A Barrel Fulll Archive

8th June 2023 The Prax Group has announced that it has successfully completed the strategic acquisition of Hurricane Energy Plc (Hurricane) in the United Kingdom. Hurricane is a UK-based oil and gas exploration and production company with a 100 per cent operated interest in the Lancaster offshore oil field in the West of Shetland basin. With a strong track record of integrating acquisitions and managing assets in the oil value chain, this acquisition is a natural progression for Prax. It provides the opportunity to integrate Hurricane’s expertise and infrastructure into the company’s footprint, to enable the continued exploration of new business opportunities as part of a long-term growth strategy. Sanjeev Kumar Soosaipillai, Chairman and CEO of the Prax Group, said: “Our long-term strategy is to be fully integrated across the oil value chain from upstream to downstream, and today marks the beginning of a new chapter for the Prax Group. The acquisition of Hurricane Energy is a natur

Dec. 04, 2018  Apache Corporation (NYSE, Nasdaq: APA) today announced it has initiated production from its Garten development on Block 9/18a Area-W in the United Kingdom sector of the North Sea. The discovery well, which is located 6 kilometers south of the Beryl Alpha Platform , was placed on production in late November, less than eight months after being drilled in March 2018. The discovery well at Garten encountered a downthrown structural closure with 778 feet of net oil pay in stacked, high-quality, Jurassic-aged sandstone reservoirs. The well is currently producing from the Beryl sand at a rate of 13.7 thousand barrels of oil per day (MBOPD) and 15.7 million cubic feet of gas per day (MMCFPD). Two lower zones were also successfully tested, and all three zones will ultimately be commingled to maximize recovery. The strong initial rate establishes excellent momentum late in the year and will positively impact Apache’s 2019 production guidance. As previously disclosed, the recoverab

29 Dec 2015 Abu Dhabi National Energy Company PJSC (TAQA), today announced first oil from the new Cladhan field development in the UK North Sea. The field is developed as a subsea tie-back to the TAQA-operated Tern Alpha platform . Peter Jones, TAQA’s UK managing director, said: “Cladhan is the third field developed by TAQA and the largest to date. First oil therefore represents a significant milestone. Developing Cladhan as a tie-back to Tern underlines our commitment to invest in infrastructure and to maximise economic recovery in the North Sea. ” The Cladhan field is located in the northern North Sea, approximately 100 kilometres north east of the Shetland Islands in a water depth of approximately 150 metres.The field lies 17.5 kilometres southwest of the Tern platform and straddles UKCS blocks 210/29a and 210/30a.  The development consists of two producer wells (P1 and P2) and one injection well (W1).   TAQA is operator of Cladhan, with a 64.5% interest. Its co-venturers Sterling R

21 Nov 2016 MOL Plc. hereby informs capital market participants that first oil from the Scolty & Crathes development was achieved on 21 November 2016 First oil on the Scolty & Crathes development has been reached on November 21, just over a year after the Field Development Plan (FDP) was approved and the project was sanctioned. Delivery has been achieved ahead of schedule and under budget. Unit operating costs are expected to come under $15/bbl in the initial peak volume years. EnQuest, as MOL partner and field operator for this development, holds a 50% interest while MOL Group holds the remaining 50% interest. The development contractor consortium included Stena Drilling, Technip and Petrofac. Scolty & Crathes was the only offshore pure oil FDP approval in the UK North Sea in 2015. Dr. Berislav Gašo, Group Upstream Executive Vice President commented: “We are very pleased to confirm the delivery of first oil from the Scolty & Crathes fields in the North Sea. I want to

08 March 2021 NEO Energy (“NEO”) and HitecVision are pleased to announce the signing of a transaction that solidifies NEO’s position among the largest oil and gas producers in the UK. Based on current estimates NEO’s production will grow from circa 80,000 barrels of oil equivalent per day (boepd) in 2021 to a stable production base in the period 2022 – 2026 of between 90,000 and 100,000 boepd. A growing and then stable production profile in this period gives NEO a unique position in the UK offshore oil and gas industry. About 55% of NEO’s production growth in this period will be operated by NEO. NEO Energy is to acquire independent oil and gas company Zennor Petroleum Limited (Zennor), which includes a portfolio of assets located in the Central and Northern North Sea and an experienced team with a strong operational track-record. This announcement follows the circa USD 1 billion agreement NEO and HitecVision signed last month, which sees NEO acquire a major portfolio of non-operated o

