OFS - BHP selects trio to provide pre-FEED of Trion field FSO unit - July 2020Altera Infrastructure, BW Offshore and SBM Offshore have been selected by BHP to deliver a pre-FEED study for a floating storage and offloading unit for the Trion field in the deepwater Gulf of Mexico off Mexico. Financial terms were not disclosed. “By engaging with the selected contractors now, we’re better enabled to optimize the design, and contracting and execution strategies for the FSO delivery,” BHP petroleum operations president Geraldine Slattery said. The studies were awarded...
Jul 01, 2020
OFS - Analyst Notes - February 4, 2020OFS has value if investors can ‘see through the fog’ [Bernstein analyst Nicholas Green said:] “Poor quality of information means the sector is an active manager’s dream: lots of idiosyncratic alpha, huge dispersions in performance, and huge option value on recovery. See through the fog, and there is a lot of opportunity.” Green argues that the big names that attract the most attention and investor dollars aren’t the place to be. Those big names are Schlumberger (SLB), Halliburton (HAL)...
Feb 04, 2020
OFS - SBM Offshore FPSO starts producing oil at Liza field - January 2020SBM Offshore’s Liza Destiny produced first oil on Dec. 20 and is formally on hire. The FPSO is moored 190 km off Guyana at Liza field on the Stabroek block. Liza Destiny was converted from the very large crude carrier Tina and is currently producing from eight wells. Phase 1 calls for a total of 17 development wells and four subsea drill centers tied into the FPSO, and it has a breakeven oil price of $35/bbl WTI. ExxonMobil operates Stabroek with 45% WI, and Hess Corp. and CNOOC hold...
Jan 14, 2020
OFS - SBM Offshore inks two-decade FPSO deal for Libra project
- December 2019SBM Offshore signed contracts with Petrobras for the 22½-year lease and operation of FPSO Sepetiba at the Mira field in the Santos Basin off Brazil. The FPSO, formerly knowns as Mero 2, is scheduled for delivery in 2022. The contracts follow a binding letter of intent signed in June. The Libra block, where the Mero field is located, is under a production sharing agreement to a consortium with operator Petrobras holding 40%, Shell and Total each holding 20% and Chinese companies CNODC...
Dec 17, 2019
OFS - SBM Offshore secures $1.1B loan for Liza Unity FPSO - October 2019SBM Offshore completed the project financing of the Liza Unity FPSO for a total of $1.14 billion. The FPSO for the ExxonMobil project off Guyana will be designed to produce 220,000 bo/d and have associated gas treatment capacity of 400 MMcf/d and water injection capacity of 250,000 bbl/d. The project financing came from a consortium of nine international banks. Amsterdam-based SBM expects to draw the loan in full, phased over construction of the FPSO. The financing will become...
Oct 29, 2019
IS - Petrobras commits to Mero-2 field & FPSO offshore Brazil - July 2019The Petrobras-led Libra Consortium is moving forward with the Mero-2 field and
FPSO, which will be able to process up to 180,000 bo/d from the Mero field in the
prolific pre-salt area of the offshore Santos Basin in Brazil. The group announced its final
investment decision on June 11, the second out of four production systems
that it plans for the Mero field. Petrobras signed a letter of intent with SBM
Offshore for a 22.5-year lease and operation of the FPSO, which will be
delivered in...
Jul 01, 2019
IS - ExxonMobil sanctions $6B Liza Phase 2 project off Guyana - May 2019After receiving regulatory approval from the government of Guyana to proceed with the
second phase of its Liza development, ExxonMobil says it has funded the $6 billion offshore
project and is on track to start producing up to 220,000 bo/d by mid-2022. Located on the
Stabroek block, which has 13 discoveries and counting, Liza Phase
2 will develop ~600 MMbo using the $1.6 billion Liza Unity FPSO
and six drill centers with 30 wells: 15 producers, nine water injectors and six gas injectors.
The...
