB/D, crude stocks built.
Japanese Crude Runs Easing; Crude and Product Stocks Draw
Crude runs have begun to ease from maximum seasonal levels, while imports were low and crude stocks drew. Finished product stocks also drew moderately. Gasoline demand eased, but stocks still drew slightly, while gasoil demand was strong and stocks drew for the fifth straight week. The indicative refining margin remained strong. Gasoline cracks firmed, while other major product cracks eased slightly.
European LPG Prices March Higher
European LPG prices rose last week as higher winter demand was met by limited supply, as fewer import cargoes arrived in the region and refinery supplies have dwindled. Barge lots of propane were $39/MT higher at $533 Friday, at a slight premium to naphtha. Weather related export disruptions in Algeria and more expensive naphtha prices have also been bullish catalysts.
Ethanol Production Declines
U.S. ethanol production declined sharply during the week ending February 20 to a 15-week low 947 MB/D from 964 MB/D during the previous week. Inventories built by 510 thousand barrels to a 2½-year high 21.6 million barrels.
A Look at Political Risks in a Low Oil Price Environment
Supply disruptions continued to grow in 2014, but the growth in losses nearly halved relative to recent years, and the vast oversupply in today's global oil market is muting the impact of losses. While PIRA expects slightly lower disruptions in 2015, we believe important risks to supply are lurking. As in years past, violence and political turmoil do remain a threat, but this year risks are also emanating from the low oil price environment. In this note, we look at political risks in the $50-$60/Bbl oil price environment expected this year. PIRA believes the biggest risks to supply in 2015 come from presidential elections in Nigeria; economic deterioration in Venezuela; and fiscal constraints and political tensions between Baghdad and Kurdistan.
The information above is part of PIRA Energy Group's weekly Energy Market Recap - which alerts readers to PIRA's current analysis of energy markets around the world as well as the key economic and political factors driving those markets.
While many of us were putting Christmas trees up in our homes in December, BG Group was working with Petrobras to install the first Wet Christmas Tree (WCT) by using a vessel and cables, as opposed to rig, in the JV pre-salt Santos area, offshore Brazil.
A WCT is a device installed at the wellhead comprising a series of remotely operated valves to safely control the flow of fluids (oil, water and gas) from the reservoirs to the surface.
The WCT was installed in the well 7-SPH-2-SPS, in the Sapinhoá field, Santos Basin, at water depth of 2,130 metres.
"BG Group has strongly supported the development and implementation of this new technology in Santos field deepwater", said Shaun Hancock, VP Well Engineering in Brazil, "by providing technical studies and supporting the contracting of a second vessel, which is expected to start operations in mid-2016."
Substantial time savings
Andre Pinheiro, Principal Completion Engineer at BG Brasil. "It took less than two and a half days to install the first Wet Christmas Tree; including navigation time, the total time per well is around four and a half days, compared to 15 days using a Drillship Rig. This generates an approximate saving of $8 million per well using this new technique," he added.
The installation of the WCT and Production Base (BAP) on wire from the same vessel started in Brazil back in 2009 at the Petobras-owned field in the Espirito Santo Basin, said Shaun. "Due to deeper water challenges in our pre-salt fields, it has taken a few years to develop this technology for Santos environment."
"By the end of 2016, Petrobras expects most of Santos basin subsea Christmas trees and production adapter bases to be installed by cable," confirmed Shaun.
The low oil price is expected to dramatically impact O&G activity on the UKCS. Most notably, the number of wells drilled will decrease – particularly E&A wells. In 2014, drilling campaigns were significantly smaller than forecast – only 14 exploratory wells were drilled from an anticipated 25. This is the lowest number since 1970 and with the current oil price an increase is highly unlikely. However, production is expected to be maintained over the short to mid-term, bolstered by sanctioned projects. Meantime operators are seeking to control costs – BP and Talisman have recently announced large job cuts and many high Capex developments will face delays.
Despite the downturn, the 28th licensing round (November 2014) appears to indicate continued Operator interest. DECC awarded a total of 134 licenses – fewer than the record 27th round in 2012 – but still demonstrating the ongoing attractiveness of the region. This does not mean drilling will return to higher levels: the majority of licenses were awarded on the basis of further analysis of seismic data. Overall, oil companies committed to just five firm wells and four contingent wells. Given the declining oil price and current unattractive fiscal regime, a lack of commitment from oil companies is to be expected. However, the lack of drilling activity still represents a significant concern for the UK industry and encouraging companies into drilling will require careful restructuring of both the fiscal and regulatory framework.