18 July 2018 The Eastern Trough Area Project (ETAP) North Sea development, labelled by the Oil & Gas Authority (OGA) as the “poster child” for its Maximising Economic Recovery (MER UK) strategy, celebrates 20 years of production today, with the key hub expected to operate into the mid-late 2030s. ETAP, often regarded as one of the most ambitious and commercially complex developments in the North Sea, comprises multiple fields with varying ownership arrangements sharing a central processing facility (CPF). At the time of development, the individual reservoirs were not deemed to be commercially viable on a stand-alone basis, so the ETAP alliance was formed to develop the fields as one joint development. It came on stream in July 1998 with an estimated production life of 20 years. However, a $1billion investment programme in 2015 breathed new life into the hub, securing its future well into the 2030s. Intially seven fields, four operated by BP and three by Shell produced through the

30 November 2018 Serica Energy plc (AIM: SQZ) is pleased to announce that, subsequent to the Company’s announcement earlier today relating to completion of Serica Energy (UK) Limited’s (“Serica UK”) acquisition of BP’s interests in the Bruce, Keith and Rhum fields (“the BKR Acquisition”), the related acquisitions by Serica UK of interests in Bruce and Keith and associated infrastructure from Total E&P UK Limited (“Total E&P UK”), BHP Billiton Petroleum Great Britain Limited ("BHP ") and Marubeni Oil & Gas (UK) Limited ("Marubeni”) (the “BK Transactions”) have now also completed. In November 2017 Serica announced the BKR Transaction under which Serica UK has today acquired interests in the Bruce, Keith and Rhum fields and associated infrastructure in the UK North Sea from BP. This transaction, through which Serica UK is acquiring a 36% interest in Bruce, a 34.83% interest in Keith and a 50% interest in Rhum, and which has an effective date of 1 January has no

Wednesday, 1 June 2022 Woodside Energy Group Ltd (Woodside) and BHP Group Limited (BHP) have completed the merger of Woodside with BHP’s oil and gas portfolio to create a global energy company.  Woodside has acquired the entire share capital of BHP Petroleum International Pty Ltd (BHPP) and issued 914,768,948 new Woodside shares to BHP, which BHP will distribute to its eligible shareholders.  Woodside will receive net cash of approximately US$1 billion, which includes the cash remaining in the BHPP bank accounts immediately prior to completion. This reflects $1.8 billion of net cash flows generated by BHPP between the effective date of 1 July 2021 and completion, less $0.8 billion representing BHP’s entitlement to cash dividends paid by Woodside over the same period.  All completion payment entitlements are subject to a customary post-completion review which may result in an adjustment.  The new Woodside shares are expected to commence trading on the Australian Securities Exchange (ASX

April 11, 2018 Statoil and Total have completed their acquisition of Cobalt International Energy’s 60% operated interest in the North Platte discovery in the US Gulf of Mexico for an aggregate purchase price of USD 339 million. The partners had jointly presented the winning bid for the asset in a bankruptcy auction of some of Cobalt’s assets that was held on 6 March 2018. Statoil now owns a 40% non-operated interest in North Platte, while Total has increased its existing 40% interest to 60% and taken over operatorship. The effective date of the transaction is 1 January 2018. North Platte is a Paleogene oil discovery covering four blocks in the Garden Banks area of the US Gulf of Mexico. It has been fully appraised since its discovery in 2012 with three drilled wells and multiple sidetracks. “This is a high-quality asset with a low CO2 footprint, and so strongly supports our strategy. It is also an excellent fit with our existing US offshore portfolio, competence in technology developme

