OGV Energy-Issue 76 - Well Management by OGV Energy

Jan 2024 - ISSUE 76

WELL MANAGEMENT GLOBAL ENERGY NEWS WORLD PROJECTS WELL MANAGEMENT INNOVATION & TECH

Covering all the angles

RENEWABLES

READ ON PAGE 4 

CONTRACT AWARDS DECOMMISSIONING STATS & ANALYTICS EVENTS

well management In this issue...

THRE360 Energy

P.04

QHSE Aberdeen

P.26

Wellpro

P.30

Exceed Energy

P.24

Well-Safe Solutions

P.27

Elemental Energies

P.31

Intervention Rentals

P.25

Zenith Energy

P.28

Leyton

P.33

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CONTENTS

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OGV COMMUNITY NEWS P.08 4

GLOBAL ENERGY REVIEWS

P.10

WORLD PROJECTS MAP P.20 WELL MANAGEMENT P.22 INNOVATION & TECHNOLOGY P.33 10

RENEWABLES P.34 CONTRACT AWARDS P.36 DECOMMISSIONING P.38

STATS & ANALYTICS P.40 EVENTS P.42

A WORD FROM OUR EDITOR Welcome to the January edition of ‘OGV Energy Magazine’ where we will be exploring the theme of Well Management. A big thank you to our front cover partner Three60 Energy Group and you can hear how they are redefining the well management landscape on pages 4-5 . We also have contributions from Elemental Energy, Exceed Energy, Zenith Energy, Wellpro, Well-Safe Solutions, Intervention Rentals, Impulse Group, QHSE Aberdeen and our very own digital business The OGV Studio. The rest of this month’s magazine as always provides you with a review of the Energy sector in the North Sea, Europe, Middle East, the US and Australasia along with industry analysis and project updates from Westwood Global Energy Group, the EIC and Renewables UK. Warm regards Dan Hyland Director

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THREE60 Energy:

Redefining the Well Management Landscape www.ogv.energy I January 2024

COVER FEATURE

The well management landscape finds itself in a transformation. The energy transition and focus on well decommissioning demand has forced well management companies to refine their business models and the services they provide to their customers. THREE60 Energy has emerged as a leader in well management, revolutionising the industry with its comprehensive and integrated approach, providing a broad range of services from distinct well engineering studies to end-to-end delivery of wells as outsourced Well Operator. THREE60 is unique in having all disciplines in-house, including subsurface, wells, EPCC (engineering, procurement, construction, and commissioning), and operations. This combination uniquely enables THREE60 to create tangible value by bringing together experts from different disciplines to provide bespoke, comprehensive and costefficient solutions tailored to specific customer needs. For example, alongside our operations team, we can provide truly integrated outsourced Installation Operator, Pipeline Operator and Well Operator solutions, offering unparalleled flexibility and confidence in safe delivery to our customers. Our global presence, with offices located in all the traditional key oil and gas hubs, further underscores our commitment to deliver well management solutions to new and existing customers wherever they may be. New areas of competence have been added to our portfolio in 2023. An example is where we have been supporting one of our customers in their successful licence application in the NSTA’s first Carbon Capture and Storage (CCS) licencing round. In doing so, working alongside our subsurface and facilities team, our well engineering team interpreted subsurface data and validated wells information to satisfy the NSTA’s licence application and subsequent assess phase requirements. This is one of three CCS studies we secured last year. As outsourced Well Operator, we drilled an appraisal well in the Central North Sea, enabling our customer to focus on their core business, while THREE60 undertook the detailed planning and management of offshore operations, including emergency response and regulatory engagement for our customer’s first well. We also executed the decommissioning of a subsea development well as Production Well Operator on behalf of one of the largest licence operators on the UKCS. Finally, last year saw our Aberdeen team supporting our Norwegian colleagues to deliver well integrity solutions on the Norwegian Continental Shelf, built on the experience and knowledge developed as Production Well Operator in the UK all of which demonstrate THREE60’s capability across the complete well asset lifecycle. In a world increasingly focused on sustainability and environmental responsibility, the energy industry is in a period of redefinition, and it is essential that companies look for new and dynamic solutions that will offer them the agility and flexibility to maximise efficiency of their business. The current skills shortage throughout the industry, compounded by increasing market volatility, poses a significant challenge to the energy sector. THREE60’s business model enables optimised utilisation of competent personnel to meet these resourcing challenges, offering flexibility in service delivery resulting in reduced overall cost. Our personnel comprise of seasoned industry veterans, along with young professionals starting with their careers. Our graduates are supported and developed by their mentors. They benefit from a period of industry familiarisation, working offshore as part of a rig crew before building on that knowledge to undertake a diverse range of projects from field development through maintenance and intervention, to well decommissioning projects at each stage building and developing their competence and experience. The future outlook of THREE60’s well management service offering is strong for 2024 and beyond. This year will be a busy year with lots of exciting projects, such as a large well abandonment project in the Mediterranean alongside our existing and new Well Operator assignments in the North Sea. Next to our traditional well engineering and well management provision, we anticipate our CCS capabilities and experience will also be a growth area for the next decades. The offering of integrated services, grounded with a deep understanding of customers' challenges, will become more prevalent in this ever-evolving period where customers are seeking integrated solutions, and puts THREE60 at the forefront of redefining the well management landscape. 

For more information, visit: three60energy.com

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Arnlea Secures a New ThreeYear Software Contract Extension with Leading Oil and Gas Company, Propelling Partnership into Ninth Year Arnlea, a global leader in industrial mobile software for tracking, inspection, and maintenance, is delighted to announce a new three-year software contract with one of the UK’s largest Oil and Gas companies, extending their existing relationship to nine years strong. The new six-figure contract will transition the client from Arnlea’s on-premise software to its cutting-edge Software as a Service (SaaS) solution, Nexar. This significant upgrade underscores Arnlea’s commitment to providing innovative and efficient solutions to its valued clients and will allow the oil and gas giant to continue to reach its objective of reducing emissions.

LR and UKAS boost for ICR Group’s INSONO innovation ICR Group’s innovative composite inspection technology INSONO has achieved validation from two globally-recognised accreditation bodies. Specialising in cutting-edge maintenance, inspection and integrity solutions, ICR supports the transition to a lower carbon future across multiple industries and international markets. Now its INSONO solution has attained ISO/IEC 17020:2012 from UKAS (The United Kingdom Accreditation Service) for its inspection standards and levels of consistency. In addition, INSONO has attained a validation statement from Lloyd’s Register (LR) which recognises the quality of its work for non-destructive examinations of composite wraps and repairs.

www.ogv.energy I January 2024

Ashtead Technology signs reseller agreement with i2S

Stena DrillMAX becomes the first drillship to be awarded DNV’s Abate (P) notation

International subsea rental equipment and solutions specialist Ashtead Technology has signed a reseller agreement with France-based i2S, specialists in underwater robotics and imaging solutions.

Stena Drilling is pleased to announce that Stena DrillMAX, is the first drillship to be awarded DNV’s Abate(P) notation. Stena Drilling has implemented several technical and operational measures to enable Stena DrillMAX to substantially reduce greenhouse gas emissions. The DNV (P) notation is a natural progression after Stena Drilling received ISO50001 energy management system certification for its fleet and Aberdeen Headquarters.

The agreement is an extension to the rental agreement signed earlier this year and sees Ashtead Technology become an exclusive global reseller, as well as a rental provider, of i2S Orphie camera systems. i2S Orphie systems are high-specification cameras that can be used by ROV and divers to improve observation in turbid waters. Orphie technology offers the possibility of observing objects at a distance three times greater than many cameras, producing real-time actionable images to support underwater inspection operations.

Score and asset55 announce pioneering collaboration to transform how industry manages emissions Score Group, a global valve specialist, has announced a pioneering collaboration with the leading software technology company asset55. The collaboration focuses on the enhancement of Score’s Emissions Elimination Program (EEP) through integration with asset55’s ‘Operate’ digital platform. Drawing on four decades of experience, Score’s EEP is a comprehensive solution designed to reduce operators’ environmental footprint and help them achieve their sustainability goals through the detection and mitigation of emissions. It aims to ensure regulatory compliance, mitigate failures, and optimise production output.

Stena DrillMAX is the first of the DrillMAX series vessels and is a harsh environment dynamically positioned DP Class 3 drillship capable of drilling in water depths up to 10,000ft.

ZynQ 360 Announces Austa McKendrick as Sales Director Global visualisation software and services company, ZynQ 360, are pleased to announce the internal appointment of Austa McKendrick, Global Head of Sales, to their board of directors. Austa has brought extensive sales experience to the business since joining the ZynQ 360 team in early 2022. In her new role, she will lead the business development team globally, continuing to drive growth in their core markets whilst exploring new opportunities. ZynQ 360’s CEO, Brian Dillon, commented on the appointment saying “Austa’s contribution to ZynQ over the last two years has been significant and this appointment further strengthens and complements our existing board as well as, the commitment to our global strategy.”

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Sea Energy Review By Tsvetana Paraskova

Opportunities in decommissioning, industry response to the Autumn Statement, and operations updates from operators featured in the UK North Sea oil and gas industry in the past few weeks.