May 16, 2019
OFS - People & Companies - April 23, 2019Anton Oilfield Services announced
that Wu Di resigned as an executive
director for personal reasons. Wu Di was
succeeded by Fan Yonghong, who is
president and chief technology officer. Deep Down Inc, a specialist in
deepwater production and distribution
equipment and services, appointed David
Douglas and Neal Goldman to the
company’s board. Douglas is the principal
of Jamaka Capital Management LLC,
Deep Down’s largest institutional investor,
with ownership of 11% of total...
Apr 23, 2019
India's ONGC postpones deadline for FPSO tenderIndia’s ONGC has delayed the deadline for submitting bids to supply the FPSO serving the KG-DWN-98/2 deepwater project by two months. Bids for the vessel, which will operate off the country’s east coast, are due Feb. 15, Upstream reported. ONGC issued three short-listed FPSO contractors tender documents after an extensive pre-qualification process. The three contractors include Japan’s Modec, the Netherlands' SBM Offshore and a partnership that includes India’s Shapoorji Pallonji Group...
Jan 10, 2019
OFS - Contracts Briefs - April 9, 2020BP declared force majeure on the Greater Tortue Ahmeyim project off Senegal and Mauritania, delaying the project for a year. The supermajor made the move because the coronoavirus pandemic caused TechnipFMC and Saipem to fall behind on the floating production system, Upstream reported. BP told Golar LNG that it won’t be ready to accept the Gimi, a floating liquefaction facility, as scheduled in 2022. BP is also reportedly reassigning engineering resources that had been dedicated to the project....
Apr 09, 2020
OFS - News Briefs - March 17, 2020Babcock International won a fiveyear offshore transport contract from the Integrated Aviation Consortium to operate over 100 helicopter flights per month between the Shetland Islands and North Sea rigs for CNR International, EnQuest and TAQA. The flights will operate from Sumburgh, Shetland, and are expected to begin in July. The IAC also awarded a fixedwing contract to Loganair to transport workers from Aberdeen, Scotland, to the Shetland Islands. BHP has selected SBM Offshore,...
Mar 17, 2020
OFS - A&D Briefs - October 8, 2019Private equity firm TPG Capital’s $930 million acquisition of a majority stake in water services provider Goodnight Midstream from PE firm Tailwater Capital reportedly collapsed during the summer. The parties terminated the deal July 5 because Goodnight was unable to satisfy certain closing conditions, a TPG representative said, according to a Bloomberg report on Sept. 25. The acquisition was partly contingent on a contract with an unidentified oil major, a deal that has yet to occur although...
Oct 08, 2019
IC - Europe Briefs - April 10, 2019Norwegian private equity firm
HitecVision agreed to buy Solveig Gas,
which is one of the owners of Gassled, a gas
infrastructure company that delivers about
a quarter of Europe’s gas consumption.
HitecVision is buying Solveig from fellow
money managers CPP Investment
Board European Holdings, Infinity
Investments and Allianz Infrastructure
Norway Holdco. Dutch FPSO supplier SBM
Offshore may face €2 million in fines for
not disclosing material information in a
timely manner during...
Apr 10, 2019
OFS - People Briefs - March 12, 2019Nabors Industries expanded its
board to seven members and appointed
Anthony Chase to fill the
vacancy. Chase is the CEO
of ChaseSource, a Houstonbased staffing and real estate development
firm, and was a founder of mobile phone
provider Cricket Wireless. Chase
has served as a director of Anadarko
Petroleum Corp. and Paragon Offshore. Dril-Quip Inc. announced that James
Gariepy, who served as SVP and COO
since 2011, retired March 1 after
15 years with Dril-Quip. The
board has appointed...
Mar 12, 2019
IC - Africa Briefs - October 18, 2018 Nigerian E&P firm Midwestern Oil
& Gas agreed to buy a further stake in
San Leon Energy from SunTrust Oil Co.
Nigeria Ltd. San Leon owns a 10% stake
in OML 18, where Midwestern is also a
stakeholder. Midwestern will buy about 71.5
million of San Leon’s AIM-traded shares,
representing 14.29% of the company and
SunTrust’s entire remining stake in San Leon. Seven Energy International Ltd.
announced Oct. 11 that it would not pay the
interest due on the more than $318...
Oct 18, 2018