29 JUNE 2022 Equinor has agreed to sell to Shell 51% of its interest in the North Platte deep water development project in the US Gulf of Mexico. Equinor will retain 49% interest in the project, and Shell will become the new operator of the field. To reflect this change, Equinor and Shell have agreed to rename the North Platte development to the Sparta development . Sparta straddles four blocks of the Garden Banks area, 275 kilometers (171 miles) off the coast of Louisiana in approximately 1,300 meters (4265 feet) of water depth. Front-end engineering and design (FEED) has been matured for the project. Equinor and Shell will now work closely to review the work that has been completed and to update the development plan. Since 2005 Equinor has built up a sizable position in the Gulf of Mexico, which offers some of the highest value, lowest carbon intensity oil and gas production in the company’s portfolio. “Equinor has long-term view of Sparta as a high-quality project with a clear strat

Located approximately 275 km off the coast of Louisiana, the North Platte field development includes a semi-submersible floating production unit (FPU) in water over 1,300 m deep. The project brings together Worley’s recently acquired capability for the floating production unit topside design with Intecsea experience for the design of the hull, mooring and subsea pipelines. Now under one roof, Worley’s expanded capability to deliver flexible floating production unit designs with capital efficiency and minimal time to market proved a key contributor to this award. Having completed the pre-FEED phase in August 2019, this award extends Worley’s involvement in TOTAL’s deepwater Gulf of Mexico project. “We are delighted to continue supporting TOTAL’s return to Gulf of Mexico operations through the North Platte development,” said Karen Sobel, Group President for Major Projects and Integrated Solutions at Worley. “This project provides Worley with an opportunity to bring together our complime

11 December 2017 Spirit Energy, the E&P joint venture which combines Centrica plc’s E&P business with Bayerngas Norge AS, has begun trading as an independent oil and gas operator. Completion of the transaction – which was announced on 17 July, 2017 – follows receipt of all the required regulatory approvals and Spirit Energy now becomes a leading independent European E&P company. Centrica plc owns 69% of Spirit Energy, with Bayerngas Norge’s former shareholders, led by Stadtwerke München Group (SWM), owning 31%. 2017 production from the combined portfolios is expected to be around 50 million barrels of oil equivalent (mmboe) from 27 producing fields, and total 2016 year end 2P reserves and 2C resources were 625 mmboe. The company employs more than 700 people in the UK, Norway, Netherlands and Denmark. The formation of Spirit Energy creates a strong and sustainable European E&P business, combining Centrica’s cash-generative and relatively near-term production profile wit

08 Dec 2021 Spirit Energy has entered into agreements to divest its Norwegian business including the Statfjord UK field. The headline consideration is $1,076 million (approximately £800million), plus a contingent payment linked to commodity prices. The transactions comprise the following: Sval Energi will acquire the interests held by Spirit Energy Norway AS, excluding the Statfjord Norway field, and Equinor will acquire Spirit Energy Norway AS’s interest in the Statfjord Norway field and Spirit Energy’s interest in the Statfjord UK field. Chris Cox, Chief Executive Officer of Spirit Energy, said: “The sales agreements are in accordance with the strategy of Spirit Energy’s owners to reduce the carbon intensity of its portfolio. “Over the last 15 years, we have created an attractive cash-generating business in Norway with producing assets, future developments and exciting exploration opportunities. Sval Energi is acquiring a successful and solid business.” Spirit Energy will continue a

25th March 2021 Sval Energi is pleased to announce the completion of its USD 300 million acquisition of Edison Norge. This expands the portfolio and workforce of Sval and is another successful step in the company’s growth strategy. “We’re excited to mark this milestone in our pursuit to build a modern energy company in Norway; nimble, forward leaning and active across several value chains. The acquisition of Edison Norge strengthens our position on the Norwegian Continental Shelf and will help us scale our activity and build a strong portfolio”, says Nikolai Lyngø, CEO of Sval. The acquisition enhances Sval’s position in low-carbon oil and gas assets. Sval acquires net reserves estimated to 25 mmboe, including an increased stake in the Nova field development (from 10 to 25%) and a 10% ownership of the Dvalin field development . In total, Sval now participates in 28 production licenses on the NCS, including the 2020 license awards. Several of Edison Norge’s employees will also join Sva