Shutting down obsolete North Sea energy installations is a business opportunity worth more than £20 billion over the next decade, according to estimates by Offshore Energies UK (OEUK) in its Decommissioning Insight 2023 report launched at the end of November. Decommissioning accounted for 12 percent of total oil and gas expenditure in the UK continental shelf in 2022. But in the right fiscal environment this spending could increase to 25 percent in 2032 and overtake capital expenditure by 2040, the report found. Even with the latest round of new licences issued this autumn, North Sea oil and gas production is declining by 7 percent per year. There are currently 283 active oil and gas fields in the North Sea. By 2030, a total of 180 will have ceased production. Closing them without ongoing management of decline through new licensed production will mean a loss of homegrown energy which provides security and adds value to the economy, the association said.

www.ogv.energy I November 2023

“Specialist UK organisations are well positioned to provide a global centre of expertise in this sector as demand for decommissioning services grows around the world, but innovation and resilience will be vital,” OEUK said in the report. More than 1,000 North Sea wells will be sealed between now and 2027 – with 100,000 tons of surface and seabed structures removed in 2026 alone. At the same time, around 200 new large scale wind turbines are scheduled to be installed, representing a considerable infrastructure and workforce challenge. “This is a £20 billion business opportunity for our world-class decommissioning industry, and it is vital it is handled properly so we do not lose the work to overseas competitors,” said Ricky Thomson, OEUK decommissioning manager and author of the report. “There are dramatic opportunities for growth, but we need proper planning, and not just of hugely complex individual projects, but also of the specialised equipment and the efficient deployment of our highly skilled workforce,” Thomson added. However, decommissioning progress could slow due to the Energy Profits Levy, according to the report. The tax has led to North Sea oil and gas operators paying a 75-percent headline tax rate and affected decommissioning progress as the cost of shutting down old installations is not treated as an allowable expense, OEUK noted. The offshore energy industry association also responded to the Autumn Statement of the Chancellor of the Exchequer Jeremy Hunt. The Autumn Statement recognised the focus on business investment as fundamental to energy security, jobs, and a pragmatic energy transition. OEUK believes the Chancellor’s announcement of £4.5 billion of investment, including £960 million in manufacturing capabilities for the clean energy sector, is one of a number of important steps in building the nation’s future low carbon infrastructure and economy, the association said. “The Chancellor hit the right notes today, now we must fully orchestrate our approach to making the UK an irresistible place in which

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to invest and innovate. The decarbonisation of our economy is one of the greatest challenges of our time, but we must also seize its opportunities,” said OEUK’s chief executive David Whitehouse. “The fiscal announcements, allowances, apprenticeships, planning and grid reforms announced today will help firms invest in low carbon infrastructure, R&D and our world class workforce. We need these investments to grow the economy, support jobs and deliver reliable homegrown energy to people across the UK.” OEUK welcomed an emerging cross-party consensus on the need for long-term investment in the UK energy industry. The association has asked the government to prioritise protecting UK energy security and driving economic growth by incentivising investment in domestic energy production through effective tax policy, including headline rates and reliefs. The UK should also deliver a homegrown energy transition which champions UK technology and innovation by accelerating UK offshore wind, hydrogen, and the carbon capture and storage (CCS), according to OEUK. Finally, the government should focus on supporting and growing a diverse workforce with good jobs now and in the future by anchoring and expanding job opportunities in the UK with a skills passport that engages the current and future workforce, the association said. Government, regulators and industry executives gathered in Aberdeen - Europe’s energy capital – on 29 November to discuss the outlook for investment in the North Sea following several strong votes of confidence in the basin. Attendees at the North Sea Transition Forum, hosted by the North Sea Transition Authority (NSTA), heard that seven new projects together valued at almost £4 billion and capable of producing 370 million barrels of oil and gas have been given the go-ahead by regulators and investors so far this year. “The basin has shown resilience in uncertain times by continuing to attract billions of pounds of investment in projects which support the UK’s energy security alongside a wide range of activities that will both reduce emissions and

UK ENERGY REVIEW accelerate the transition – including offshore wind and carbon storage,” said Stuart Payne, NSTA Chief Executive and co-chair of the forum. Minister for Energy Security and Net Zero Graham Stuart said: “The oil and gas industry not only underpins our energy security but sustains a supply chain vital to the net zero transition.” In company news, EnQuest said in an operations update that its 2023 drilling programme continued to progress well and remained on track to bring additional wells online at Magnus and at Golden Eagle before the end of the year. In addition, EnQuest has entered into a rig contract to return to drilling at Kraken in 2025, with the company holding the option to extend the contract to accommodate additional work scopes. EnQuest also continues to execute safe and efficient decommissioning projects at Thistle and Heather and expects to deliver another record year for northern North Sea multi-asset well abandonments by completing 25 wells this year, while it remains on schedule for platform removals. “Looking ahead towards 2024, we remain focused on utilisation of our differentiated tax advantage as we look to unlock organic and inorganic opportunities to grow the business and create a pathway to deliver returns to shareholders,” EnQuest chief executive Amjad Bseisu said.

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“As the second largest undeveloped oil and gas discovery in the UK, we believe that Cambo has an important role to play in providing critical energy security to the UK, while reducing the UK’s overall emissions intensity.” Serica Energy said in its operations update that planning is continuing for the four well drilling campaign scheduled for 2024 and early 2025. The campaign is being carried out using the semisubmersible COSLInnovator drilling rig. All four wells are production wells. Serica has also exercised an option to use the COSLInnovator to drill a fifth well in the campaign. This may be the development well on the Belinda field. The draft field development plan (FDP) for this project was submitted to the NSTA in September 2023.

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JV partners Hartshead and Viaro Energy’s subsidiary RockRose have negotiated the option for Hartshead to divest an additional 20 percent licence interest for an uncapped free carry provided by RockRose, covering the total costs of the Phase 1 project development. “The execution of the amendments to the farmout agreement and joint operating agreement with RockRose, allows us to advance the Phase I development of the Anning and Somerville gas fields by securing the option of an uncapped carry for our interest of the project,” Hartshead CEO Chris Lewis said.

Deltic Energy said in its commercial and Harbour Energy’s trading and operations operational update in early December update noted at the end of November that plans for the drilling programme “The Chancellor that Tolmount East production startfor Selene and Pensacola are hit the right notes up was underway, increasing future progressing well and Deltic is today, now we must rates from the Tolmount area. working closely with its partners fully orchestrate our to advance and refine those. The approach to making the The Leverett discovery, close first of the two wells to be drilled UK an irresistible place to Harbour’s operated Britannia in 2024 is an exploration well on in which to invest and infrastructure, was successfully the Selene gas prospect, which is innovate." appraised with good flow rates considered to be one of the largest achieved, and planned final appraisal unappraised structures in the Leman side track is underway. Sandstone fairway of the Southern Gas Basin. Selene remains on track to be drilled in the Talbot is on track to deliver first oil, via the Harbour third quarter of 2024. operated Judy platform, around the end of 2024, with two of the three development wells completed, the company said.

“We also continue to evaluate a number of material M&A opportunities in line with our stated strategy, as we seek to build a global and diverse oil and gas company. Recent large transactions in our sector and our own discussions with potential counterparties indicate that market conditions for M&A are improving,” Harbour Energy’s CEO Linda Z. Cook said. Ithaca Energy has successfully completed the acquisition of the remaining 30-percent stake in Cambo from Shell, taking Ithaca Energy’s stake in Cambo to 100 percent. “Following completion, we are now in a stronger position to engage with potential farm-in partners to enable the future progression of the project to Final Investment Decision,” Ithaca Energy’s CEO Alan Bruce said.

Planning for the appraisal of the Pensacola discovery is well advanced and, subject to regulatory approvals, the drilling of the appraisal well on Pensacola remains on track to be drilled after the Selene well in late 2024, Deltic Energy said. Rig selection and contracting processes for both wells are ongoing, the company noted. Wood announced at the end of November that it had secured a two-year contract extension with Equinor UK Limited to support safe and reliable energy production at the Mariner field in the UK North Sea. Wood will continue to provide operations, maintenance, modifications, and offshore services on the Mariner A platform and Mariner B floating storage unit, as well as delivering front-end concept and feasibility studies, detailed design, construction and commissioning services for future project developments. In addition, Equinor continues to utilise Wood’s digital capabilities and experience to optimise efficiency across Mariner’s operations. 

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Europe Energy Review

By Tsvetana Paraskova

Oil & Gas

The effects of higher activity offshore Norway, the UK’s battery strategy, and a number of investment pledges in green energy projects featured in Europe’s energy industry in the past weeks.

Equinor said in a new report that deliveries to exploration, operation, and modification of Equinor-operated fields and onshore plants in Norway exceeded $8.5 billion (93 billion Norwegian crowns) in 2022, an increase of approximately 13 percent from the previous year. Over 90 percent went to Norwegian suppliers. “Norwegian suppliers accounting for more than 90 percent demonstrates the capacity, competence and competitiveness of the Norwegian oil and gas hub,” Kjetil Hove, executive vice president for Exploration and Production Norway (EPN), said presenting the report at Equinor’s autumn conference. “The petroleum sector’s supply industry is Norway’s second largest industry in terms of turnover, after the oil and gas operators, and is therefore of significant importance to the Norwegian economy,” Equinor said. At the end of November, Seatrium Limited announced the successful delivery of the Floating Storage and Regasification Unit (FSRU) Alexandroupolis, which has completed its near shore testing works and set sail to Greece for final gas commissioning of the regasification system. When completed, FSRU Alexandroupolis will be deployed in waters some 17 kilometres southwest of the Port of Alexandroupolis, northern Greece, and will have an overall delivery capacity of approximately 5.5 billion

www.ogv.energy I January 2024

cubic metres (cbm) per year, with a peak send out of 22 million cubic metres per day. As the first FSRU for Greece, the Alexandroupolis Independent Natural Gas System (INGS) project will become a critical energy gateway, supporting its energy security while advancing the energy transition trajectory of Southeastern Europe, Seatrium said. Italy’s Eni and Swiss company Open Energy Platform AG have signed an agreement to guarantee the flow of gas to Switzerland and Italy in the event of interruptions or significant flow reductions from Germany. The agreement promotes the efficient use of the Swiss Transitgas transport infrastructure for gas flows from France to Italy through Switzerland to support Swiss supply security, Eni said.

