Making new oil, gas, and LNG waves in global offshore energy waters

𝐒𝐚𝐢𝐥𝐢𝐧𝐠 𝐚𝐜𝐫𝐨𝐬𝐬 𝐧𝐞𝐭 𝐳𝐞𝐫𝐨 𝐜𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬, 𝐩𝐫𝐨𝐩𝐞𝐥𝐥𝐞𝐝 𝐛𝐲 𝐫𝐢𝐬𝐢𝐧𝐠 𝐞𝐧𝐞𝐫𝐠𝐲 𝐝𝐞𝐦𝐚𝐧𝐝, 𝐭𝐡𝐞 𝐨𝐢𝐥 𝐚𝐧𝐝 𝐠𝐚𝐬 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐡𝐚𝐬 𝐧𝐞𝐯𝐞𝐫 𝐬𝐭𝐨𝐩𝐩𝐞𝐝 𝐭𝐡𝐞 𝐠𝐫𝐨𝐰𝐭𝐡 𝐨𝐟 𝐢𝐭𝐬 𝐚𝐫𝐬𝐞𝐧𝐚𝐥 𝐢𝐧 𝐭𝐡𝐞 𝐰𝐨𝐫𝐥𝐝'𝐬 𝐞𝐧𝐞𝐫𝐠𝐲 𝐚𝐫𝐞𝐧𝐚. 𝐇𝐨𝐰𝐞𝐯𝐞𝐫, 𝐜𝐞𝐫𝐭𝐚𝐢𝐧 𝐝𝐞𝐜𝐚𝐫𝐛𝐨𝐧𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐩𝐮𝐬𝐡𝐞𝐬 𝐡𝐚𝐯𝐞 𝐩𝐥𝐚𝐜𝐞𝐝 𝐧𝐞𝐰 𝐝𝐞𝐦𝐚𝐧𝐝𝐬 𝐨𝐧 𝐭𝐡𝐞 𝐬𝐞𝐜𝐭𝐨𝐫, 𝐟𝐨𝐫𝐜𝐢𝐧𝐠 𝐢𝐭 𝐭𝐨 𝐭𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦 𝐢𝐭𝐬𝐞𝐥𝐟 𝐛𝐲 𝐟𝐨𝐫𝐠𝐢𝐧𝐠 𝐚 𝐥𝐨𝐰-𝐜𝐚𝐫𝐛𝐨𝐧 𝐢𝐦𝐚𝐠𝐞 𝐨𝐟 𝐢𝐭𝐬 𝐨𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐬 𝐠𝐨𝐢𝐧𝐠 𝐟𝐨𝐫𝐰𝐚𝐫𝐝. 𝐆𝐢𝐯𝐞𝐧 𝐭𝐡𝐞 𝐟𝐫𝐚𝐠𝐦𝐞𝐧𝐭𝐞𝐝 𝐚𝐧𝐝 𝐟𝐫𝐚𝐠𝐢𝐥𝐞 𝐠𝐞𝐨𝐩𝐨𝐥𝐢𝐭𝐢𝐜𝐚𝐥 𝐜𝐥𝐢𝐦𝐚𝐭𝐞, 𝐭𝐡𝐞 𝐮𝐩𝐡𝐞𝐚𝐯𝐚𝐥 𝐨𝐧 𝐭𝐡𝐞 𝐩𝐨𝐥𝐢𝐭𝐢𝐜𝐚𝐥 𝐬𝐭𝐚𝐠𝐞 𝐡𝐚𝐬 𝐭𝐡𝐞 𝐩𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥 𝐭𝐨 𝐞𝐢𝐭𝐡𝐞𝐫 𝐬𝐭𝐫𝐞𝐧𝐠𝐭𝐡𝐞𝐧 𝐨𝐫 𝐰𝐞𝐚𝐤𝐞𝐧 𝐭𝐡𝐞 𝐟𝐨𝐬𝐬𝐢𝐥 𝐟𝐮𝐞𝐥 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐲'𝐬 𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐦𝐢𝐱, 𝐰𝐡𝐢𝐜𝐡 𝐩𝐫𝐞𝐯𝐢𝐨𝐮𝐬𝐥𝐲 𝐜𝐨𝐮𝐥𝐝 𝐛𝐞 𝐭𝐢𝐥𝐭𝐞𝐝 𝐞𝐢𝐭𝐡𝐞𝐫 𝐰𝐚𝐲 𝐛𝐲 𝐭𝐡𝐞 𝐛𝐞𝐡𝐚𝐯𝐢𝐨𝐫 𝐨𝐟 𝐩𝐫𝐨-𝐜𝐥𝐞𝐚𝐧 𝐞𝐧𝐞𝐫𝐠𝐲 𝐖𝐞𝐬𝐭𝐞𝐫𝐧 𝐩𝐨𝐰𝐞𝐫𝐬 𝐚𝐧𝐝 𝐭𝐡𝐞 𝐟𝐨𝐬𝐬𝐢𝐥 𝐟𝐮𝐞𝐥-𝐥𝐨𝐯𝐢𝐧𝐠 𝐜𝐨𝐧𝐬𝐨𝐫𝐭𝐢𝐮𝐦 𝐦𝐚𝐝𝐞 𝐮𝐩 𝐨𝐟 𝐭𝐡𝐞 𝐯𝐚𝐬𝐭 𝐦𝐚𝐣𝐨𝐫𝐢𝐭𝐲 𝐨𝐟 𝐜𝐨𝐮𝐧𝐭𝐫𝐢𝐞𝐬 𝐭𝐡𝐚𝐭 𝐬𝐭𝐢𝐥𝐥 𝐝𝐞𝐩𝐞𝐧𝐝 𝐡𝐞𝐚𝐯𝐢𝐥𝐲 𝐚𝐧𝐝 𝐞𝐯𝐞𝐧 𝐬𝐨𝐥𝐞𝐥𝐲 𝐨𝐧 𝐜𝐨𝐚𝐥, 𝐨𝐢𝐥, 𝐠𝐚𝐬, 𝐰𝐢𝐭𝐡 𝐬𝐨𝐦𝐞 𝐋𝐍𝐆 𝐝𝐞𝐩𝐞𝐧𝐝𝐞𝐧𝐜𝐞 𝐭𝐡𝐫𝐨𝐰𝐧 𝐢𝐧𝐭𝐨 𝐭𝐡𝐞 𝐦𝐢𝐱 𝐚𝐬 𝐰𝐞𝐥𝐥.

