Offshore Network Ltd.’s Post

I am following the Aussie Decommissioning stuff with some interest since I was involved, as fld engineer onboard DB Thor, during the installation of the North Rankin platform. Over the years, I have come to understand (and learn the hard way) that priorities between Government Agencies, the Oil and Gas Operators, the Supply Chain do not always align and most of the time detonate with each other. Question: Who wants What? Government Regulator want •Decommissioning  Security Assurance •No Liability from Bankrupt Operators •Compliance with Legislation •Create jobs & plow money back into society •Safe operations – 0 lti •No impact on environment Oil and Gas Operators want.. •Most Economical Low-Cost Decom Project •Compliance with Laws & PSC agreements •Sustainable operations (ESG goals) •Protect their Reputation (avoid scrutiny) •Funds to discharge liability •Ultimate control how the money is spent •Autonomy over work scope definition - no qualifications •Highest HSEQ performance •No risk or surprises at the end of field life Oil and Gas Supply Chain want.. •Commitment from the Operator •Get on with the job NOW ! •To do the job in lean times (fill in work) •Share Risks and Rewards fairly (not EPRD contracts) •Redeploy resources from cancelled projects •Retain skilled labor by steady workflow •Ensure prompt payment to maintain cash flow •Contracts that account for unforeseen complexities and compensate fairly for additional work

USA CCS Update! ExxonMobil has secured offshore storage rights for its Carbon Capture and Storage (CCS) operations in the US Gulf of Mexico, covering over 1,097 km² across Jefferson, Chambers, and Galveston Counties in Texas. ExxonMobil is securing all the necessary building blocks for operational CCS. The storage rights, and CO2 infrastructure stemming from the acquisition of Denbury in 2023, along with recent commercial agreements in Texas and Louisiana, are important steps in shaping ExxonMobil’s CCUS portfolio in this region. Competition is on, as this area has become one of the most active CCUS hubs in the US, driven by the numerous announced projects from Majors and Large Independents, like Shell, bp, Chevron, TotalEnergies, Equinor, and Oxy.

Today I participated in the 2024 United States Hispanic Chamber of Commerce (USHCC) Energy Summit’s Powerful Conversations series. During the discussion, we explored the complexities of the #energytransition amidst global challenges, the importance of an equitable energy system and a strong #supplychain, and how we can continue to empower #Hispanic businesses to be co-creators to finding the solutions to providing more and cleaner energy in our ever-evolving energy landscape.   At Shell, we are proud to work with Petrochem Field Services Inc (PFS), a minority-owned supplier, who have recently taken their skills and expertise of servicing onshore energy facilities to offshore oil and gas production platforms – literally expanding from land to sea, while maintaining their focus on safety, cost and time.   We believe in the power of #diversesuppliers in enabling more competitive supply chains. Read more about our work with PFS and one example of how fresh perspectives can help drive progress and value. #PoweringProgress #USHCCEnergy24

📢 NAM, a 50/50 joint venture (JV) between Shell and ExxonMobil, is expecting to close its exploration and gas production chapter in the North Sea after more than 60 years next year. However, ExxonMobil’s subsidiary has underscored that the inability to settle the dispute regarding the end of #gas #extraction activities at an earthquake-stricken #oil field in the ##Netherlands prompted it to take the Dutch government to court. “𝑾𝒆 𝒂𝒔𝒌 𝒕𝒉𝒆 𝒏𝒆𝒘 𝒈𝒐𝒗𝒆𝒓𝒏𝒎𝒆𝒏𝒕 𝒕𝒐 𝒆𝒏𝒕𝒆𝒓 𝒊𝒏𝒕𝒐 𝒅𝒊𝒂𝒍𝒐𝒈𝒖𝒆 𝒊𝒏 𝒐𝒓𝒅𝒆𝒓 𝒕𝒐 𝒇𝒊𝒏𝒅 𝒂 𝒔𝒐𝒍𝒖𝒕𝒊𝒐𝒏 𝒕𝒉𝒂𝒕 𝒊𝒔 𝒂𝒄𝒄𝒆𝒑𝒕𝒂𝒃𝒍𝒆 𝒕𝒐 𝒃𝒐𝒕𝒉 𝒑𝒂𝒓𝒕𝒊𝒆𝒔. 𝑺𝒖𝒄𝒉 𝒂𝒏 𝒂𝒓𝒓𝒂𝒏𝒈𝒆𝒎𝒆𝒏𝒕 𝒘𝒐𝒖𝒍𝒅 𝒃𝒆 𝒈𝒐𝒐𝒅 𝒇𝒐𝒓 𝒕𝒉𝒆 𝑵𝒆𝒕𝒉𝒆𝒓𝒍𝒂𝒏𝒅𝒔 𝒂𝒏𝒅 𝒂𝒍𝒍 𝒕𝒉𝒐𝒔𝒆 𝒊𝒏𝒗𝒐𝒍𝒗𝒆𝒅, 𝒊𝒏𝒄𝒍𝒖𝒅𝒊𝒏𝒈 𝒕𝒉𝒆 𝒑𝒆𝒐𝒑𝒍𝒆 𝒐𝒇 𝑮𝒓𝒐𝒏𝒊𝒏𝒈𝒆𝒏. 𝑬𝒙𝒙𝒐𝒏𝑴𝒐𝒃𝒊𝒍 𝒉𝒐𝒑𝒆𝒔 𝒕𝒉𝒂𝒕 𝒂𝒏 𝒂𝒎𝒊𝒄𝒂𝒃𝒍𝒆 𝒔𝒆𝒕𝒕𝒍𝒆𝒎𝒆𝒏𝒕 𝒄𝒂𝒏 𝒃𝒆 𝒓𝒆𝒂𝒄𝒉𝒆𝒅 𝒃𝒆𝒕𝒘𝒆𝒆𝒏 𝒕𝒉𝒆 𝒑𝒂𝒓𝒕𝒊𝒆𝒔 𝒂𝒏𝒅 𝒍𝒐𝒐𝒌𝒔 𝒇𝒐𝒓𝒘𝒂𝒓𝒅 𝒕𝒐 𝒄𝒐𝒏𝒔𝒕𝒓𝒖𝒄𝒕𝒊𝒗𝒆 𝒂𝒈𝒓𝒆𝒆𝒎𝒆𝒏𝒕𝒔 𝒘𝒊𝒕𝒉 𝒕𝒉𝒆 𝑫𝒖𝒕𝒄𝒉 𝒔𝒕𝒂𝒕𝒆,” underscored ExxonMobil. It is yet unclear what ExxonMobil’s invocation of the Energy Charter Treaty (ECT) will accomplish, however, it does have the potential to end with a multibillion-euro compensation claim, as these investor-state disputes usually revolve around compensation for lost profits. Many believe the decision was made to up the pressure on the new Dutch government, spearheaded by a far-right-leaning coalition. ⚓ 𝐅𝐮𝐥𝐥 𝐬𝐭𝐨𝐫𝐲 👉 https://buff.ly/3U55ITe #oilgas #energy #naturalgas #oilandgasnews #offshoreenergy #oilandgas 📸 NAM, a Shell-Exxon joint venture, which is paying compensation for homes damaged by seismic activity due to gas extraction in Groningen province, is anticipating the sale of its offshore assets in mid-2025; Source: NAM