Low-Carbon Energy The UK Government has published the UK’s first ever Battery Strategy, outlining a plan for the UK to attract investment and achieve a globally competitive battery supply chain by 2030. The government said it would continue to support innovation across the battery value chain, explore innovative financing mechanisms to support scale-ups, and maintain stringent battery safety and product standards to support growth and protect workers and consumers.

EUROPE ENERGY REVIEW The strategy also aims to strengthen the resilience of UK supply chains, including through the Automotive Transformation Fund and the UK Critical Minerals Strategy. Ensuring planning and permitting reform actions will also benefit the emerging battery sector, the government noted. IFM Investors, a global institutional investment manager owned by Australian superannuation funds, has signed a Memorandum of Understanding (MoU) with the UK Government, announcing its intention to invest £10 billion across large-scale infrastructure and energy transition projects in the UK by 2027. The draft National Energy and Climate Plans (NECPs) by EU Member States show that renewables are on track to generate 66 percent of EU electricity by 2030, slightly short of the 69 percent REPowerEU target, think tank Ember said in a report in early December. Despite strengthened renewable energy commitments, planned wind and solar deployment remains insufficient to achieve the goals of the EU Green Deal and REPowerEU plan. “Member states must be bolder in order to further cut dependence on fossil fuels in the power sector,” Ember said. “With the EU pushing for a global tripling of renewables at COP28, it’s vital that the bloc gets its own house in order by delivering ambitious national energy and climate plans,” said Dr. Chris Rosslowe, Senior Energy & Climate Data Analyst at Ember. The International Marine Contractors Association (IMCA) has published the industry’s first standard contract for transport and installation (T&I) works in offshore wind projects. The contract has been written to ensure a fairer allocation of risk. “In recent months, several high-profile projects have been deferred in both the UK and the USA. For the offshore wind sector to be truly sustainable, there needs to be a fairer allocation of risk across the supply chain, including for offshore contractors, to avoid more projects potentially falling through,” IMCA said. The Netherlands and Belgium are well-placed to become Northwest Europe’s leading hydrogen import hubs with a collective 6.2 Mtpa target, Westwood’s Hydrogen Project Certainty analysis showed in November. “As home to two of the continent’s biggest ports, the expansion of critical infrastructure linking supply and demand will be key to success, as will the establishment of global partnerships capable of supplying low-cost hydrogen,” said Jun Sasamura, Senior Analyst – Hydrogen at Westwood.

This latest investment was made by the newly launched £3 billion Octopus Energy Offshore Wind fund - set up with a cornerstone investment from Tokyo Gas - and the Sky fund (ORI SCsp), both managed by Octopus Energy Generation. Statera Energy, a UK-based energy storage and flexible generation developer and operator, has secured up to £300 million of debt financing through a syndicate led by Lloyds Bank for the Thurrock energy storage and flexible generation project.

Jun Sasamura

Senior Analyst – Hydrogen Westwood “As home to two of the continent’s biggest ports, the expansion of critical infrastructure linking supply and demand will be key to success, as will the establishment of global partnerships capable of supplying low-cost hydrogen" Copenhagen Infrastructure Partners (CIP) announced in early December the launch of its Growth Markets Fund II (GMF II), which will focus on developing and building offshore and onshore wind, solar PV, energy storage, and Power-to-X projects in selected high growth middle-income markets across Asia, Latin America, and EMEA. The fund has a target size of $3 billion and is expected to deliver renewable energy infrastructure projects reflecting over $10 billion of capital investment. Iberdrola and Masdar have signed a global alliance to co-invest up to €15 billion in offshore wind and green hydrogen projects in Germany, the UK, and the US. The alliance aims to co-invest in the 1,400-megawatt (MW) UK East Anglia 3 offshore wind project. This deal has been under negotiation for the last few months and could be signed by the end of Q1 2024. Masdar’s stake in this wind farm could be 49 percent. Masdar has also formed a joint venture with Germany’s RWE to co-develop the Dogger Bank South offshore projects. With a combined capacity of 3 GW, Dogger Bank South’s two adjacent projects could supply up to 3 million UK homes with clean power. Construction could start as early as 2025, the first 800 MW of electricity is planned to come online in 2029 with the aim to fully commission the projects by late 2031, RWE said. Octopus Energy said that its generation arm had invested in the Walney Extension offshore wind farm as it rapidly scales its offshore wind activity to boost energy security in the UK. Octopus has taken a 12.5-percent stake in the 660-MW wind farm, which has been operational since 2018 and produces clean power for nearly 600,000 homes.

The first £144-million phase of the financing will be used to deliver Statera’s 300 MW (600 MWh) Thurrock Battery Energy Storage System (BESS), which will make a significant contribution to the UK’s flexible storage capacity. The balance of the financing will fund the development of a 270 MW flexible generation plant which secured a capacity market contract early this year. bp has agreed to buy the 50.03-percent interest it does not already own in Lightsource bp, one of the world’s leading developers and operator of utility-scale solar and battery storage assets. “We will continue to scale this successful business, and also apply its capabilities and expertise to help meet bp’s growing demand for low carbon power from our transition growth engines,” said Anja-Isabel Dotzenrath, bp executive vice president for gas and lowcarbon energy. Aker Solutions, together with Aker Carbon Capture has been awarded a full front-end engineering and design (FEED) contract by Hafslund Oslo Celsio (Celsio), the largest supplier of district heating in Norway, to develop carbon capture at its waste-to-energy facility at Klemetsrud in Oslo, Norway. The Celsio CCS project is part of Longship, the Norwegian Government’s carbon capture and storage project, which will also include CO2 captured at Heidelberg Materials’ cement plant in Brevik, where the carbon capture plant is delivered by Aker Carbon Capture and Aker Solutions. France’s TotalEnergies has invested £20 million to buy a minority stake in Xlinks First Limited, which plans to develop a giant renewable project in Morocco – combining solar and wind – to supply green electricity to the UK. The supply is planned to be provided through the installation of high-voltage direct current (HDVC) subsea cables, coupled with a large battery energy storage. Upon completion, the project is expected to deliver enough renewable, reliable, and affordable electricity to power more than 7 million British homes, the French energy giant said. 

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USA Energy Review By Tsvetana Paraskova

US Crude Oil Production Hits All-Time High

Record-high US crude oil production and record exports of oil and natural gas, the new methane emissions rule, and its implication on American energy were the highlights in the US oil and gas sector in the past few weeks.

US crude oil production reached a recordhigh for a month in September 2023, the latest data from the US Energy Information Administration (EIA) showed at the end of November. US output hit a monthly record of 13.236 million barrels per day (bpd) in September, beating the previous record from a month earlier, when America pumped 13.012 million bpd of crude oil in August, and the pre-Covid record of 13.00 million bpd from November 2019. The data were released on 30 November, when the OPEC+ group held its meeting that disappointed the market and prompted some analysts to say that rising non-OPEC+ oil production – led by the US – is becoming a problem for the group as production gains have been outpacing earlier forecasts. US rig counts are down from the same time last year, but oil production is rising nevertheless, suggesting that the industry is doing more with less and has boosted efficiency in operations.

Record Crude and Natural Gas Exports

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www.ogv.energy I January 2024

said earlier this year. In the first half of 2023, crude oil exports were up by 650,000 bpd, or by 19 percent, compared with the first half of 2022. With 1.75 million bpd, Europe was the largest regional destination for US crude oil exports by volume, led by exports to the Netherlands and UK. Asia was the regional destination with the next-highest volume, at 1.68 million bpd, led by exports to China and South Korea. The United States also exported significantly smaller volumes of crude oil to Canada, Africa, and Central America and South America, the EIA noted. The United States also exported more natural gas in the first half of 2023 than it did in the same period of any previous year. America’s natural gas exports averaged 20.4 billion cubic feet per day (Bcf/d), or 4 percent more than in the first half of 2022, the EIA says. LNG exports were the key drivers of growth but natural gas exports by pipeline also rose. The United States became a net natural gas exporter – with natural gas exports exceeding natural gas imports – in 2017, for the first time since 1957.

The US is also exporting record volumes of crude oil and natural gas this year.

In May 2023, US net natural gas exports as LNG and by pipeline averaged a monthly record of 13.6 Bcf/d, according to EIA data.

During the first half of 2023, American crude oil exports averaged 3.99 million bpd, which is a record high for the first half of a year since 2015, when the ban on most crude oil exports from the United States was repealed, the EIA

Rising LNG exports made the US the world’s largest LNG exporter in the first half of 2023— with exports averaging 11.6 Bcf/d, or up by 4 percent year-on-year, per the US Department of Energy’s LNG Reports.

Assets Digitised. Savings Realised. From flare tip to the jacket, Digitising Reality can create a digital twin of your offshore asset so you can efficiently manage your resources effectively.

USA ENERGY REVIEW

The US was ahead of Australia and Qatar in LNG exports volumes in the first half of 2023, mainly due to the Freeport LNG’s return to service as global LNG demand remained strong with continuing growth.

in slowing the rate of warming of Earth’s atmosphere,” EPA said. The rule gives industry time to prepare to meet requirements and to secure necessary equipment, and gives states, along with Tribes that wish to regulate existing sources, two years to develop and submit their plans for reducing methane from existing sources, the agency noted.

Europe remained the top destination of US LNG exports, taking in 67 percent of those, as the EU and the UK continued to boost LNG imports to offset reduced pipeline imports from Russia and to refill storage inventories.

High LNG Exports To Drive US Natural Gas Price Increase Rising LNG exports and more US export facilities coming online by the middle of the decade prompted Enverus Intelligence Research (EIR) to revise up its medium-term US gas price forecast to $5.00 per million British thermal units (MMBtu). However, EIR has also downgraded its long-term gas price forecast to $4.00 per MMbtu due lower gasfired US power generation, considering the continued growth in renewables. “EIR forecasts Henry Hub gas prices to reach $5.00/MMbtu in 2025-26. We need high prices to summon Haynesville gas that feeds significant LNG export capacity growth,” said Al Salazar, report author and director at EIR.

