Tag Archives: North Sea

OffshoreTechnology: Aker Solutions secures work at ConocoPhillips-operated North Sea fields

Business News, Energy, ,

Norwegian engineering and contracting firm Aker Solutions has secured a three-year contract extension for maintenance and modifications work from American multinational energy company ConocoPhillips.

Norwegian engineering and contracting firm Aker Solutions has secured a three-year contract extension for maintenance and modifications work from American multinational energy company ConocoPhillips.

The contract extension is to an existing framework agreement for work at North Sea fields operated by ConocoPhillips.

Read entire article here

Bloomberg: Norway Bets on Tech to Cut $100 Billion North Sea Oil-Well Bill

Business News, Government, Technology, ,

North Sea nations and oil companies face costs of more than $100 billion to shut down old wells in the depleted region. Researchers in Norway believe they can cut that figure dramatically.

A new technology center in Trondheim hopes to halve the costs of plugging and abandoning wells — a procedure known as P&A that could reach an estimated $85 billion in Norway alone by 2050. Curbing that outlay would be a boon to operators and prospective investors in the aging region, where thousands of shafts must be closed up in the coming decades as oil and gas flows dwindle.

High abandonment costs can put buyers off purchasing older fields, as the expense can outweigh profits to be made now. Oil’s slump has exacerbated this fear, forcing some North Sea producers to close fields earlier than planned. A drop in the cost of dismantling wells could reduce risk, buying them more time.

Read more HERE.

Bloomberg: A Floating Hoard of North Sea Oil Is Starting to Diminish

Business News, Energy,

A glut of benchmark North Sea oil that’s been sitting on ocean-going tankers for weeks is starting to diminish.

Millions of barrels of the region’s unwanted crude have been stashed on oil tankers since the coronavirus caused a demand collapse. But now the volumes are starting to shrink sharply, data compiled by Bloomberg show. Anchored on vessels everywhere from the U.K., to France and the Netherlands, the floating hoard reached 12 million barrels at the end of May. That figure has now dropped by 35%.

Read entire article HERE.

World Oil: ConocoPhillips submits re-development plan for Tor field

Business News, Energy, , ,

On behalf of the licensees, operator ConocoPhillips has submitted a Plan for Development and Operation (PDO) for a re-development of Tor field, in the Greater Ekofisk area in the North Sea.

The field was in production from 1978 until it was shut down in 2015 when the installation reached the end of its lifetime. At shutdown, just 20% of the resources in place had been produced.

Read entire article HERE.

Press Release: TechnipFMC Awarded a Significant Integrated EPCI (iEPCI™) Contract for the ConocoPhillips TOR II Development

Business News, Energy, , , ,

LONDON & PARIS & HOUSTON–(BUSINESS WIRE)– TechnipFMC (Paris:FTI) (NYSE:FTI) has been awarded a significant(1) integrated Engineering, Procurement, Construction and Installation (iEPCI™) contract from ConocoPhillips for the TOR II development, located in the Norwegian sector of the North Sea at a water depth of 80 meters.

This contract covers the delivery and installation of a subsea production system including installation of umbilical, rigid flowlines and associated subsea equipment.

Arnaud Pieton, President Subsea at TechnipFMC, commented: “This is the first iEPCI™ award by ConocoPhillips. Through early engagement and collaboration, with ConocoPhillips we engineered an integrated subsea solution enabling first oil sooner than with a traditional project execution. We have partnered with ConocoPhillips in the Ekofisk area on several projects and are honored that ConocoPhillips is expanding its scope with us, embracing our innovative and comprehensive approach”.

(1) For TechnipFMC, a “significant” contract ranges between $75 million and $250 million.

Read entire press release HERE.