Well, the writing was on the wall for a long time that #ofac wasn't going to renew GL44, which was to expire on 18 Apr. 2024. Now, the new GL44A replaces and supersedes GL44 and gives cos. in #venezuela until 31 May to wind down operations. In six mths production in #venezuela didn't crack the 1 MMbbl/d mark as it still struggles to even keep in above 800,000 bbl/d and stay above that volume consistently. That's means it is likely it will not happen over the short-term. Let's see what team Chevron can do. But, just to the east of #venezuela is #guyana which just started producing oil in Dec. 2019. And three yrs from now #guyana via ExxonMobil and co. (Hess Corporation and CNOOC International) will be producing around 1.3 MMbbl/d.

Industry giants such as Chevron, TotalEnergies, ExxonMobil and SLB continue to lead the way with technological innovations that unlock hydrocarbons in complex parts of the world. Reuters reported this week that Chevron and its partner TotalEnergies achieved a technological breakthrough, producing first oil from a U.S. Gulf of Mexico field that had long been off-limits due to extreme pressures. Their US$5.7 billion project is now poised to produce up to 75,000 barrels of oil per day and 28 million cubic feet of natural gas a day for 30 years. In Guyana, the collaboration between ExxonMobil and SLB has also paved the way for a novel approach to be taken to drilling in the oil-rich Stabroek block. According to an article published by the Guyana Energy Conference & Supply Chain Expo, the companies combined the AccuStrike bit with the PowerDrive Orbit G2 RSS, resulting in the rate of penetration being increased by 65 percent while saving 34 hours of drilling time. These notable advancements exemplify how industry leaders are not only pushing the boundaries of technology, but are also unlocking new possibilities in some of the world’s most challenging environments. As global energy demands continue to rise, the efforts of these multinationals remain critical in ensuring a steady supply of energy to power the world, thereby driving progress and development for decades to come. #guyana🇬🇾 #exxonmobil #totalenergies #chevron #slb

"US is a very attractive place to do business" INEOS are making big plays in the US, with this acquisition marking its third deal in the past two years. This now brings INEOS' total capital investment in the country to over $3 billion USD.

ExxonMobil Signs the Largest Offshore Carbon Storage Deal in U.S. History. One of the wealthiest companies on the planet just made another massive play in carbon capture and storage. It secured 271,000 acres of Texas state waters for offshore CCS—its 6th CCS project. Exxon’s strategy is clear: dominate the CCS value chain. After acquiring Denbury in 2023, they now own the largest CO2 pipelines in the U.S. Their LaBarge facility already captures 6–7 million tons of CO2 annually. Exxon's goal is to cut more than 100 million metric tons of emissions annually. Looks like the big players are finally recognizing the business potential in CCS… #CCS #energytech #energytransition #climatetech

During #CERAWeek ExxonMobil CEO Darren Woods talked about Chevron - Hess $53 Billons deal and the possible Exxon's preemption rights over Hess assets in Guyana. Besides that, he said that IRA government stimulus is a good step toward #energytransition and #CCS #CCUS industry development. CCS is a new industry with a bright future according with him. Exxon has signed a contract with three companies (An industrial gas supplier, a fertilizers company and a steel plant) that will allows them to capture CO2 emissions equivalent to the total reductions associated with the whole fleet of electrical vehicles sold in US (5 mm tons annually). https://lnkd.in/edx2zUcH

INEOS Energy has struck a deal to acquire the deepwater #US #Gulf of Mexico assets of China's CNOOC International, boosting its global production to more than 90,000 barrels of oil equivalent per day.