February 2020
News & Resources

Companies in the news

Emily Querubin / World Oil

Neptune Energy says that it will invest $19 million to boost production from Bramberge field, one of its largest operated developments in western Germany. The investment will be used to significantly upgrade surface facilities at the main operating site. Refurbishment of the existing processing plant will be carried out in two phases. The work, scheduled to be complete by early 2023, is expected to enhance both efficiency and productivity. Bramberge field, situated in the municipality of Geeste, reportedly produced nearly 460,000 bbl in 2019. Image: Neptune Energy.

Springfield E&P—alongside partners Gharia National Petroleum Corp. and GNPC EXPLORCO—has discovered oil offshore Ghana, in the West Cape Three Points Block 2. Afina-1 was drilled to a TD of about 13,402 ft, encountering light oil with a gross thickness of approximately 213 ft, with 164 ft of net light oil pay in good-quality Cenomanian sandstones. The discovery has more than doubled Springfield’s oil-in-place volume to 1.5 Bbbl and added 0.7 Tcf of gas. It has positioned the company as the first independent Ghanaian and African Energy Company to drill in deep water (3,379 ft) and find hydrocarbons.

ADES International has won its first onshore deep drilling contracts under a lump sum turnkey project in Kuwait. The contract awards—both by Baker Hughes—are for the ADES 180 and ADES 878 rigs. The contracts, which are expected to commence in second-quarter 2020, are under a primary term of two years, with an option to extend for an additional six months.

BP is selling its interests in the Andrew area of the central UK North Sea, approximately 140 mi northeast of Aberdeen, as well as its non-operating interest (27.5%) in Shearwater field, about 140 mi east of Aberdeen. The company is operator of the Andrew assets, which include the Andrew platform and the Andrew (62.75%), Arundel (100%), Cyrus (100%), Farragon (50%) and Kinnoull (77.06%) fields, as well as all associated subsea infrastructure. Premier Oil reportedly will purchase the assets for $625 million.

Chevron has sanctioned the Anchor project, in the U.S. Gulf of Mexico. The project reportedly is the industry’s first deepwater high-pressure development to achieve FID. Its new technology, which can handle pressures of 20,000 psi, enables access to other high-pressure resource opportunities across the region. Anchor field is situated approximately 140 mi off the coast of Louisiana, in the Green Canyon area. Stage 1 of the development will consist of a seven-well subsea development and a semisubmersible FPU. First oil is anticipated in 2024.

Devon Energy has agreed to sell its Barnett shale assets to an affiliate of Kalnin Ventures’ investment firm, BKV Oil & Gas Capital Partners, for $770 million. The transaction includes over 320,000 gross acres and 4,200 producing wells, positioning BKV as the Barnett shale’s largest natural gas producer. Net production from the properties reportedly averaged 597 MMcfed in third-quarter 2019. Its proved reserves reportedly amount to approximately 4 Tcfe.

Forum Energy Technologies has completed an upgrade to its hyperbaric testing facility, in North Yorkshire, UK. The pressure test tank reportedly is one of the largest in Europe and provides a well-located facility for the critical testing of subsea equipment. The tank is rated to 241 bar and measures 2.4 m in diameter and 9.7 m in length. An HMG300 Hydac system was installed to more accurately and efficiently capture data. According to the company, the upgraded testing facility will save clients more than 35% in operational time.

Gazprom Neft and ICS Holding have established a JV for the development of digital products for the oil and gas industry. Together, the companies will aim to address the challenge of digitally transforming the industry through the application of Industry 4.0 technologies. Gazprom Neft will provide industry expertise and trial new technologies on industrial assets, while Nexign, part of ICS Holding, will ensure comprehensive support for new developments and their effective integration.

SBM Offshore has signed contracts with Petrobras for the 22.5-year lease and operation of FPSO Sepetiba. The FPSO will operate at Mero field, in Brazil’s Santos basin, nearly 112 mi offshore Rio de Janeiro. FPSO Sepetiba is being designed and constructed using SBM’s Fast4Ward program. Delivery of the completed FPSO is anticipated for 2022.

Sparrows Group has been awarded a five-year contract with Tengizchevroil (TCO) (a JV between Chevron, Exxon Mobil, KazMunayGas and LukArco) for the delivery of specialist lifting inspection services at Tengiz field, in Kazakhstan. Under terms of the contract, Sparrows will conduct pre-mobilization and annual inspections for mobile cranes, gantry cranes, forklifts and boom trucks. The company’s engineering teams also will manufacture custom-built wire rope slings to suit TCO’s operational and drilling requirements. Image: Chevron.

Weatherford International has emerged from Chapter 11 protection and appointed a new seven-member board of directors, after reducing approximately $6.2 billion of outstanding funded debt; securing $2.6 billion in exit financing facilities; securing a $195-million letter of credit facility; and securing more than $900 billion of liquidity. The company says it has emerged with a stronger financial foundation. Image: Weatherford.

Petrofac has been awarded an integrated services contract from Petrogas NEO UK, a jointly owned company created by Petrogas E&P UK and NEO Energy. The two-year deal will see Petrofac assist in the transition of operations on the Quad 15 and Flyndre area assets, in the North Sea. It also will see the company provide ongoing operational, maintenance, engineering and construction support. The contract award is valued at approximately $50 million.

About the Authors
Emily Querubin
World Oil
Emily Querubin Emily.Querubin@worldoil.com
Related Articles FROM THE ARCHIVE
Connect with World Oil
Connect with World Oil, the upstream industry's most trusted source of forecast data, industry trends, and insights into operational and technological advances.