Oct. 16, 2019 MODEC, Inc. ("MODEC") is pleased to announce that it has received a Letter of Intent (LOI) for the supply, charter, and operations of a Floating Production Storage and Offloading (FPSO) vessel for Marlim revitalization project from Petróleo Brasileiro S.A. ("Petrobras"). This marks MODEC's 16th project for the Brazilian market and the period of contract for the unit is 25 years. The FPSO's first oil production is planned for 2022 and its operation is part of the Marlim cluster revitalization project. The field is 100% operated by Petrobras and is situated in the Campos Basin, in the northern region of the Rio de Janeiro State, 150 kilometers off the coast. The oil wells are at a water depth approximately 670 meters. The FPSO will be capable of processing 80,000 barrels of crude oil per day, 7.0 million standard cubic meter of gas per day, 390,000 barrels of water injection per day and will have minimum storage capacity of 1,000,000 barrels of

November 10, 2021 On behalf of the Wisting licence partners, Equinor has today signed a contract with Aker Solutions for front-end engineering and design (FEED) of a floating production and storage vessel (FPSO) for the Wisting field . Valued at around NOK 350 million, the study includes an option for engineering, procurement, construction, and installation (EPCI) calculated at NOK 8-12 billion. “Equinor is cooperating well with partners, the supplier industry and the authorities to ensure a successful development of the Wisting field, meeting the requirements expected for future oil and gas production. We plan to submit the plan for development and operation (PDO) to the authorities at the end of 2022. A decision to develop the Wisting field will generate considerable value for Norwegian society and spin-offs for Norwegian supplier industry both in the development and operations phases,” says Geir Tungesvik, senior vice president for project development. The Wisting field is a standa

September 6, 2013 OMV, the integrated international oil and gas company has found oil in the Barents Sea. The exploration success has been made in the exploration licenses PL 537 which was signed in 2009. Jaap Huijskes, OMV Executive Board Member responsible for Exploration and Production: “We are very pleased with this exploration success. This discovery with exciting follow-up potential will significantly contribute to OMV’s long term organic growth in Northern Europe. It is another important step after the recently announced transaction with Statoil which includes interests in the fields Gullfaks and Gudrun.” OMV (Norge) AS, operator of exploration license PL 537, is about to complete drilling operations on wildcat well 7324/8-1, Wisting Central . The presence of oil was proven through wireline logging, wireline testing and coring. The well was drilled to a vertical depth of 905 meters below sea level; water depth at the site is 373 meters. The well will be permanently plugged and a

October 28, 2021 OMV, the international integrated oil, gas and chemicals company headquartered in Vienna, Austria, has agreed to sell its 25% stake in the Wisting oil field to Lundin Energy AB, an experienced Nordic oil and gas company. The purchase price is USD 320 mn, payable upon completion. In addition, there is a contingent payment of up to USD 20 mn depending on final project CAPEX. The contingent payment will be triggered if a reduced CAPEX number relative to the current view is manifested in the Plan for Development and Operation. The economic effective date of the transaction will be January 1, 2021. The closing of the transaction is subject to approvals. “The divestment of the Wisting oil field underlines OMV’s Exploration & Production strategy: We intend to increase the share of natural gas over oil to reduce the carbon intensity of the product portfolio in the future”, said Johann Pleininger, OMV Board Member Exploration & Production and Deputy Chairman of the Exe

10 June 2016 BP and Det norske oljeselskap today announced the creation of Aker BP ASA, an independent oil and gas company combining the assets and expertise from both companies’ Norwegian exploration and production operations to form the largest Norwegian independent oil and gas producer. BP group chief executive Bob Dudley commented: “BP and Aker have matured a close collaboration through decades, and we are pleased to take advantage of the industrial expertise of both companies to create a large independent E&P company. The Norwegian Continental Shelf represents a significant opportunity going forward and we are looking forward to working together with Aker to unlock the long term value of the company through growth and efficient operations. This innovative deal demonstrates how we can adapt our business model with strong and talented partners to remain competitive and grow where we see long-term benefit for our shareholders.” Under the terms of the proposed transaction, the BP