Chancellor George Osborne, in his Autumn Statement, announced plans to revise the fiscal regime and appoint a new regulator. However, given the steep decline in oil price, more needs to be done, particularly on taxation – indeed Lord John Browne recently suggested cutting through the tax complexity and putting it onto a corporation tax basis. However, much depends on the outcome of the general election – anything but a win for Conservatives may delay much needed reforms and suppress the UKCS O&G industry further.
Balwinder Rangi, Douglas-Westwood London
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.douglas-westwood.com
Statoil (U.K.) Limited has on behalf of the Mariner co-venturers awarded the contracts for supply base and warehousing services for the Mariner field to Asco UK Limited.
Asco is an international oilfield support services company, headquartered in Aberdeen. The supply base and warehousing facility for Mariner will be operated by Asco from Peterhead, north of Aberdeen.
The scopes awarded encompass the provision of supply base services, including personnel, local transportation, marine gas oil, quayside services and a nearby warehousing facility.
Asco will perform the services for the Mariner field under two five year contracts, anticipated to start during Q1 2016. The contracts also include 2 x 2 year extension options.
Peterhead offshore supply base, owned and operated by ASCO (Photo: ASCO)
"We are pleased with the interest we received in the market for this tendering process. We received competitive bids from several highly qualified companies," says managing director for Statoil Production UK, Gunnar Breivik.
"Production on Mariner requires a high level of drilling activity and the field is reliant on a seamless and cost efficient logistics chain. Asco is a well-established player and their supply base in Peterhead is a proven, high-performing logistics hub. We are looking forward to working closely with Asco to tackle industry challenges and optimize the supply and warehousing services that we depend on for successful operations on Mariner," Breivik says.
The Statoil operated Mariner field, located approximately 150 kilometers east of the Shetland Isles, is currently under development and production is scheduled to start in 2017.
The development concept includes a production, drilling and quarters (PDQ) platform based on a steel jacket and a floating storage unit (FSU). Drilling will be carried out from the PDQ drilling rig, with a jack-up rig assisting for the initial years.
In the period when both the PDQ and the jack-up are drilling Mariner wells, the field will require at least five sailings a week from the Peterhead supply base.
Statoil is the operator of the Mariner field with 65.11% equity. Co-venturers are JX Nippon Exploration and Production (U.K.) Limited (28.89%) and Dyas Mariner Ltd. (6%).
Facts:
• The Mariner Field is located on the East Shetland Platform of the UK North Sea, approximately 150 kilometers east of the Shetland Isles.
•
• The Mariner heavy oil field consists of two shallow reservoir sections – the deeper, Maureen Formation at 1492 meters and the shallower Heimdal reservoir at 1227 meters.
•
• The development of the Mariner field will contribute more than 250 million barrels reserves with average plateau production of around 55,000 barrels per day.
•
• The field will provide a long-term cash-flow over a 30-year field life. Production is expected to commence in 2017.
•
• The concept chosen includes a production, drilling and quarters (PDQ) platform based on a steel jacket, with a floating storage unit (FSU). Drilling will be carried out from the PDQ drilling rig, with a jack-up rig assisting for the initial years.
•
• The Mariner field development entails a gross investment of more than USD 7 billion.
•
• Following the final investment decision in December 2012, Statoil in 2013 established an office an Aberdeen.
•
Statoil's new UKCS operations center is currently under construction on the Prime Four business park at Kingswells west of Aberdeen.
Cal Dive International, Inc. (OTC: CDVI) ("Cal Dive", or the "Company") announced today that it and its U.S. subsidiaries have filed simultaneous voluntary petitions in the United States Bankruptcy Court for the District of Delaware seeking relief under the provisions of Chapter 11 of the U.S. Bankruptcy Code. The Company's foreign subsidiaries have not sought bankruptcy protection and will continue to operate outside of any reorganization proceedings. The Company and its U.S. subsidiaries will continue to operate their businesses as debtors-in-possession under the jurisdiction of the Bankruptcy Court.
Through the Chapter 11 process, the Company will sell non-core assets and intends to reorganize or sell as a going concern its core subsea contracting business. During the reorganization process, the Company and its subsidiaries will continue to operate in the ordinary course, including completing the existing construction projects in Mexico for Pemex, and other ongoing diving and offshore construction projects for its customers worldwide. The Company anticipates no disruption in its services and its focus remains on delivering excellent project execution and safety performance for its customers.
The Company has received a commitment for up to $120.0 million in debtor-in-possession (DIP) financing from its current first lien lenders led by Bank of America, which will immediately provide additional liquidity to continue its operations during the Chapter 11 process. The DIP financing, which is subject to Court approval, will provide adequate funds for post-petition supplier and employee obligations, as well as the Company's ongoing operations needs during the Chapter 11 process.