Dustin Meyer

, American Petroleum Institute’s (API) Senior Vice President of Policy, Economics and Regulatory Affairs

“As home to two of the continent’s biggest ports, the expansion of critical infrastructure linking supply and demand will be key to success, as will the establishment of global partnerships capable of supplying low-cost hydrogen"

EIR remains bullish with its 2024 price expectations for Brent crude oil prices. The combination of strong Chinese demand, partially offset by weaker-than-expected consumption in the US, Middle East, Africa, and Europe, combined with OPEC intervention, keeps prices in the current trading range, the intelligence firm said.

“We share the administration’s goal of reducing methane emissions and smart federal regulation can help build on industry’s progress to date.” “To be truly effective, this rule must balance emissions reductions with the need to continue meeting rising energy demand. We are reviewing the complex rule to ensure it meets that dual objective,” Meyer added. The Energy Workforce and Technology Council, representing the US energy technology and services companies, said,

“The implementation of a new tax on the oil and gas industry will directly impact the ability of Americans to obtain energy to fulfill daily needs, increasing the cost of oil and natural gas prices and decreasing domestic energy security,” said Energy Workforce President Tim Tarpley.

EPA Methane Emissions Rule

“Oil and natural gas operations are the largest industrial source of methane pollution in the U.S. Methane is a climate “super pollutant,” and rapid, sharp cuts in methane emissions are a crucial addition to cutting carbon dioxide

Dustin Meyer, American Petroleum Institute’s (API) Senior Vice President of Policy, Economics and Regulatory Affairs, commented on EPA’s methane rule:

“While Energy Workforce shares the Administration’s goal of lowering methane emissions, we believe yesterday’s final rule will serve as a new tax on American energy production at a time when this industry could not be more vital.”

As far as oil prices are concerned, Salazar commented, “EIR expects Brent prices to trade in the high-$80s – low-$90s into 2024, due to OPEC intervention. The Saudis wish to take the cyclicality out of the market.”

In early December, the US Environmental Protection Agency (EPA) announced a final rule that it says will sharply reduce emissions of methane and other harmful air pollution from oil and natural gas operations. The rule includes standards to reduce methane and volatile organic compounds (VOCs) from new, modified, and reconstructed sources. It also includes Emissions Guidelines for states to follow as they develop plans to limit methane emissions from existing sources.

15 15

Tim Tarpley Energy Workforce President

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“As global energy demand continues to skyrocket in the face of instability overseas, overburdensome regulations are not the answer to reducing methane emissions, technology and industry led initiatives are.” “As an industry, companies are already voluntarily working to rapidly reduce emissions through industry-led initiatives, making the production of oil and gas safer and more costeffective than ever before,” Tarpley noted. “We also continue to have concerns about the third-party emissions monitoring under the rule. The federal government has taken unprecedented steps to allow potentially biased third parties to gather data and report emissions to the EPA,” Tarpley said. 

HEADER ENERGY REVIEW GLOBAL Photo creidt: Reuters

MIDDLE EAST Energy Review By Tsvetana Paraskova

OPEC+ Oil Output Policy Confuses Markets

The OPEC+ meeting which was delayed a few days to allow further talks on the alliance’s production levels for early next year and OPEC’s response to the remarks from the International Energy Agency (IEA) about a ‘moment of truth’ for oil and gas were the highlights in the Middle East’s oil and gas sector over the past month.

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The OPEC+ group delayed its 26 November meeting to 30 November as there were disagreements about next year’s production quotas for African OPEC members Angola and Nigeria, both of which have been pushing for higher output ceilings. OPEC+ held its meeting on 30 November, announced cuts and a rollover of the current cuts, but generally undershot market expectations, sending oil prices lower in the first days of December. Saudi Arabia, the top OPEC producer and the world’s largest crude oil exporter, rolled over its extra 1 million barrels per day (bpd) cut into the first quarter of 2024. Russia, the key ally of OPEC in the OPEC+ alliance, pledged to deepen its cut from 300,000 bpd to 500,000 bpd early next year, and several other OPEC+ producers announced voluntary cuts.

www.ogv.energy I January 2024

Apart from the rollout of the cuts from OPEC+ leaders Saudi Arabia and Russia, several other OPEC+ producers announced voluntary cuts, OPEC said after the meeting on 30 November ended. “These voluntary cuts are calculated from the 2024 required production level as per the 35th OPEC Ministerial Meeting held on June 4 2023, and are in addition to the voluntary cuts previously announced in April 2023 and later extended until the end of 2024,” OPEC said.

The total cuts amount to nearly 2.2 million bpd, but the fact that there was no unanimous decision on a group-wide production reduction underscored the fragile unity within OPEC+, with some members appearing unwilling to share the Saudi burden of propping up oil prices and balancing the market.

The additional voluntary cuts are announced by the following OPEC+ countries, most of them from the Middle East: Iraq, which vowed to reduce production by 223,000 bpd, the United Arab Emirates with a cut of 163,000 bpd, Kuwait with a 135,000 bpd cut, Kazakhstan, which will reduce output by 82,000 bpd, Algeria will cut 51,000 bpd, and Oman pledged a cut of 42,000 bpd. These production cuts will begin on 1 January until the end of March 2024.

The meeting also welcomed Alexandre Silveira de Oliveira, Minister of Mines and Energy of Brazil, which will join the OPEC+ Charter of Cooperation starting January 2024.

“Afterwards, in order to support market stability, these voluntary cuts will be returned gradually subject to market conditions,” OPEC said.

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Despite the fact that Brazil is expected to join the OPEC+ meetings next year, the largest oil producer in South America does not have any intention to take part in any output cuts, Brazilian officials have said.

We’re always looking for new ways to add value and routinely introduce new technological solutions to make service delivery even simpler, smoother, faster.

MIDDLE EAST ENERGY REVIEW Commenting on the latest OPEC+ decisions, Warren Patterson, Head of Commodities strategy at ING, said, “These supply cuts should be enough to remove the surplus in 1Q24 and, in fact, leave the market in a small deficit early next year.” However, ING expects a small surplus in the second quarter of next year, which means that the market will be largely balanced over the first half of 2024. “This could and will likely change depending on how OPEC+ members go about unwinding these voluntary cuts,” Patterson noted. The meeting highlighted some issues within the group, the strategist said. “A bigger concern for OPEC+ should be the fact that they have been unable to agree on groupwide cuts. Instead, we are seeing voluntary cuts from a handful of members,” Patterson wrote in a note in early December. “Clearly, given the scale of cuts we are already seeing from the group, it is becoming increasingly more difficult for some members to stomach further cuts.”

“Moment of Truth” for Oil and Gas At the end of November, the IEA said that the oil and gas industry faces a “moment of truth,” which stirred a response from OPEC on the way the agency is trying to instruct industries how to proceed in the energy transition. Oil and gas producers “must choose between contributing to a deepening climate crisis or becoming part of the solution by embracing the shift to clean energy,” a special report from the IEA said. A “moment of truth” is coming for the oil and gas industry as most companies are watching the energy transition from the sidelines, with oil and gas producers accounting for only 1 percent of total clean energy investment globally, according to the IEA. “More than 60% of this comes from just four companies, out of thousands of producers of oil and gas around the world today. For the moment the oil and gas industry as a whole is

a marginal force in the world’s transition to a clean energy system,” the agency noted. Moreover, the energy transition will hurt the bottom lines of companies focused on oil and gas and the risk of stranded assets is higher, especially in the midstream sector that includes refineries and facilities for liquefied natural gas, the IEA said. “Oil and gas investment is needed in all scenarios, but the demand trajectory in a 1.5 °C world leaves no room for new fields,” said the agency. “Many producers say they will be the ones to keep producing throughout transitions and beyond. They cannot all be right.” To this report, OPEC issued a statement – entitled ‘Whose ‘moment of truth’?’ – in which it criticized the IEA’s report and especially the “moment of truth” remarks. “It is ironic that the IEA, an agency that has repeatedly shifted its narratives and forecasts on a regular basis in recent years, now addresses the oil and gas industry and says that this is a ‘moment of truth’,” OPEC Secretary General, Haitham Al Ghais said. “The manner in which the IEA has unfortunately used its social media platforms in recent days to criticize and instruct the oil and gas industry is undiplomatic to say the least. OPEC itself is not an organization that would prescribe to others what they should do.” Al Ghais added, “Energy security, energy access and energy affordability for all must go hand-in-hand with reducing emissions. This requires major investments in all energies, all technologies, and an understanding of the needs of all peoples. At OPEC, we repeat that we believe the world has to concentrate on the task of reducing emissions, not choosing energy sources.”

Deals and Reveals In company news, Abu Dhabi’s ADNOC and Australia’s Santos have signed a strategic collaboration agreement that outlines a pathway towards the potential development

of a joint global carbon management platform that could support the decarbonization journey of customers throughout Asia-Pacific. The parties will also explore the development of a carbon dioxide (CO2) shipping and transportation infrastructure network to enable heavy-emitting sectors capture, ship, and permanently store CO2. “Large scale-up of CCS is required to meet the world’s climate objectives and companies like Santos and ADNOC have the technology, infrastructure and knowledge to be able to deliver low-cost CCS and low-carbon energy competitively on a global scale,” said Alan Stuart-Grant, Energy Solutions Executive Vice President at Santos. ADNOC also opened at the end of November “H2GO”, the region’s first high-speed green hydrogen pilot refuelling station, to test a fleet of zero-emission hydrogen-powered vehicles. The station, which is located on land provided by Masdar City and operated by ADNOC Distribution, will create green hydrogen from water using an electrolyser powered by clean grid electricity. ADNOC and the National Central Cooling Company launched in early December the start of operations at G2COOL, the first district cooling project in the gulf region to harness geothermal energy. Saudi Arabia’s oil giant Aramco said in November it had successfully produced the first unconventional tight gas from its South Ghawar operational area two months ahead of schedule. This development supports Aramco’s strategy to increase gas production by more than half, over 2021 levels, through 2030, subject to domestic demand. Tight gas production at South Ghawar is Aramco’s second unconventional gas stream, after production commenced at the North Arabia field in 2018 with the delivery of 240 million scfd to customers in Wa’ad Al-Shamal. Work is simultaneously progressing at the giant Jafurah unconventional gas field, which is the largest liquid-rich shale gas play in the Middle East, Saudi Aramco said. 