🚢𝐍𝐞𝐰 𝐡𝐲𝐝𝐫𝐨𝐜𝐚𝐫𝐛𝐨𝐧 𝐝𝐢𝐬𝐜𝐨𝐯𝐞𝐫𝐢𝐞𝐬

◈ Eni 's drilling operations with one of Valaris Limited 's rigs have led to a new oil and gas discovery, enabling the overall estimate of resources in place to exceed 1.3 billion barrels of oil equivalent (boe). As a result, the Italian player will pursue studies to explore a potential future hub development, encompassing the discoveries and other prospects present in the area, in synergy with the nearby infrastructures.

◈ Wellesley Petroleum's exploration operations in the North Sea, undertaken with COSL Drilling Europe AS 's rig, have resulted in an oil and gas discovery offshore Norway.

◈ Kuwait Petroleum Corporation 's Kuwait Oil Company has struck black gold and natural gas off the coast of Kuwait, with preliminary estimates pointing to approximately 3.2 billion barrels of oil equivalent (boe).

🛢️𝐎𝐢𝐥 & 𝐠𝐚𝐬 𝐞𝐧𝐝𝐞𝐚𝐯𝐨𝐫𝐬

◈ Heerema Marine Contractors ’ huge crane vessel will place ONE-Dyas ' natural gas platform at its designated spot in the North Sea next month. The platform is expected to be powered by offshore wind once it comes into operation.

◈ Shell 's final investment decision (FID) for a gas development project offshore Trinidad and Tobago is set to bolster the firm's LNG arsenal. McDermott International, Ltd is in charge of the project’s engineering, procurement, construction, and installation (EPCI) activities, covering the design, procurement, fabrication, transportation, installation, and commissioning of a wellhead platform, along with offshore and onshore gas pipelines.

◈ SapuraOMV Upstream (Sarawak) Inc. , which will soon be solely owned by TotalEnergies , has kicked off gas production from a field off the coast of Sarawak, Malaysia.

◈ The first five of nine subsea templates built by Estonia’s Marketex Marine for Aker BP ASA 's North Sea project have been installed at their designated location in Norwegian waters.

