ℝising to energy challenges of today to meet tomorrow's oil & gas demand

𝐓𝐡𝐞 𝐨𝐟𝐟𝐬𝐡𝐨𝐫𝐞 𝐞𝐧𝐞𝐫𝐠𝐲 𝐚𝐫𝐞𝐧𝐚'𝐬 𝐜𝐮𝐫𝐫𝐞𝐧𝐭 𝐬𝐞𝐭𝐭𝐢𝐧𝐠𝐬 𝐞𝐧𝐭𝐰𝐢𝐧𝐞 𝐝𝐲𝐧𝐚𝐦𝐢𝐜 𝐡𝐲𝐝𝐫𝐨𝐜𝐚𝐫𝐛𝐨𝐧 𝐚𝐧𝐝 𝐚𝐥𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐯𝐞 𝐠𝐫𝐞𝐞𝐧𝐞𝐫 𝐩𝐥𝐚𝐲𝐬 𝐝𝐫𝐢𝐯𝐞𝐧 𝐛𝐲 𝐭𝐡𝐞 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐲 𝐨𝐟 𝐬𝐮𝐩𝐩𝐥𝐲 𝐩𝐮𝐫𝐬𝐮𝐢𝐭𝐬 𝐰𝐢𝐭𝐡 𝐬𝐭𝐫𝐨𝐧𝐠 𝐝𝐞𝐜𝐚𝐫𝐛𝐨𝐧𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐜𝐮𝐫𝐫𝐞𝐧𝐭𝐬 𝐭𝐨 𝐞𝐧𝐚𝐛𝐥𝐞 𝐭𝐡𝐞 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐭𝐨 𝐜𝐨𝐦𝐞 𝐭𝐨 𝐠𝐫𝐢𝐩𝐬 𝐰𝐢𝐭𝐡 𝐬𝐮𝐬𝐭𝐚𝐢𝐧𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐭𝐚𝐫𝐠𝐞𝐭𝐬, 𝐩𝐚𝐯𝐢𝐧𝐠 𝐭𝐡𝐞 𝐰𝐚𝐲 𝐟𝐨𝐫 𝐥𝐨𝐰-𝐜𝐚𝐫𝐛𝐨𝐧 𝐨𝐢𝐥, 𝐠𝐚𝐬, 𝐚𝐧𝐝 𝐋𝐍𝐆 𝐩𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐨𝐧 𝐨𝐧 𝐭𝐡𝐞 𝐫𝐨𝐚𝐝 𝐭𝐨 𝐚 𝐜𝐥𝐞𝐚𝐧 𝐞𝐧𝐞𝐫𝐠𝐲 𝐞𝐫𝐚.

𝐋𝐚𝐭𝐞𝐬𝐭 𝐨𝐢𝐥 & 𝐠𝐚𝐬 𝐩𝐥𝐚𝐲𝐬

◈ Woodside Energy has brought online the first offshore oil deepwater development in Senegal. The cost estimate for the project is said to be within the range of $4.9-$5.2 billion.

𝐒𝐞𝐞 𝐦𝐨𝐫𝐞:

• 📎MODEC cheers FPSO’s first oil from Senegal’s offshore field

◈ Since Deltic Energy has been unable to put a financial solution in place for its share of appraisal costs at Shell 's gas discovery in the Southern North Sea due to political and fiscal regime woes in the UK, the firm will withdraw from the license containing this discovery.

◈ EnergyPathways plc is set on acquiring a gas storage license in the same area as its flagship gas field in the East Irish Sea, with the potential to be enriched with nearby wind generation, gas storage, hydrogen production, and carbon capture and storage (CCS) to bring low emission energy to the UK and assist the country in reaching its energy transition goals.

◈ Preliminary data for an exploration/appraisal well in the U.S. Gulf of Mexico has indicated high-quality, hydrocarbon-bearing sands in upper target sections, however, multiple deeper targets still need to be drilled.

◈ Staatsolie Maatschappij Suriname N.V has joined forces with National Energy Corporation of Trinidad and Tobago Limited to pool resources in the natural gas and solar power plants' arenas.

◈ Valeura Energy Inc. has added an FSO, deployed at its field in the Gulf of Thailand, to its asset portfolio.

◈ With the move to sell its interest in a huge sour gas development offshore the UAE to PTTEP , Wintershall Dea is closing up shop in this country as this asset is not included in its merger with Harbour Energy .

◈ Petrobras has employed multiple Solstad Offshore ASA vessels through deals worth around NOK 2.6 billion (around $245 million).

◈ A high-impact prospect was supposed to be drilled in June 2024 offshore China, but funding challenges prevented Empyrean from doing so, thus, the company has sought an extension from China National Offshore Oil Corp. to complete the required work.

◈ Allseas will install pipeline and integrated structures for Equinor at an oil and gas field in the North Sea off the coast of Norway.

◈ PEMEX and its partners have put DORIS Group in charge of front-end engineering and design (FEED) work for a huge oil field in the Sureste Basin offshore Mexico.

◈ Wellesley Petroleum did not hit any hydrocarbons in its recent exploration well drilled with COSL Drilling Europe AS ’s rig in the North Sea.

