A Barrel Fulll Archive

08/17/2020 Total and its partners have taken the investment decision for the third phase of the Mero project (Libra block), located deep offshore, 180 kilometers off the coast of Rio de Janeiro, in the prolific pre-salt area of the Santos Basin. The Mero 3 FPSO will have a liquid treatment capacity of 180,000 barrels per day and is expected to start up by 2024. It follows investment decisions for Mero 1 (startup expected in 2021) and Mero 2 (startup expected in 2023) FPSOs, both of which have a liquid processing capacity of 180,000 barrels per day. “The decision to launch Mero 3 marks a new milestone in the large-scale development of the vast oil resources of the Mero field – estimated at 3 to 4 billion barrels. It is in line with Total's growth strategy in Brazil’s deep-offshore, based on giant projects enabling production at competitive cost, resilient in the face of oil price volatility,” said Arnaud Breuillac, President Exploration & Production at Total. “The Mero project...

17th August 2020 MISC Berhad (MISC) is pleased to announce its acceptance of Letter of Intent (LOI) from Petróleo Brasileiro S.A. (Petrobras) for the provision of a floating production storage and offloading facility ( Mero 3 FPSO) located offshore Rio de Janeiro in the Libra block, Santos Basin, Brazil and operation and maintenance services during the charter phase of Mero 3 FPSO.  Pursuant to the LOI, the term of the charter is 22.5 years from the date of final acceptance of the Mero 3 FPSO by Petrobras. The Mero 3 FPSO is expected to commence operation in the first half of 2024.  MISC’s President & Group Chief Executive Officer, Mr. Yee Yang Chien said, “We would like to thank Petrobras for their confidence and trust in MISC for this major deep-water project in one of the main hotspots for FPSO in the world. It has been a two year journey in our march towards securing our first deep-water FPSO project in Brazil. This project is close to the hearts of many, especially t...

24th January 2022 MISC Berhad (MISC) announced that the Malaysian Deepwater Floating Terminal (Kikeh) Limited (MDFT), a joint venture company between MISC and SBM Holdings Inc. S.A. (SBM), had recently entered into an agreement with PTTEP Sabah Oil Limited (PTTEP) to extend the FPSO Kikeh Charter Contract for six years beginning January 2022 until January 2028. FPSO Kikeh is located in Block K, offshore Sabah, Malaysia.  MISC and SBM owns 51% and 49% of the equity in MDFT, respectively.  Built in in 2007, FPSO Kikeh is the first and largest deepwater FPSO in Malaysia and Asia as well. The FPSO can produce 120,000 barrels of oil per day and has a storage capacity of two million oil barrels.

August 3, 2023 Saipem has been awarded two new contracts for E&C offshore activities in Europe, specifically in Romania and in Germany, with a total value of approximately 1.8 billion euro. The first contract relates to the Neptun Deep Gas Development Project located in the Black Sea, Romania, for which the award procedure was completed by OMV Petrom. The scope of work entails the Engineering, Procurement, Construction and Installation (EPCIC) of a gas processing platform at around100 metre water depth, three subsea developments (respectively at around1000 metre water depth in the Domino field and at around100 metre water depth in the Pelican field), a 30” gas pipeline around160 km long, and associated fiber optic cable from the shallow water platform to the Romanian coast. The gas processing platform will be fabricated at Saipem’s yards in Italy and Indonesia, and the offshore operations will be performed by the Saipem 7000 and JSD 6000 vessels. The technological tests and analyz...

August 1, 2017 CNOOC Limited (the “Company”, SEHK: 00883, NYSE: CEO, TSX: CNU) announced today the BD gas field in Indonesia has already commenced production. The BD gas field is located in Madura Strait at a water depth of approximately 55 meters. Main production facilities included one unmanned wellhead platform, one FPSO and four production wells. Currently, the gas field has 2 wells in production and its gas and condensate sales production is approximately 7,200 barrels oil equivalent per day. The gas field is expected to reach its Overall Development Program designed peak production of approximately 25,500 BOE per day in 2018. Husky-CNOOC Madura Limited (HCML) is the operator of the Production Sharing Contract (PSC) for the BD gas field. Husky and CNOOC Limited each hold a 40 percent interest in HCML, while the remaining 20 percent interest is held by Samudra Energy.