◈ Yantai CIMC Raffles Offshore Ltd. , a subsidiary of CIMC Group , is in charge of constructing two FPSO hulls for Seatrium . These FPSOs will be deployed at Petrobras ' fields off the coast of Brazil.

◈ The start-up of another FPSO in Brazilian waters, which will work on Enauta 's oil field, may be affected by the industrial action planned by the country's public officials.

◈ The first gas production has been achieved from Petrogas E&P 's field in the Dutch sector of the North Sea.

◈ bp has hired Saipem for subsea services in the Caspian Sea offshore Azerbaijan.

◈ With the FPSO's hull being constructed in three parts, ZPMC has completed its part by launching the bow section of the giant FPSO which will work for Petrobras offshore Brazil. Upon completion, the vessel will be connected to 16 wells.

◈ Shell has now wrapped up the decommissioning activities at its field in the North Sea, thanks to the removal of the 31,000-tonne platform topsides, which one of Allseas ' vessels completed in a single-lift.

◈ Another decommissioning job has been completed by Allseas' vessel in the North Sea this summer, thanks to the removal of a jacket belonging to a former platform that operated on Aker BP ASA 's field. This jacket has been transported to Aker Solutions ’ yard, where it will be recycled.

◈ One of the countries pursuing more oil and gas resources is Egypt, which intends to spud 586 wells by 2030 to find more hydrocarbon reserves. In addition, the Middle Eastern country is exploring options to ramp up renewable energy development.

◈ Saipem 's new set of multimillion-dollar offshore deals in Saudi Arabia will assist aramco in keeping up its long-term oil production flow from the three fields, which are part of the two projects the Italian player will work on.

🌊𝐋𝐍𝐆 𝐩𝐮𝐫𝐬𝐮𝐢𝐭𝐬

◈ The Shell -led LNG Canada project in Kitimat, anticipated to be Canada’s first large-scale LNG export facility and one of the largest energy projects in its history, has celebrated the final weld on its first production train. However, the country still has seven LNG export projects and one infrastructure project in various stages of development, with a potential capital investment of nearly $109 billion and a production capacity of 50.3 mtpa of LNG.

◈ ADNOC Group 's new partners in the Middle East and North Africa (MENA) region's first clean energy-powered LNG export facility are bp , Mitsui & Co., Ltd. , Shell , and TotalEnergies .

Dr. Sultan Ahmed Al Jaber, ADNOC Managing Director and Group CEO, remarked: “As natural gas demand continues to increase, this world-class project will enable us to provide more lower-carbon gas to meet growing demand today while helping the world transition to a cleaner energy future."

◈ With the construction of its first non-state-owned LNG terminal now out of the way at South Korea’s Gwangyang port, Posco International Corporation is eyeing the second one in 2026 to fortify the country's energy security.

◈ Hyundai Glovis' first LNG carrier will make its inaugural call at Woodside Energy ’s Pluto LNG terminal in Western Australia soon.

◈ Honeywell is bringing Air Products ' liquefied natural gas process technology and equipment business into its fold to expand end-to-end services offering and bolster its energy transition portfolio.

🍃𝐄𝐧𝐞𝐫𝐠𝐲 𝐭𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐦𝐨𝐯𝐞𝐬

◈ Is there a place for fossil fuels during the energy transition journey, which Canada recently boosted with the Cleantech investment tax credit (ITC) tools to spur greater investments in wind energy, solar power, and energy storage industries? The country still intends to pursue CCUS and CCS but it is unclear what kind of impact the strengthening of greenwashing laws will have on these low-carbon pursuits. Where does oil and gas stand in this new energy world order?

Navigating the fast-evolving energy landscape interspersed with sustainability and climate-related reporting pitfalls will be a tall order and nearly Sisyphean task for Canadian producers and developers unless clear guidelines and regulations are in place. Once ambiguity has been removed, Canada’s businesses will be able to speed up their sustainability journey to hit climate and decarbonization milestones in time to reach net zero aspirations.

In the meantime, companies need to tackle greenwashing and greenhushing risks to set the ball rolling on the buildout of green trust and avoid litigation and scenarios that would lead to monetary penalties of up to $10 million and even $15 million for subsequent orders, or three times the benefit derived from the misrepresentation, failing that these fines can go up to 3% of the corporation’s annual global gross revenues.