Commenting on the filing, Cal Dive's Chairman, President and Chief Executive Officer, Quinn Hébert, stated, "Our business has experienced several adverse events that were beyond our control, and with our current capital structure, we are no longer able to financially withstand the industry downturn. In 2014, our financial performance suffered primarily as a result of delays caused by the suspension of two large projects, weather disruptions and delays caused by other contractors. Because these contracts contain milestone billing provisions, these delays and suspensions impeded our ability to invoice and collect payment for work performed, significantly impairing our liquidity which had already been reduced by declining industry conditions over the past several years. Our efforts to negotiate additional financing to fund business activities and pursue identified strategic alternatives were further impeded when oil prices plummeted, creating an additional, unexpected obstacle to our restructuring efforts. After considering several alternatives, we felt the Chapter 11 process was the most effective way to maximize value for our stakeholders."
Mr. Hébert continued, "We are committed to meeting the challenges of our industry head on. By availing ourselves of the Chapter 11 process, we can achieve an orderly restructuring for our business that has consistently produced competitive results under a more favorable capital structure."
More information on the Company's Chapter 11 process, including access to Court documents and other general information about the Chapter 11 cases, is available at www.caldive
Suretank, the world's leading provider of engineered solutions to the offshore oil and gas industry, has announced that it is has acquired a majority ownership stake in Louisiana based manufacturer AmGulf Fabrication, LLC. The company will be rebranded as Suretank USA with immediate effect.
Having acquired a minority shareholding in 2013, Suretank has developed a strong working relationship with AmGulf offering its full range of DNV 2.7-1 certified offshore tanks and cargo carrying units (CCU's) from the company's state of the art facility in Houma, Louisiana.
John Fitzgerald, Suretank CEO, said: "In pursuing our long-term strategy to build local in markets worldwide we are continuously looking for companies that help us to achieve this goal.
"The US is a significant growth market for Suretank and having in-market manufacturing and equipment deployment is extremely important to maintaining customer service excellence."
"We are confident that we have found the right company with AmGulf Fabrication and we are excited about the prospects that taking our investment in this business to the next level will bring. Furthermore we intend developing and building additional specialist products in the USA such as wire-line, well intervention and pumping systems," John continued.
AmGulf Fabrication was established in 2012 by Messrs Lawrence Detiveaux and Jason Underwood.
Commenting on the investment Mr Lawrence Detiveaux, Chairman at Suretank USA, said: "This is a great opportunity for the business, our employees and our customer base. The company was set up on the business principles of Suretank so we are already closely aligned with Suretank's business ethos. We have established a strong reputation for delivering high quality products and custom engineering solutions and the business continues to go from strength to strength. We are excited that Suretank recognises the potential we have to offer them in the US market and are looking forward to the future."
Going forward Mr Jason Underwood takes up the role of Managing Director, Suretank USA and will be responsible for the day to day operations of the business reporting directly to John Fitzgerald.
Suretank is a global leader in the supply of tanks and CCUs (Cargo Carrying Units) to the offshore oil and gas industry. The company has design and manufacturing facilities in Ireland, Brazil, China, the Netherlands, Poland, Thailand, UK and USA as well as sales offices in Australia, Malaysia, Nigeria and Norway.
Subsea 7 S.A. (OsloBørs: SUBC: the Company) announced it has been awarded a two-year extension to two Underwater Services Contracts (USCs) by Shell Upstream International Europe, worth approximately US$240 million.
Under these Life of Field contract extensions for Diving Support Vessel (DSV) and Remotely Operated Vehicle Support Vessel (ROVSV) services, both of which will commence in 2016, Subsea 7 will continue to provide subsea construction, inspection, repair, UK offshore fields and facilities.
The DSV contract will be delivered on a 24 hour, year-round basis through to the third quarter 2018.
The ROVSV contract will cover a minimum of 100 vessel days per year and continue through to the second quarter of 2018. Subsea 7's North Sea fleet, including the Seven Atlantic for the DSV workscope, will undertake the work under the USCs.
Associated project management and engineering support for the USCs will be executed from Shell's and Subsea 7's offices in Aberdeen.
Phil Simons, Subsea 7 Vice President UK and Canada, said: "We are proud to have received these contract extensions. An award of this importance recognizes our strong track record in providing Life of Field expertise and high quality vessels and safe and efficient operations to Shell since our support of their subsea operations began in 1984."