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Ghasha development: Artificial islands at a key Adnoc offshore field Photo: ADNOC

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www.ogv.energy I January 2024

BRENT OIL PRICES OVER THE YEARS January 2024

YEAR AGO

1 Year Ago - $83.43 Global oil demand was set to rise to an all-time high at the beginning of 2023 as China relaxed its Covid-19 restrictions in a move that would push crude prices higher. The growing optimism that the Chinese demand would recover helped oil prices rally by around 10% in January.

THE DIGITAL COMMERCIAL STRATEGIST

YEARS AGO

5 Years Ago - $58.80 Oil prices limped into 2019 after worries of a global supply glut sent prices swiftly tumbling into a bear market but prices began to swing higher as traders reacted to data showing weaker OPEC production and declining inventories. This put Brent on track for its best week in more than two years.

YEARS AGO

10 Years Ago - $108.45 Brent oil experienced an upward surge following reports detailing new production challenges encountered at the North Sea’s Buzzard oilfield, emerging just two days after an outage at the largest oilfield in the UK. These rises reversed two days of losses as these reports of production problems created supply concerns.

Are your commercial team match fit for a Digital 2024? We are fortunate to work with a range of organisations, across sectors and across the globe, helping them bring their digital media into balance. We are working with PLC’s, SME’s and startups and the interesting thing is, we generally find the same commercial hopes, fears and desires. Some businesses are looking to create digital influence for a variety of reasons, recruitment, investment, market share etc. Others are laser focussed on pipeline and growth, revenue and ebitda. In every scenario where the goal is financial we run the same model.

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It asks 5 questions:

I Do you have access to your markets? I Do you have credibility in those markets? I Do you have meaningful connection with your prospects? I Are you the leading Technical and Commercial Digital influencers in your sector? I Can you convert all of the above to commercial interaction? If you are serious about growth, you must dig deep on these questions. Once you get inside these you will realise that it's impossible to avoid the Social Media and Digital transformation…and then it's all about getting everything digital in balance.

Question 1: Access to markets "We have established we have useful products and services and now need to take them to market. Where can we take them and who are the businesses we should target?". This is the market analysis piece and working out how we get into those markets. In 2024 Market analysis isn't done with maps, it's done digitally. Using Social Media well allows you to dissect markets and pinpoint 'who is who' and where they are - It's a free source of market information. We now have a list of tier 1, 2 and 3 targets and we can begin creating early stage capture plans, bringing them into our digital networks.

Question 2: Credibility in those markets Beyond "visibility.." Once we have established where and who, how do we show them that we are a credible player? This is where we need to start to build influence. The aim is to create 'Qualified relevance' where your prospects know you and understand that you are the leading technical and commercial influencers in your sector...

Question 3: Meaningful connection with prospects We now have the right people's attention and they understand who we are , what we are and that we are specialists. We have Qualified Relevance....what now? We must establish trust and build relationships within those new accounts? This is about strategically improving the financial performance of the business for the long term…not playing with content to see if it does anything…

Question 4: Are you the leading Technical and Commercial Digital influencers in your sector? Are you and your team leading in the digital twin of your sector, or is it your competition? Do you own the conversation, do you understand the meaning of real connection… are you seen as the guiding lights and taking all of the benefit?

Question 5: Create Commercial Interaction It all hinges on this. If we do well in the first 3 elements it should position us perfectly to take advantage of this crucial next step. This is where we need the sales team doing what they do best, connecting, creating the space for conversation and relationships, and moving all of this to commercial interaction. In 2024 we need this machine working well, a slick, modern digital process which gets the very best for our businesses. No matter how complex we make it sound, not matter how many techniques and methods are employed at each stage…these are the basic elements we all need to be good at and, as 2024 ramps up, it’s impossible to have this level of analysis and conversation without turning to digital…these days its front and centre. Give your team the digital skills they need to access markets, establish credibility in those markets, create lasting influence and meaningful connections within prospects.... and drive commercial interaction. 

“GOOD MEDIA MAKES PEOPLE VISIBLE, GREAT MEDIA MAKES THEM THE LEADERS IN THEIR SECTORS...” Eric Doyle is the Managing Director of The OGV Studio, a Digital Media Strategy company whose mission is to Energise your Media for growth. Eric is a Fellow of the Institute of Sales Professionals.

By Eric Doyle F.ISP - The OGV Studio

WORLD PROJECTS MAP

4 11

8 1

7 12 6

WHIPTAIL OIL FIELD GUYANA

$13 billion

ExxonMobil Saipem has been awarded the EPCI of Whiptail’s SURF equipment. The award allows Saipem to start the detailed engineering and procurement activities. More advance phases will proceed once the final investment decision, which is expected in Q1 2024, is taken by ExxonMobil.

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www.ogv.energy I January 2024

RAIA MANTA/ RAIA PINTADA GAS FIELDS (RAIA FPSO) BRAZIL

MANATEE GAS FIELD TRINIDAD & TOBAGO Shell

Equinor

McDermott has received a Limited Notice to Proceed (LNTP) regarding an EPCI contract for the design, procurement, fabrication and installation of a wellhead platform in addition to onshore and offshore gas pipelines. A full award is expected once the final investment decision has been reached.

Energy projects and business intelligence in the energy sector The EIC delivers high-value market intelligence through its online energy project database, and via a global network of staff to provide qualified regional insight. Along with practical assistance and facilitation services, the EIC’s access to information keeps members one step ahead of the competition in a demanding global marketplace.

LAMBDA OIL AND GAS DISCOVERY NORWAY $100 million

Equinor

$1.8 billion

$9 billion Seatrium has been selected by Modec for the fabrication of three topside modules for the Raia FPSO. The contract scope includes modules for vapour recovery/flare knockout, oil separation and stabilisation, flowline circulation and metering and utilities. The BrasFELS yard in Brazil will carry out fabrication activities, with work expected to begin in Q1 2024.

A new oil and gas discovery has been announced following the drilling of the 30/6-C-2 A exploration well. The well which is located in water depths of 109 metres was drilled from the Oseberg C integrated production, drilling, and living quarters platform. The discovery will provide supplementary resources for Oseberg.

The EIC is the leading Trade Association providing dedicated services to help members understand, identify and pursue business opportunities globally. It is renowned for excellence in the provision of services that unlock opportunities for its members, helping the supply chain to win business across the globe. The EIC provides one of the most comprehensive sources of energy projects and business intelligence in the energy sector today.

WORLD PROJECTS MAP

AL HIRAN GAS AND CONDENSATE DISCOVERY

SAUDI ARABIA $100 million

UBADARI AND VORWATA FIELDS – ENHANCED GAS RECOVERY PROJECT

Saudi Aramco

INDONESIA

Saudi Aramco has discovered gas at the AlHiran natural gas field located in the Empty Quarter. The discovery was confirmed from the AlHiran-1 well, after gas flowed from the Hanifa reservoir at the rate of 30 MMcf/d and 1,600 boe/d of condensate. Gas also flowed through the same well from the Al'Arab - C reservoir at a rate of 3.1 MMcf/d.

$3 billion

PRODUCTION CAPACITY ENHANCEMENT UZ 1000K UAE

BP is aiming to conclude the final investment decision for the project in Q2 2024. SKK Migas mentioned that the offshore FEED work has reached 89% completion and the onshore part has reached 66% completion.

UPPER ZAKUM –

$8 billion

ADNOC

$1 billion

Kosmos Energy Kosmos Energy has increased its stake to 90% and assumed operatorship. The proposed development concept is an offshore development producing approximately 550 MMcf/d of gas with domestic gas transported via pipeline to shore and export volumes liquified on a floating LNG vessel. The concept is currently being optimised upon completion of which the project will move into the front-end design and engineering (FEED) phase.

UBETA MAIN PROJECT – OML 58 $200 million

NORTH ELAMRIYA BLOCK DEVELOPMENT EGYPT

TotalEnergies

$250 million

The field development is expected to reach a final investment decision in Q1 2024. The development will comprise of two EPCs which are set for award in early 2024. One package includes the procurement, supply, construction, and commissioning of well pad facilities, as well as the connection of Ubeta's wells to the Obite field facilities in OML 58. The second package requires the engineering, procurement, supply, construction, and commissioning of a 12-kilometre, 16-inch multiphase pipeline and cables between Ubeta and Obite's treatment facility.

Shell

NIGERIA

YAKAAR AND TERANGA GAS FIELDS SENEGAL

Target Engineering, Petrofac and Tecnicas Reunidas are understood to have submitted commercial bids for the surface facilities EPC package. The tender for the subsea pipeline is still to be issued.

CEDAR 1 FLNG PROJECT CANADA $2.4 billion

Cedar LNG The Haisla Nation and the Pembina Corporation have signed a Heads of Agreement (HoA) with Samsung Heavy Industries and Black & Veatch for the supply of an FLNG unit for the project. A final lump sum EPC contract is expected to be finalised in December. An FID is expected by the end of the year or early 2024. Startup is scheduled for 2027.