◈ SkyTruth reveals that 757 oil slicks, spanning 1.9 million hectares in the Mediterranean Sea, have been pinpointed between July 2020 and January 2024, with the exclusive economic zone (EEZ) of Greece taking the top spot for the highest number of slicks (182), followed by Italy (163) and Egypt (102).

◈ Hibiscus Petroleum Berhad is getting a hold of TotalEnergies ' subsidiary in Brunei, which operates an offshore asset that will assist the Malaysian firm in increasing the gas production share of its portfolio to almost 50%.

◈ TotalEnergies is currently drilling a well off the coast of Denmark, close to the Norwegian border, with Shelf Drilling 's jack-up rig to expand its gas arsenal in the Danish sector of the North Sea.

𝐋𝐍𝐆 𝐦𝐨𝐯𝐞𝐬

◈ LNG newbuilding vessel values are on the rise with twice as many orders compared to 2023, enabling the sector to record a jump of about 129% with LNG newbuilding orders reaching 78 in the first five months of 2024.

◈ Aside from greenlighting its huge LNG project, ADNOC Group has also handed out a multibillion-dollar assignment for this clean energy-powered lower-carbon intensity development to a joint venture encompassing Technip Energies , JGC , and National Petroleum Construction Company .

◈ Germany’s second LNG terminal in Wilhelmshaven is taking shape as Norway’s ECOnnect Energy gets tapped to install a jettyless ready IQuay solution for LNG import to Wilhelmshaven. This Norwegian player has selected France’s GEOCEAN for subsea installation work.

◈ Venice Energy has engaged in formal discussions with several players to find partners for a proposed LNG import terminal project in South Australia. According to the company, this is the world’s first floating LNG import terminal envisioned to be powered completely by renewable energy.

◈ aramco is strengthening its LNG supplies through non-binding heads of agreement (HoA) with NextDecade for offtake from an LNG export project in Texas, United States.

◈ Australian Energy Producers see a jump in LNG demand across Asia as an opportunity for Australian gas to take the lead in tools utilized by the Asia-Pacific region to boost energy security and curb emissions.

◈ A recent report, published by Rainforest Action Network and Public Citizen , has examined insurance certificates for seven LNG terminals under construction and planned for expansion. While five of these U.S. LNG terminals with recent certificates are located in the Gulf of Mexico, two remaining are situated on the Atlantic and Pacific coasts.

◈ Since LNG projects already under construction are forecast to bring 193 million metric tons per annum, Institute for Energy Economics and Financial Analysis (IEEFA) underlines that the global LNG supply capacity is on its way to getting as far as 666.5 million mtpa by the end of 2028. The biggest slice of this 40% rise over the next five years will flow into the LNG market from the U.S. and Qatar, with Australia in the running to come in third place on the global LNG suppliers' list.

𝐑𝐢𝐠 𝐡𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬

◈ Dolphin Drilling 's semi-submersible rig has arrived at Astican Astilleros Canarios S.A. in Las Palmas de Gran Canaria (Canary Islands), according to Canarship .

◈ In addition, Dolphin Drilling made up its mind to offload a semi-submersible rig for recycling. The rig was recently bought from Transocean.

◈ VANTAGE DRILLING is mulling over the possibility of commencing trading on the Euronext Growth stock exchange market in Oslo, Norway.

◈ Dolphin Drilling has confirmed the lifting of an ex parte order of arrestment previously obtained against its semi-submersible rig by TECHNOVA AFRICA INTERNATIONAL LIMITED . However, court proceedings in Nigeria are still underway.

𝐃𝐞𝐜𝐚𝐫𝐛𝐨𝐧𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐬𝐭𝐞𝐩𝐬

◈ DNV has thrust the role of digital twins into the limelight, showcasing the technology's ability to bolster the UK's energy transition momentum and assist Britain in achieving its net-zero aspirations.

◈ There is no doubt that optimism prevails in the energy industry, as the oil and gas domain has even experienced a spike in confidence. However, the viability of many projects is believed to be in a precarious situation driven by higher costs and supply chain disruptions, which are throwing cold water on the short-term flames of hope for further acceleration in the pursuit of electrification and renewables. In light of this, DNV 's research into the largest obstacle to reaching net zero goals pinpoints the cost of the energy transition as the main issue that needs to be overcome.

📰For more recent news, check out these headlines and visit our website:

• 🔗Oil tanker captain facing fines and multi-year prison time in US over violation of ship pollution prevention
• 🔗Vår Energi all done with intra-group merger
• 🔗Vessel gig’s next stage pushes GMS’ backlog to $431.2 million
• 🔗More North Sea work comes along to Subsea7
• 🔗OMV’s revamped brand identity puts focus on sustainability
• 🔗SLB closes joint venture with Norwegian carbon capture company
• 🔗New assignments for PSV trio come Havila’s way

Thanks for reading this newsletter and stay tuned for our next edition!

Kind Regards,

𝑴𝒆𝒍𝒊𝒔𝒂 Č𝒂𝒗č𝒊ć

Senior Editor at Offshore Energy Today

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