In the UK and North Sea alone, around 475 installations will eventually have to be decommissioned and the associated costs for the rest of this decade are expected to average at £1.3billion per year .
Accounting for a potential 40-50% of the cost of decommissioning an asset, well abandonment is an increasingly costly and complex activity to consider. Preparations must start early and in the North Sea, that time is already upon us.
This topic will be a key focus for the Society of Petroleum Engineers (SPE) on Tuesday, 21 April, as the Aberdeen Section hosts the 5th European Well Abandonment Seminar.
A number of major operators, service companies and industry bodies are set to highlight new and existing abandonment techniques and case studies, including Decom North Sea, GE Oil & Gas, Hess and Shell UK.
Ross Lowdon, chairman of SPE Aberdeen, said: "The number of decommissioning projects estimated for the future is the reason behind the rapid growth of the well abandonment sector, and this will only continue to increase.
"The North Sea is home to many leaders in modern well abandonment techniques and this forum is a hugely effective way for the industry to come together, sharing best practice and new technologies. In order to maximise efficiency whilst importantly keeping costs to a minimum and safety as priority, we must learn from the innovations of others."
This seminar will be of interest to anyone involved in, or planning for well abandonment across the drilling, completions, project, well integrity, environmental and commercial personnel disciplines.
Mr Lowdon continued: "I would urge anyone who is, or is likely to become involved in decommissioning to attend this event. We have an excellent programme of speakers who will cover some of the well abandonment industry's most pressing issues, which I am confident will stimulate conversation and collaboration."
New for this year is the pre-conference training day, 'An Overview on Well Abandonment'. This course will be presented by technical experts from Baker Hughes and Helix Well Ops and is a must-attend for anyone looking for an introduction or refresher on this specialist subject.
The pre-conference training day will take place on Monday, 20 April with the full seminar and exhibition following on Tuesday, 21 April. Both events will be hosted at the Aberdeen Exhibition and Conference Centre.
For seminar bookings, exhibition space and sponsorship opportunities, please visit www.spe-uk.org/aberdeen
Bibby Offshore Holdings Limited ("Bibby Offshore" or the "Company"), a leading provider of subsea installation, inspection, repair and maintenance ("IRM") services to the offshore oil and gas industry, announces several Board changes as part of a reorganization of the Company's management team to reflect its ongoing growth.
Sir Michael Bibby will step down from the Board as Non-Executive Chairman of Bibby Offshore with effect from 20 February 2015 and be replaced by Mike Brown, who is currently Group Portfolio Director for Bibby Line Group. Sir Michael continues as Managing Director of Bibby Line Group. Mike was appointed as Group Portfolio Director in September 2014 in response to the increasing size and complexity of Bibby Line Group's businesses, including Bibby Offshore. A key responsibility of the Group Portfolio Director includes the Chairmanship of a number of Bibby Line Group's businesses. Mike has extensive experienced gained through senior roles with BOC Group, GKN, Serco and Rentokil-Initial; and most recently as a Managing Director at Interserve.
Neale Stewart is appointed with immediate effect to the newly created position of Chief Operating Officer (Assets and Services), from his previous role as Finance Director. As Chief Operating Officer (Assets and Services), Neale will be focused on the management and optimisation of our extensive global asset fleet and resource pool, which includes seven subsea support vessels and 17 remotely operated vessels.
Stuart Jackson will move to the role of Chief Financial Officer with immediate effect, expanding Stuart's responsibilities from his previous role as Strategy Director. Prior to joining the Company in 2014, Stuart held a number of roles in the energy sector during his 30 year career including as Chief Financial Officer of Acergy before its merger with Subsea 7 and, most recently, Chief Financial Officer at CEONA, the Goldman Sachs start-up venture in the offshore services sector.
In addition, Simon Featherstone, Chief Executive Officer of Bibby Financial Services, will be joining the Board as a Non-Executive Director from 20 February 2015; replacing Jon Haymer and Iain Speak. Gaurav Batra will continue as Bibby Line Group's other nominated Non-Executive Director for Bibby Offshore.
Howard Woodcock, (photo) Chief Executive of Bibby Offshore commented:
"The reorganization of our Board and management team is reflective of the success Bibby Offshore has experienced in recent years, both in the North Sea and internationally, and the need to ensure our business is best placed to continue to grow.
On behalf of the Board, I would like to thank everyone for their contribution to helping make Bibby Offshore the company it is today. We are now fully equipped to enter the next exciting phase of our growth and evolution, with a Board and management team that has invaluable expertise and deep industry insight."
BOARD COMPOSITION
The Board of Bibby Offshore is comprised of:
Biographies of all Board members are available on request.
Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.
Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.