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Shell has announced that it has made a new discovery at the North El-Amriya block after it has successfully completed the drilling of the first well out of its three-well exploration campaign. The well, which was drilled in water depths of approximately 250m, confirmed the presence of a gas-bearing reservoir. Further evaluation of the acquired data is required to determine the size and recoverable potential of the discovery.

KASAWARI PHASE 2: CARBON CAPTURE AND UTILISATION PROJECT MALAYSIA $900 million

Petronas OceanMight has been confirmed as the EPCIC contractor for the project. The company has received a service order from the main EPCIC contractor, MMHE. Details of the work scope are yet to be disclosed.

WELL MANAGEMENT

OIL & GAS WELL MANAGEMENT By Tsvetana Paraskova

The global market of well management and well intervention is expected to grow this year and in the coming years as exploration and production companies seek additional efficiencies to boost production amid concerns about energy security and affordability. Rising demand from offshore oil and gas drilling activity and expansion plans of operators onshore are supporting the services industry, including the well management and well intervention market.

Well Intervention Spending Jumps Globally, spending on well interventions – a way to extract additional resources from an existing well instead of drilling a new one – is projected to jump by nearly 20 percent this year to a total of $58 billion, independent energy research and business intelligence company Rystad Energy said in a report earlier this year. This year will mark the beginning of a surge in such spending in the coming years as the focus on efficiency intensifies, Rystad Energy reckons. More than $11 billion of the total expenditure this year is expected to be directed to the wireline and perforating segment, while together, intervention units and oilfield

www.ogv.energy I January 2024

chemicals sectors will represent 35 percent of the spending. In addition, the sum of the investments in coiled tubing, water management, and intervention tools is expected to top $20 billion at the end of 2023. Onshore interventions in Asia, South America, and Africa will lead the 9 percent growth in activities related to intervention during 2024, a year expected to be significant for the well intervention market. North America is projected to account for 64 percent of the total oil and gas wells ready for intervention in 2027, whereas Asia and South America will reach their maximum in 2026, with 41,413 and 9,703 wells, respectively. “As oil demand picks up in the second half of this year, operators will look to ramp up production from existing fields, and well interventions will be a vital piece of the puzzle,” said Jenny Feng, supply chain analyst, Rystad Energy. “As a quick, efficient, and cost-effective method of maximizing existing resources, interventions are going to be a hot topic in the years to come.” Saudi Arabia leads the onshore well intervention potential, while Norway and Australia are expected to be the top places for offshore well intervention by 2028, according to Rystad Energy. Substantial drilling activity, averaging 53,000 wells per year through to 2030, will help raise production of crude, condensate, natural gas, and natural gas liquids (NGLs) to a high of 173 million boepd by 2030, up by 9 percent from 159 million boepd in 2022, Westwood Global Energy Group said in a report in October. Around 428,000 wells are expected to be drilled over the forecast, with onshore accounting for 95 percent, dominated by China, Russia, and the US. Offshore, more than 17,000 surface wells are forecast, with activities driven by Qatar and Saudi Arabia, while 2,000 subsea wells are expected between 2023 and 2030, led by the Americas, according to Westwood. Production of crude, condensate, and NGLs is forecast at 100 million bpd by 2030, up by 8 percent compared to 2022, driven by increased crude production from deepwater areas, such as Brazil and Guyana, as well as additional supply from the Middle East. Gas production is set for a 10-percent increase by 2030 from new projects in areas such as Mozambique, the Mediterranean, onshore US, and brownfield developments, such as the North Field expansion offshore Qatar, Westwood’s Wells & Production Outlook 2023-2030 showed.

WELL MANAGEMENT

Halliburton also pointed to rising global drilling demand in its Q3 results release. “Everything I see today strengthens my conviction in the long duration of this upcycle. Against this backdrop, we expect continued demand growth for oilfield services in 2024 and beyond,” said Halliburton’s chairman, president and CEO Jeff Miller. Baker Hughes, for its part, also reported stronger-than-expected Q3 earnings and said it remained optimistic on the outlook. “Oil prices have rebounded as the combination of resilient oil demand and production cuts have tightened the market. As a result, the oil market is likely to see inventory draws through the rest of 2023,” Lorenzo Simonelli, Baker Hughes chairman and chief executive officer, said at the end of October. “Continued discipline from the world’s largest producers, the pace of oil demand growth in the face of economic uncertainty, and geopolitical risk will be important factors to monitor as we look into 2024.” “Outside of the upstream markets, the global LNG market remains fundamentally tight despite recent economic softness,” Simonelli noted.

Moreover, rising levels of offshore activity coupled with the increasing scarcity of premium vessel supply are expected to see effective utilisation reach 83 percent by the end of 2024, Westwood said in another recent report. Tightening availability and higher rig utilisation for offshore drilling rigs have led to a marked lengthening of new contract award durations, as well as for new tender opportunities, Westwood says. On average, contract durations for awarded jackup deals have increased by 36 percent compared with 2021, while drillships have jumped by 41 percent and semisubs contract durations have soared by 117 percent, Westwood’s analysis showed.

The executive told analysts on the earnings call “We still expect international drilling and completion spending to be up year-over-year in the mid-teens, and North America up by mid-to-high single digits.” “As we have said previously, we expect this upstream spending cycle to be more durable and less sensitive to commodity price swings relative to prior cycles,” Simonelli added. International upstream spending is growing at a pace of an increase in the mid-teens, the executive said.

Top Oilfield Services Providers Expect Upcycle To Continue

“And as we look into next year, it’s going to be double digit. And as you look at offshore activity continues to be robust.”

The three largest oilfield service providers in the world – SLB, Halliburton, and Baker Hughes – signalled continued improvement in demand and expect the current upcycle in drilling activity to continue in the coming years.

Upstream activity and spending is rising in Brazil and Guyana in Latin America, as well as in West Africa and the Middle East, Simonelli said. 

SLB, the world’s biggest oilfield services provider, said in its Q3 earnings report that global drilling demand further strengthened amid an ongoing “multiyear growth cycle.” “Looking ahead, we believe the market fundamentals remain very compelling for our business. The oil and gas industry continues to benefit from a multiyear growth cycle that has shifted to the international and offshore markets where we are the clear leader,” SLB’s chief executive officer Olivier Le Peuch said. Upstream spending is accelerating as operators are investing in more gas production and long-cycle developments, production capacity expansions, and exploration and appraisal, he added. “The long-term nature of these global investments underscores the breadth, durability, and resilience of this cycle, and we expect these market dynamics to continue to drive profitable growth in the years ahead,” Le Peuch noted.

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Highlight on: Iron Management Gordon Tait - Sales Manager

Can you tell us a little bit about yourself? Over 30 years’ experience in the oil and gas industry both in field and onshore-based positions. Started my career as a Slickline Trainee gaining experience in Slickline and Completion Intervention Operations. Work has taken me to many countries including Europe, South Africa, United Arab Emirates, Singapore, and Australia where I enjoy meeting with customers and building strong customer relationships. Many of my customers have become lifelong friends. At Intervention Rentals, I look after the Sales and Business development aspects of our Iron Management / Flowline Equipment.

Can you tell us about the Iron Management? We work with our customers to provide a complete Iron Management service. We manage client owned flowline equipment whereby we store, recertify, refurbish, and manage the logistics to reduce the clients’ capex, opex and total cost of ownership. Not only do we take the inconvenience and expense out of material management, by creating a circular economy we actively help our clients with carbon reduction and their greenhouse gas emissions.

206 and 602 along with the lesser common Graylok hubs and Fig 2202. An extensive array of crossovers between wellhead flanged or WECO style wings, and thread connections are also available. Treating or Discharge iron is produced for standard, H2S (sour) and Low temperature service. All our equipment is manufactured by industry recognised manufacturers such as TFMC, Weir SPM and NOV (Anson).

Who is your ideal customer? Companies/clients who either wish to save money, reduce carbon, and lower capex, or even a combination of these factors, is a company ideally suited to this solution. Drilling companies, operators and supply companies who have flow lines, iron or flow equipment who want to boost their operations and enhance their business plan are welcome to get in touch. 

Our aim is to dramatically reduce costs, such as logistics, fuel consumption, capex requirements and personnel time, and consequently improving time management, Greenhouse gas emissions score, ESG reporting, real estate and facility planning. By managing flowline equipment for our clients, we ensure that there are less haulage trips on the road because we recertify, service and maintain equipment at our Lunan Facility. Without continuously shipping equipment in and out, we guarantee a reduction in carbon emissions. Additionally, we can save personnel costs, time, and process by managing the whole process delivery to cut down on the customers time and spend. By storing, and even cross renting the inventory on our site, we reduce and even remove the requirement for real estate, meaning the owner/end user can manage their facilities better and more efficiently.