Best advice given by a law firm to avoid this worst-case scenario: “𝑩𝒖𝒔𝒊𝒏𝒆𝒔𝒔𝒆𝒔 𝒎𝒖𝒔𝒕 𝒊𝒎𝒎𝒆𝒅𝒊𝒂𝒕𝒆𝒍𝒚 𝒕𝒂𝒌𝒆 𝒔𝒕𝒐𝒄𝒌 𝒐𝒇 𝒕𝒉𝒆𝒊𝒓 𝒆𝒙𝒊𝒔𝒕𝒊𝒏𝒈 𝒂𝒏𝒅 𝒇𝒖𝒕𝒖𝒓𝒆 𝒑𝒖𝒃𝒍𝒊𝒄 𝒄𝒍𝒂𝒊𝒎𝒔 𝒂𝒏𝒅 𝒓𝒆𝒑𝒓𝒆𝒔𝒆𝒏𝒕𝒂𝒕𝒊𝒐𝒏𝒔 𝒂𝒃𝒐𝒖𝒕 𝒕𝒉𝒆 𝒔𝒖𝒔𝒕𝒂𝒊𝒏𝒂𝒃𝒊𝒍𝒊𝒕𝒚 𝒂𝒏𝒅 𝒊𝒎𝒑𝒂𝒄𝒕 𝒐𝒇 𝒕𝒉𝒆𝒊𝒓 𝒑𝒓𝒂𝒄𝒕𝒊𝒄𝒆𝒔, 𝒑𝒓𝒐𝒅𝒖𝒄𝒕𝒔 𝒂𝒏𝒅 𝒑𝒍𝒂𝒏𝒔 𝒘𝒊𝒕𝒉 𝒓𝒆𝒔𝒑𝒆𝒄𝒕 𝒕𝒐 𝒄𝒍𝒊𝒎𝒂𝒕𝒆 𝒄𝒉𝒂𝒏𝒈𝒆 𝒂𝒏𝒅 𝒐𝒕𝒉𝒆𝒓 𝒆𝒏𝒗𝒊𝒓𝒐𝒏𝒎𝒆𝒏𝒕𝒂𝒍 𝒎𝒂𝒕𝒕𝒆𝒓𝒔. 𝑻𝒉𝒊𝒔 𝒔𝒉𝒐𝒖𝒍𝒅 𝒊𝒏𝒗𝒐𝒍𝒗𝒆 𝒄𝒂𝒓𝒆𝒇𝒖𝒍 𝒓𝒆𝒗𝒊𝒆𝒘 𝒐𝒇 𝒉𝒐𝒘 𝒓𝒆𝒑𝒓𝒆𝒔𝒆𝒏𝒕𝒂𝒕𝒊𝒐𝒏𝒔 𝒂𝒓𝒆 𝒅𝒆𝒗𝒆𝒍𝒐𝒑𝒆𝒅, 𝒇𝒓𝒂𝒎𝒆𝒅, 𝒒𝒖𝒂𝒍𝒊𝒇𝒊𝒆𝒅 𝒂𝒏𝒅 𝒔𝒖𝒃𝒔𝒕𝒂𝒏𝒕𝒊𝒂𝒕𝒆𝒅.”

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

• 🔗Brazilian oil keeps flowing as Campos Basin’s second-largest FPSO hits six-year mark
• 🔗EU partnership looking into floating power generation hub with CO2 capture and storage
• 🔗EU duo seals LNG deal as Central and Eastern European countries resolutely reinforce energy diversification ties
• 🔗Brazilian duo inches closer to merger as government agency gives its blessing
• 🔗Woodside orders pipe for Mexican deepwater oil project from Greek supplier
• 🔗Swiss company to source US LNG from Shell to European customers
• 🔗Equinor cleared to take Odfjell Drilling semi-sub rig to Norwegian Sea
• 🔗Australian player seals deal to supply Taiwan with LNG until mid-2030s
• 🔗ABL expands its scope of work at Congo’s first LNG project
• 🔗Vallourec lands contract with TotalEnergies for Angolan deepwater project
• 🔗Singaporean firm to import its ‘first spot LNG cargo’ to China
• 🔗Robotic cargo oil tank inspections on FPSO pioneered by Australian firm

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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