14 July 2023 The first JSE production well has been brought onstream and a further two producers and one water injector are expected onstream this year to help sustain gross Jubilee production over 100,000 bopd. Tullow and its partners plan to maintain this increased level of production at Jubilee over the next few years through an ongoing infill drilling programme. The partnership has identified multiple future drilling locations and is focused on high-grading these opportunities to further extend the plateau and realise the full potential of the significant Jubilee resource base. Tullow and its partners have invested c.$1 billion over the last three years on the JSE Project to drill wells and install the infrastructure needed to bring previously undeveloped reserves to production. The project has advanced the use of local suppliers and the majority of the complex offshore infrastructure has been fabricated by local companies in Ghana, with more than 90% local workforce. This demons...

21 March 2022 Tullow Oil plc (Tullow) is pleased to announce that it has completed the pre-emption related to the sale of Occidental Petroleum’s interests in the Jubilee and TEN fields in Ghana to Kosmos Energy. The cash consideration paid on completion was $118 million reflecting closing adjustments and was funded from cash on the balance sheet. This transaction takes Tullow’s equity interests to 38.9% in the Jubilee field and to 54.8% in the TEN fields and adds c.5 kbopd of unhedged daily production. This equates to c.4 kbopd on an annualised basis and increases 2022 Group production guidance to 59-65 kbopd (30-32 kbopd at Jubilee, 13-14 kbopd at TEN and non-op portfolio unchanged at 16-19 kbopd). This additional equity increases Tullow’s 2022 Group capital expenditure forecast by $30 million to $380 million and is expected to generate c.$300 million incremental free cash flow at $75/bbl between 2022 and 2026. As of 31 December 2021, the transaction increases Tullow’s net 2P reser...

31 Jul. 2018 Assala Energy today announced the acquisition of Total Gabon’s remaining equity in the Rabi-Kounga Block , located in southern Gabon. Assala Energy has operated the Rabi-Kounga Block since November 2017, following its acquisition of Shell’s onshore assets in Gabon. This transaction is subject to customary regulatory approvals and is expected to close in Q4 2018. David ROUX, Chief Executive Officer of Assala Energy said: “Today’s announcement confirms Assala’s stated strategy to invest in mid-life and mature assets to increase production and extend field life cycles. This investment also underscores our commitment to Gabon and to further growth in the region.” Assala Energy is owned by global alternative asset manager The Carlyle Group (CG: NASDAQ). With headquarters in London, Assala Energy was created by Carlyle as an oil and gas exploration and production (E&P) platform to focus on energy opportunities in Africa. The company’s management team has significant experie...

15 June 2023 Technology group Wärtsilä has been contracted to extend the capacity of the regasification system installed onboard the ‘ LNG Croatia ’ with a new regasification module. The 280-metre long Floating Storage and Regasification Unit (FSRU) vessel is owned by Zagreb based LNG Hrvatska, and acts as the company’s LNG terminal on Krk island. The order for the new system was booked by Wärtsilä in Q2, 2023. The new module will supplement the vessel’s existing onboard Wärtsilä regasification system and increase the terminal’s capacity with 212 mmscfd (million standard cubic feet per day) or 250,000 m3 per hour. The expanded capacity helps position Croatia as an energy hub for the region. “The existing Wärtsilä regasification module onboard the ‘LNG Croatia’ has been efficient and reliable. We are pleased therefore to once again turn to Wärtsilä for this new unit that will allow us to meet our expansion plans,” said Ivan Fugaš, Managing Director of LNG Hrvatska. “The expansion projec...