What type of equipment do you service and supply? The Intervention range of flowline equipment covers, Flowline Tees, Plug Valves, Choke Valves, Swivels, Elbows, Pups, Y Pieces, Check Valves, Safety Valves and much more, providing flexibility in configuration for a variety of applications. Suited for both standard and sour (H2S) service, end configurations are available from WECO 1502, In the coming months we will see more in the ‘Highlights On’ series from Intervention Rentals and you can see the range of premium pressure equipment that Intervention Rentals has by visiting www.interventionrentals.com or by reaching Gordon at gordontait@interventionrentals.com

For more information visit www.interventionrentals.com

Our core business focuses on the following Management Systems:

Course dates for Q1… ISO 9001

Foundation

05/02/2024 1 day



Quality – ISO 9001 / API Q1 & Q2

ISO 9001

Internal Auditor 06/02/2024 2 day



Health & Safety – ISO 45001

ISO 9001

Lead Auditor



Environmental – ISO 14001

ISO 9/14/45 Internal Auditor 04/03/2024 3 day



Information Security – ISO 27001

ISO 14001

Foundation

18/03/2024

1 day



Food Safety – ISO / FSSC 22000

ISO 14001

Internal Auditor 19/03/2024

2 day



GDPR / Data Protection Compliance

ISO 14001

Lead Auditor

5 day



Legal Registers



Auditing

18/03/2024

Call for more information.

www.qhseaberdeen.com Tel: 01224 735369 I

05/02/2024 5 day

E: info@qhseaberdeen.com

EDC

WELL MANAGEMENT

WELL-SAFE COMPLETES FIRST SATURATION DIVE Aberdeen-based decommissioning services provider Well-Safe Solutions has tucked a new achievement under its belt, thanks to one of its rigs, which has set a seal on the first saturation dives in the company’s history while working for Repsol Sinopec Resources UK Limited in the North Sea. Well-Safe Solutions recently informed through its social media channels that the Well-Safe Guardian had completed the first saturation dives in the firm’s history. According to the Aberdeen-based player, three divers navigated the diving bell and seabed at 117 meters depth a few weeks ago, as work on the second phase of well decommissioning at the Buchan and Hannay fields for Repsol Sinopec got underway. “The Well-Safe Guardian is the only semisubmersible of its type in the North Sea fitted with a D300 saturation dive system and Trendsetter Engineering, Inc. Trident modular intervention technology. This pairing makes the rig the ideal partner for well P&A activity on aging or fragile well stock, especially those unsuited for manipulation by ROVs. Congratulations to everyone involved in this milestone in Well-Safe Solutions’ history and

thank you for your continuing hard work,” highlighted Well-Safe Solutions. The company bought the semi-submersible rig Ocean Guardian from Diamond Offshore back in 2019 with plans to convert it into a bespoke plug and abandonment (P&A) unit, renaming it into Well-Safe Guardian. In the years that followed, the rig was modernized, refurbished, and reconfigured exclusively for P&A scopes. Ahead of the rig’s decommissioning campaigns in the UK North Sea, Vysus Group’s ModuSpec was chosen in December 2021 to verify whether the Well-Safe Guardian and its upgrades were fit for purpose. Well-Safe was awarded a contract by Repsol Sinopec for decommissioning 14 subsea wells in the Hannay and Buchan fields in September 2021. This was considered the first fully inclusive well decommissioning contract of its kind.

The decommissioning activities in the Buchan and Hannay fields started in 2017 with the offstation and onshore recycling of the Buchan Alpha platform, which was completed at Dales Voe in Lerwick Shetland. The platform ceased production as planned in 2017 – after 36 years and almost 150 mm barrels of oil produced. The decommissioning and recycling of the Buchan and Hannay subsea infrastructure started with pre-works in 2019 and the completion of the scope was expected to be finished by 4Q 2021. The Buchan field spans blocks 20/5a and 21/1 and is located around 154 km northeast of Aberdeen and about 103 km from the UK/ Norwegian median line in a water depth of approximately 115 m. The field was discovered in 1974 and the first oil was achieved in May 1981. On the other hand, the Hannay field, which spans block 20/5c, was discovered in 1996 and commenced production in 2002. The field is located around 13.5 km northwest of the Buchan template in a water depth of about 123 m. Well-Safe Solutions secured a global master agreement with BP last month for well engineering and decommissioning support services. Prior to this, the firm inked an agreement with Spirit Energy to add a well to the existing scope for the Well-Safe Defender semi-submersible rig. The decommissioning player also recently disclosed its expansion into CCUS projects and the appointment of Alexa Duncan as the company’s first-ever energy transition manager. 

WELL MANAGEMENT

Zenith Energy – The Pinnacle of Well Engineering & Project Management Established in 2012, Zenith Energy is an independent well management company, owned and run by engineers. We pride ourselves in being one of the UK’s largest independent consultancies providing well engineering and well project management solutions to clients across the globe. Headquartered in Aberdeen, and with offices in Abu Dhabi, Senegal and Australia, the skilled and multi-disciplined team have experience with all types of well management project globally, working on 130+ projects, for over 60+ clients in over 25+ countries on 4 different continents.

Well Operator Services: Zenith Energy is one of only a select few who have the experience and capabilities to undertake the role of Well Operator for UKCS Licence Holders. With over 10 years’ experience in working to the requirements of Well Operator, we provide all aspects of well delivery including:

• Well planning • Use of bespoke management systems & processes • Well permitting • Regulatory notifications • Rig & 3rd party contracting • Emergency response • Well operations management • Competency Management • Audit The service includes responsibility for the complete life cycle of well delivery, all of which is managed under our bespoke Well Delivery Process and HSEQ Management Systems. Zenith Energy has delivered a number of projects in this role, benefitting License Holders access to our certified systems and robust processes. Q3 was a quarter of heavy activity in both planning and operations across the world. Here’s how the team supported our global clients in Q3: • Planning was well underway for a wells project offshore and onshore in Poland with client Central European Petroleum with operations commencing in 2024. • Operations are underway in Morocco on a land well project for SDX Energy. • MD Martin Booth visited a well site in Tanzania where Zenith is supporting an onshore helium drilling project. • The team completed an extensive decommissioning engineering scope for a UK-based operator covering 26 platforms and 44 subsea wells. The Zenith team is now working on the next phase of decommissioning. • The team completed a carbon capture and well repurposing study for a major Japanese operator covering two fields and over 50 wells in Australia. • Performed conceptual well-planning for a new client for a project offshore Tunisia.

www.ogv.energy I January 2024

For more information visit: www.zenith-energy.com

WELL MANAGEMENT

Consultancy: Prodrill Energy Resource Solutions, part of Zenith Energy, are recruitment and consultancy specialists providing professional, highly qualified, and experienced personnel for the energy sector worldwide. Over the past 40 years Prodrill has developed an unrivalled reputation as a leading specialist recruitment partner to the global energy industry. We recruit the best-fit personnel and technical experts for our global projects and we have been supporting clients with their drilling & completion requirements across every stage of the well lifecycle for over 10 years. Our consultancy services provide experienced resource solutions across:

• Drilling • Completions & Well Services • Decommissioning, P&A • Subsea • Well Test • Interventions • QHSE • Materials & Logistics

Supporting Your Projects in 2024/25 Can we support your project or scope of work this year or in the near future? To find out more visit https://www.zenith-energy.com/ or contact the global teams in:

Aberdeen 01224 460100 info@zenith-energy.co.uk Abu Dhabi +971 551 1152 info@zenith-energy.co.uk Australia +61 (0) 406 177 701, +61 (0) 447 990 342 info@zenith-energy.com.au

WELL MANAGEMENT

THE FUTURE OF WELL MANAGEMENT IN A DIVERSIFYING ENERGY MARKET Mike Adams, CEO, Elemental Energies

he transition within the global energy industry is well underway, as the market matures and diversifies to meet shifting global demands. This evolution has brought with it new levels of complexity as the energy mix transforms and projects grow in scale and scope. While project delivery for wells has always been inherently complex, well management now navigates a diverse array of scenarios, ranging from deepwater field developments to large-scale decommissioning projects and carbon capture and storage initiatives. This landscape demands innovative strategies and robust solutions to stay ahead.

Evolution of major projects Wells project delivery is complex by its nature, bringing together a wide range of disciplines and services to collaboratively deliver the most efficient outcome for operators. Over time we have seen operators tackle ever larger and more challenging projects, be that within oil and gas or clean energy. The energy transition in particular brings with it longer term projects, with challenges including well integrity, repurposing and decommissioning across a high number of wells. We have set out to meet this need head on, building a team with unmatched expertise in tackling complex projects, with over 650 wells managed to date, including over 250 deepwater wells. Recently, we have supported

Energean in a key well management role for the development of the flagship Karish field, providing well project management consultancy from pre-license award through to project execution. The collaboration led to the completion of four high-rate gas production wells on schedule and within budget – delivering 40 billion cubic meters of natural gas.

technology. As an industry we have been leaders in technical innovation, achieving feats of engineering driven by pioneering new tools and processes. As we look to the future, the role of digital solutions and AI in the management of wells infrastructure, well engineering and project delivery will play a central role in the next wave of energy innovation.

Collaboration is key

Digital innovations are enabling the industry to optimise engineering processes, supporting key steps such as trend identification, real time incident avoidance, and highly efficient project delivery. This is not something on the horizon, but within touching distance. We are investing in the people, processes and technology development needed to spearhead the future of well delivery.

There is a requirement across the energy sector for a joined up and sustainable approach to wells project delivery. This can be partly met by consolidation and an increased focus on integration across project teams, however this must also extend to the commercial models being used to govern wells projects. This is most pronounced when looking at the energy transition. In both decommissioning and low carbon wells projects, such as CCS and geothermal, where a different approach is needed to ensure consistent, long term project delivery in a less cyclical sector. Longer term and more strategic relationships are needed to drive efficiencies, and as the wells market consolidates this is something we must all strive for.

Matching the digital curve Underpinning the future of well management is the development and adoption of new

Find out more at: www.elementalenergies.com

As the energy industry continues to navigate through a period of significant transformation, the importance of technical expertise, strategic partnerships, and technology development in well management is paramount. Through our engineering excellence, project management expertise and digital focus, we have built the best-in-class global wells track record, spanning over 30 years, working in collaboration with our clients to tackle some of the most complex engineering challenges within upstream, decommissioning, and low carbon projects. 

INNOVATION & TECHNOLOGY

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The UK’s largest innovation funding consultancy Leyton is an international consulting firm that helps businesses leverage financial nondilutive incentives to accelerate their growth and achieve long lasting performance. We simplify your access to these complex incentives. Our combined teams of highly skilled Tax and Technical specialists, enhanced with cutting-edge digital tools developed internally, maximise the financial benefits for any type of businesses.

