OffshoreNews

U.S. Announces Offshore Wind Auctions

By MarEx 2018-10-21 19:48:27

U.S. Secretary of the Interior Ryan Zinke has announced three major developments in the nation's offshore wind energy industry development: 1. a wind auction in federal waters off the coast of Massachusetts; 2. the environmental review of a proposed wind project offshore Rhode Island; and 3. the next steps to a first-ever wind auction in federal waters off of California. “I'm very bullish on offshore wind, and harnessing this renewable resource is a big part of the Trump...

Shell Exits Denmark's Offshore Oil and Gas Sector

By MarEx 2018-10-17 19:01:00

Following Chevron's lead, Shell has decided to sell its interests in the Danish North Sea offshore sector. In an announcement on Wednesday, the Dutch oil major said that it will sell its shares in its Danish upstream sector division, Shell Olieog Gasudvinding Danmark, to the Norwegian Energy Company (Noreco). Noreco will pay $1.9 billion and assume Shell's obligations in the Danish North Sea, including its share of the decommissioning and redevelopment costs for the overhaul of the Tyra platform. In...

Asia-Pacific's Oil and Gas Sector Set to Rebound

By MarEx 2018-10-15 19:53:14

Asia-Pacific's oil and gas sector looks set to rebound over the next 12 months as rising demand, stronger commodity prices and an uptick in merger and acquisition activity bring greater confidence to the region. Wood Mackenzie predicts rising Asian LNG demand and the return to growth of China's national oil companies as key factors influencing the sector, not only Asia-Pacific, but also globally into 2019. Asian LNG demand continues to grow strongly, driven by Chinese coal-to-gas switch policies. Chinese LNG...

PGS Readies Plastic Cleanup Concept Using Seismic Vessel

By MarEx 2018-10-15 18:41:04

Petroleum Geo-Services (PGS) has developed an ocean plastic collection concept that it is readying for a full-scale pilot test. The concept uses a bubble curtain to bring plastic to the surface as well as the inherent capabilities of seismic vessels to collect the litter. PGS commissioned a desktop review by an independent consultant using funds received from the Norwegian development and investment bank Innovation Norway, and the consultant concludes that pelagic microplastic densities are too low for surface plastic collection...

Machine-Learning Technique Speeds Extreme Event Analysis

By MarEx 2018-10-15 18:19:33

Engineers at MIT in the U.S. have developed an algorithm based on machine-learning that quickly pinpoints the types of extreme events that are likely to occur in a complex system, such as when waves of varying magnitudes, lengths and heights can create stress on a ship or offshore platform. Compared with traditional methods, the team’s technique provides a much faster, more accurate risk assessment. Engineers typically gauge a structure’s endurance to extreme events by using computationally intensive simulations to model...

Norwegian Continental Shelf Gets First Unmanned Platform

By MarEx 2018-10-15 03:48:22

Equinor's Oseberg Vestflanken 2 field in the North Sea came on stream on October 14, and remotely operated from the Oseberg field center, the new Oseberg H platform is the first unmanned platform on the Norwegian Continental Shelf. The platform has no accommodation facilities - not even a toilet - and the topside is much lighter than other similar platforms at 1,000 tons. It is located in the North Sea about eight kilometers north-west of Oseberg field center in water...

Chevron Becomes First Major to Exit Norway's Offshore Sector

By MarEx 2018-10-10 19:10:00

American oil major Chevron has decided to leave the Norwegian continental shelf in favor of new prospects in other regions. The firm is transferring its last stake in a Norwegian offshore license - a 20 percent share of Arctic lease block PL859 - to Oslo-listed DNO ASA for an undisclosed sum. According to correspondence obtained by Reuters, Norway's oil ministry has agreed to approve the sale and Chevron's departure from the nation's oil sector, on condition that Chevron agrees to...

Pemex Makes Shallow Water Discoveries in Gulf of Mexico

By MarEx 2018-10-10 18:53:08

Pemex has confirmed the discovery of seven reservoirs in two new wells in Mexico’s Southeast Basin in the Gulf of Mexico. The discoveries boost the company's reserves by more than 180 million barrels. The new wells are located at water depths of between 20 and 90 meters. The company is currently evaluating six fields that could have a combined peak production of up to 210,000 b/d. and 350 MMcf/d of natural gas. Pemex will soon begin developing its Xikin and...

Novatek Announces Major Offshore Gas Find in Russian Arctic

By MarEx 2018-10-10 17:01:00

Russian gas and LNG firm Novatek announced Wednesday that it has found a major new gas field in the Gulf of Ob, just off the Yamal Peninsula in the Russian Arctic. The new North-Obskoye field has estimated reserves of more than 320 billion cubic meters (bcm) of natural gas, and its total resources are estimated at more than 900 bcm. These reserves estimates will be submitted to the Russian State Reserves commission for confirmation in November 2018. "The discovery of...

The Norwegian Minister of Petroleum and Energy, Kjell-Børge Freiberg, officially opened the power-from-shore solution to Johan Sverdrup. (Photo: Ole Jørgen Bratland / Equinor ASA)

Johan Sverdrup Shore Power Switched On

By MarEx 2018-10-09 17:50:46

Power from shore was officially switched on for Equinor's Johan Sverdrup field in the North Sea on Tuesday. The use of shore power over the 50 year life of the 3.2 billion-barrel project is anticipated to make it one of the most carbon-efficient fields worldwide as it will operate without the use of fossil fuels. Full-field production is estimated to reach 660,000 barrels of oil per day at plateau, with a break-even of less than $20 per barrel, and with...