9 October 2018 The contract for the  Knock Allan FPSO  which is operating on the  Olowi Oil Field  has been terminated. The Contract was entered into on 30 November 2006 between CNR International ( Olowi ) Limited (“CNR”) and Knock Allan Pte Ltd (“Knock Allan”), an indirect wholly-owned subsidiary of the Company incorporated in the Republic of Singapore, for a fixed primary term of 10 years, commencing from 1 May 2009, and expiring on 30 April 2019. On 8 October 2018, Knock Allan has received a notice of termination of the Contract (“Notice of Termination”) from CNR on the ground of convenience, which entails payment of an early termination payment by CNR, which obligation to make early termination payment has been confirmed by CNR in the Notice of Termination. Contract termination pursuant to the Notice of Termination takes effect on the Demobilisation Date which is estimated to be 31 January 2019, with the exact date being subject to the coordinated execution of ...

02/27/2017 Total has signed an agreement for the sale of stakes and the transfer of operatorship in various mature assets in Gabon to Perenco. The transaction is subject to approval by the authorities. This agreement includes the sale of the Group’s 100%-owned affiliate Total Participations Petrolières Gabon, which holds interests in 10 fields. In addition, Total Gabon (Total 58%) has announced the sale of its interests in five fields and the Rabi-Coucal-Cap Lopez pipeline network. The total value of the transactions is around $350 million before adjustments and the production divested by Total represents around 13,000 SEC barrels per day (b/d). “In a context of volatile Brent prices where reducing the breakeven of our operations is a top priority, this agreement demonstrates our ability to capture value through the disposal of mature assets while benefiting from the synergies generated by the transfer of operatorship,” said Arnaud Breuillac, President of Total Exploration & Prod...

Nov. 28, 2017 Hess Corporation (NYSE: HES) announced today that it has completed the previously announced sale of its interests in offshore Equatorial Guinea to Kosmos Energy and Trident Energy for a total consideration of $650 million, effective January 1, 2017. “Our 2017 asset monetizations have exceeded expectations in terms of value and timing,” CEO John Hess said. “These proceeds, along with cash on our balance sheet, are enabling us to prefund our world-class investment opportunity in Guyana, increase our rig count in the Bakken in 2018, return capital to shareholders and reduce debt.” Hess Assets in Equitorial Guinea Include Ceiba Oil Field  Okume and Oveng Oil Fields

29 June 2023 Perenco in Cameroon, the country’s leading oil & gas operator, is proud to announce the completion of the South Kole Marine development . South Kole Marine, initially discovered by another operator in the 1980s and which is located 50 km off the coast in 30m to 50m water depth, forms an important part of Perenco’s strategy of maximizing the value of its existing acreage in Cameroon.  The success of this development project, which has achieved a daily production of more than 3,800 barrels of oil per day (BOPD), clearly demonstrates Perenco's technical expertise in bringing previously undeveloped fields onstream.  After an intensive eight-month work programme, Perenco has successfully ensured the economic viability of this marginal field, thanks to the use of innovative solutions in terms of well architecture, the laying of pipelines and the type of platforms installed.

12 June 2023 Perenco in Cameroon is pleased to announce the signing of a new Production Sharing Contract for the continued development of the Rio del Rey basin , offshore Cameroon. Valid for 20 years, the contract with Société Nationale des Hydrocarbures (SNH) presents the opportunity for Perenco to continue its investment in the basin, which today accounts for approximately 70% of Cameroon's total production and employs more than 500 people.  Since acquiring the Rio del Rey basin over a decade ago, Perenco has maintained average production of 35,000 barrels of oil per day (“bopd”), with peak production reaching 65,000 bopd in 2016. This has been achieved through the team redeveloping existing infrastructure and using its technical expertise in stabilising and sustaining production from the basin, which first came onstream over 45 years ago.  Commenting on today’s announcement Armel Simondin, CEO of Perenco Rio del Rey, said:  “This new contract creates a solid foundation...

June 2020 This platform, which incorporates gas compression equipment for the development of the Sanaga Sud field , arrived in Cameroon in June 2020 from Holland. It is currently in the Commissioning (test) phase. Sanaga 2 will notably contribute to maintain the gas production plateau necessary to supply the floating Hilli Episeyo plant, in compliance with contractual obligations, for the continuation of liquefied natural gas exports.