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With compliance always front of mind, we have been delivering optimal services for our clients for over 24 years. This provides peace of mind that you will always receive the maximum benefit, without taking risks.

Image: Freepik.com

Technological Advancements in Well Management Strategies in the UK By Benson John MSc CEng MIMeche Assistant Manager - R&D Tax Incentives The UK's well management sector is undergoing a transformation savings in well management operations. These strategies showcase leveraging cutting-edge technologies to navigate through technological the industry's determination to create a technologically advanced and uncertainties and complexities. An example of this is the economically viable future. integration of Fiber Optic Sensing (FOS) systems, representing As the UK continues to pioneer approaches to well an advancement in well management practices and a The implementation management, the integration of advanced technologies testament to the UK's commitment to efficient and such as Fiber Optic Sensing represents just one sustainable solutions in the face of evolving challenges. of Fiber Optic Sensing facet of the broader transformation. The country's not only aligns with the Fiber Optic Sensing technology involves the well management sector is on a trajectory towards industry's pursuit of deployment of optical fibers along wellbores, enabling embracing technological uncertainties, complexities, real-time and continuous monitoring of temperature, and unknowns, demonstrating the innovative spirit technological excellence pressure, and strain. This level of granular data provides characterizing the UK's approach to the challenges of but also delivers economic unprecedented insights into reservoir conditions and the modern energy landscape. benefits. production dynamics, empowering operators to make For companies involved in innovative projects, tackling informed decisions and optimise well performance. This unforeseen and challenging developmental work to drive technology addresses the technological unknowns associated technological innovation warrants the exploration of HMRC’s R&D Tax with complex well systems, offering a proactive and data-driven Relief Scheme. As a leader in innovation funding, Leyton offers expert approach to well management. guidance and support for firms seeking financial backing for their R&D The implementation of Fiber Optic Sensing not only aligns with endeavors. Leyton's extensive experience can assist companies in the industry's pursuit of technological excellence but also delivers availing significant tax relief for their pioneering work. By partnering economic benefits. The early detection of issues, improved reservoir with Leyton, companies can confidently apply for R&D funding, ensuring management, and optimized production contribute to significant cost their innovative efforts are maximally rewarded. 

For more information visit: leyton.com

RENEWABLES

Offshore wind Your partner in the energy transition Optimizing the performance of your offshore wind assets to generate and transmit clean power efficiently and sustainably. abb.com

Wood to support one of the world’s largest offshore wind to grid connection projects

Wood, the global consulting and engineering company, has been awarded a contract by Dragados Offshore, to deliver engineering design and provide regulatory support for the development of three 2GW convertor stations that will transfer offshore wind power to Germany's power grid. These projects will be executed by Dragados Offshore, Spain in partnership with Siemens Energy. The three offshore high voltage direct current (HVDC) platforms, each the size of a European football pitch, 65 metres above sea-level in the German North Sea, will individually gather and convert 2GW of power generated from offshore windfarms for connection to the onshore transmission grid. The renewable power generated will satisfy the electricity needs of around four million people in Germany. John Day, President of Oil, Gas & Power Projects at Wood, said: “Building on our

www.ogv.energy I January 2024

strong engineering heritage and long-standing relationship with Dragados Offshore, we are delighted to be partnering with them on this world-leading project, helping to deliver one of the largest offshore wind to grid connections. “An integrated energy system is critical to maintaining energy security while achieving the world’s net zero ambitions. This project is a significant step in creating the scale and infrastructure required to secure both. Our technical expertise will ensure successful

project delivery as we design and deliver future renewable energy systems.” “We are glad to welcome Wood as our engineering partner on these hallmark projects that will shape Europe’s energy transition”, says Jeroen Poppe, VP Global Business Development of Dragados Offshore. This project will be delivered by Wood’s experts in the UK, India and Spain, leveraging Wood’s offshore energy expertise to design a low-carbon future. 

RENEWABLES

Petrofac, Hitachi Energy, to deliver Nederwiek 1 Petrofac and Hitachi Energy will deliver Nederwiek 1, a Dutch transmission station which forms part of TenneT’s 2GW Programme. The contract award is the second project under a US$14bn, multi-year framework agreement with TenneT to expand offshore wind capacity in the North Sea. The project is to be executed under a standalone contract, with Petrofac’s portion valued at around US$1.4bn. Nederwiek 1 comprises several high-voltage direct current (HVDC) offshore grid connection systems, each with a transmission capacity of 2GW. Under the six-project framework agreement, Petrofac will undertake the engineering, procurement, construction, and installation (EPCI) of offshore platforms and elements of the onshore converter stations. Meanwhile, Hitachi Energy will supply its HVDC converter stations, which convert AC to DC power offshore and DC to AC onshore. Petrofac’s and Hitachi Energy’s teams have already collaborated closely on the preparatory works, reserving production capacity for multiple platforms and HVDC technology, and initiating the detailed design process for the first platform, the Ijmuiden Ver Alpha. Petrofac has secured the performance guarantee required for the Ijmuiden Ver Alpha contract.

Van Oord completes Baltic Eagle foundation installation

The Group remains in active discussion with credit providers and its clients to secure the guarantees required for other new contracts in its portfolio, it said.

design and execution that will be central to the ‘design one, build many’ philosophy of the 2GW Programme.

Additional projects within the TenneT’s 2GW Programme are expected to be awarded at approximately six-month intervals.

"By aligning ourselves with TenneT’s objectives, we are creating a blueprint for the rapid deployment of large-scale infrastructure projects crucial to Europe’s energy transition."

These are the grid connections landing at Geertruidenberg or Moerdijk (Nederwiek 3) and Eemshaven (Doordewind 1 and Doordewind 2). The sixth project, the German connection LanWin5, will be connected near Rastede, Germany.

Niklas Persson, managing director of Hitachi Energy’s Grid Integration business, said: "As a pioneering technology and market leader, we are delighted to collaborate to deliver our HVDC solution for Nederwiek 1, combining world-class energy and digital systems.

John Pearson, chief operating officer for energy transition projects at Petrofac, said: “We have been collaborating with our partner Hitachi Energy, and client TenneT, on the first project, Ijmuiden Ver Alpha.

"Our strong collaboration with Petrofac, based on an agile business model, scalable solutions and synergies among projects, allows us to join forces and support TenneT in its ambition to accelerate offshore wind deployment in the North Sea, granting European citizens more sustainable and reliable power." 

"The award of Nederwiek 1 continues our focus on the standardisation and harmonisation of

The wind turbine foundations were completed by Van Oord with the installation of the transition pieces. Van Oord performed the installation in two campaigns with Spliethoff’s Brouwersgracht and Jumbo’s Fairplayer. Recently, Van Oord’s cable-laying vessel Nexus successfully completed the installation of the inter-array cables.

Van Oord has successfully completed the installation of all 50 foundations and inter-array cables for Iberdrola’s 476MW Baltic Eagle offshore wind farm.

These cables are used for connecting the offshore wind turbines and transmitting electricity.

Earlier this year, heavy-lift installation vessel Svanen (pictured) installed the monopiles off the coast of Germany

The termination and testing works of the IAC are in full swing and are expected to be completed in the first quarter of 2024.

Trencher Dig-It - a remotely-operated vehicle – buried the inter-array cables to the required depth. The Dig-It has been customised to ensure that it can handle the challenging soft soil conditions in the Baltic Sea.

The Baltic Eagle offshore wind farm is located in the German Baltic Sea, 30 kilometres northeast of the island of Rügen. Iberdrola’s Baltic Eagle offshore wind farm will deliver renewable energy to 475,000 households while reducing carbon emissions by nearly 1 million tonnes annually.. 

OGV Renewables Sponsored by: new.abb.com/process-automation/energy-industries

CONTRACTS

SPONSORED BY

Infinity Partnership: Your Partner in Business Infinity Partnership is an award-winning, multi-disciplinary accountancy and business advisory practice, with a proactive approach to customer service.

www.infinity-partnership.com

Infinity has been a five-time winner at the British Accountancy Awards and has been a three-time finalist at the Scottish Accountancy Awards in recent times.

Transocean Bags Rig Contract for Romania's Neptun Deep

OMV Petrom SA has contracted a Transocean Ltd. rig for Romania’s first deepwater offshore gas project and awarded the integrated drilling services to the local unit of the United States’ Halliburton Co. The Transocean Barents semi-submersible drilling rig will be deployed to the Neptun Deep block on the Romanian side of the Black Sea for at least one and a half years. OMV Petrom and Transocean have agreed on a contract value of EUR325 million ($354.05 million). Tasked with 10 wells the drilling vessel is scheduled for mobilization to the Black Sea toward the end of next year while drilling is planned to start 2025. “The Transocean Barents is a state-of-the-art drilling rig with a Class 3 dynamic positioning

www.ogv.energy I January 2024

system, anchors and dual RAM Rigs, meaning it can work efficiently at both our shallow and deepwater locations”, OMV Petrom said in a press release. Halliburton Energy Services Romania SRL meanwhile has won a EUR 140 million ($152.51 million) contract for integrated drilling services, which it will execute with Newpark Drilling Fluids Eastern Europe SRL. “Halliburton’s international and local experience in Romania will be deployed on a wide range of services such as cementing, directional drilling and well completions”, OMV Petrom said. The awarding of the new contracts meant Romanian state-backed OMV Petrom has now reached 80 percent completion in the execution of needed contracts to complete Neptun Deep, a 2012 discovery that spans 7,500 square kilometers (2,895.77 miles). 

Constellation awarded rig extension deals by Petrobras

Brazilian offshore driller Constellation Oil Services has secured contract extensions from Petrobras for two of its rigs. Brazil’s state-controlled energy giant has opted to keep the 1976-built semisub Atlantic Star in operation until January 2025. