July 2018
News & Resources

Companies in the news

Akofs Offshore has been awarded a contract for light well intervention services, using its 156-m vessel, Akofs Seafarer, for all Equinor-operated licenses, in the period 2020 to 2025.
Michele Cowart / World Oil

Akofs Offshore has been awarded a contract for light well intervention services, using its 156-m vessel, Akofs Seafarer, for all Equinor-operated licenses, in the period 2020 to 2025. Among the services included in the contract are running of well control package and wireline services. The contract has an estimated value of about NOK 3 billion, ($366.9 million). 

The Science and Technology Center of Gazprom Neft and the Skolkovo Institute of Science and Technology signed a collaboration agreement to create a new digital lab that will be used to conduct research in the field of multi-phase systems modeling, in the oil and gas industry. This team will be based at the Skoltech Center for Hydrocarbon Recovery, in Moscow. 

GeoPark Limited announced further expansion in the Neuquén basin of Argentina with the acquisition of Los Parlamentos Block in partnership with YPF S.A. The block is in Mendoza Province and covers an area of approximately 366,000 acres (1,480 km2) with seismic coverage (100 km2 of 3D and 800 km2 of 2D seismic). According to the agreement, GeoPark will receive a 50% non-operating working interest (WI) in the block, in exchange for a commitment to fund its 50% WI of one exploration well and additional 3D seismic. GeoPark’s total financial commitment is approximately $6 million over the next three years.

Lukoil and KazMunayGas, signed a principles agreement for the Zhenis license area, in Astana, Kazakhstan. According to the agreement, the parties will negotiate with the Republic of Kazakhstan to qualify for exploration and production on the block. The Zhenis area is in Kazakhstan’s sector of the Caspian Sea, at depths varying from 75 to 100 m, close to fields with proven hydrocarbon reserves, 80 km offshore and 180 km away from the port of Aktau. 

SDX Energy Inc. has struck a gas discovery at its SD-4X well in the South Disouq Concession of Egypt (SDX 55% WI and operator). The well was drilled to a TD of 7,806 ft and encountered 89 ft of net, conventional, natural gas pay. Assuming success, the well will be connected to the infrastructure located adjacent to the original SD-1X discovery, where production start-up is anticipated late in fourth-quarter 2018. 

Santos awarded three major engineering contracts in Barossa gas field—300 km north of Darwin, Northern Territory Australia-—which include an FPSO, six subsea production wells, a subsea production system, supporting in-field subsea infrastructure and a gas pipeline to Darwin. Separate engineering contracts for the FPSO have been awarded to MODEC and a consortium between TechnipFMC and Samsung Heavy Industries. A design competition will be conducted between the two groups. A third contract, for the subsea infrastructure, including umbilicals, flowlines, risers and gas export pipeline, has been awarded to INTECSEA. 

Qatar Petroleum has entered an agreement with ExxonMobil to become a 30% equity holder in two ExxonMobil affiliates in Argentina – ExxonMobil Exploration Argentina S.R.L. and Mobil Argentina S.A.—which hold interests in hydrocarbon licenses for seven blocks in the Vaca Muerta play in the onshore Neuquén basin, considered among the most prospective unconventional shale oil/gas plays, outside North America.

Subsea 7 has been awarded a contract by Shell for the Penguins Redevelopment Project, approximately 150 mi northeast of the Shetland Islands. The engineering, procurement, construction and installation contract incorporates the fabrication of two pipeline bundles containing pipe-in-pipe production flowlines, gas lift flowlines and control systems. Additionally, this award includes the fabrication of a 9-km, 16-in. gas export pipeline, flexible riser system, dynamic umbilical riser system and associated subsea tie-ins.

Sonatrach, Total, Repsol and Alnaft (the National Agency for the Valorisation of Hydrocarbon Resources), have signed a new concession contract for a period of 25 years to extend the exploitation of Tin Fouyé Tabankort (TFT) gas and condensate field, in Algeria. This new contract, will give Total a 26.4% interest alongside Sonatrach (51%) and Repsol (22.6%). This partnership will support development of additional reserves estimated at more than 250 MMboe and maintain the field’s production, which is over 80,000 boed, for six years.

Aker BP, on behalf of the Wellhead Platform Alliance, has awarded PG Flow Solutions a contract to supply pump systems to the Valhall Flank West wellhead platform—one of the largest oil fields in the southern part of the Norwegian sector of the North Sea. The platform will be operated remotely from the Valhall field center. First oil is expected during fourth-quarter 2019.

Baytex Energy Corp. and Raging River Exploration Inc. said that their respective boards of directors have agreed unanimously to combine the two companies, which will operate under the Baytex name. The combined organization will have an enterprise value of approximately $5 billion and will result in holders of common shares of Raging River receiving, directly or indirectly, 1.36 common shares of Baytex for each Raging River share owned. 

TechnipFMC has been awarded a subsea contract by CNOOC Limited for the Liuhua 16-2, 20-2 and 21-2 Oilfield Joint Development Project in the South China Sea, at water depths ranging from 380 m to 430 m. The contract covers the engineering, procurement and construction of subsea equipment, and also covers support services for the installation and commissioning, as well as the provision of a local services support base in China.

Halliburton has signed an unconventional gas stimulation services contract with Saudi Aramco. This contract aims to improve the economics of Saudi Aramco’s unconventional resources program by increasing recovery and meeting production targets. This contract includes a strong component to support Saudi Aramco’s In-Kingdom Total Value Add Program.

Equinor and Petrobras have completed their transaction, whereby Equinor has acquired a 25% non-operated interest in Roncador oil field in Brazil’s Campos basin. Based on current production, the interest in Roncador increases Equinor’s equity production in Brazil by around 150%, to about 100,000 boed from roughly 40,000 boed. Petrobras retains operatorship of Roncador and a 75% interest. 


About the Authors
Michele Cowart
World Oil
Michele Cowart Michele.Cowart@WorldOil.com
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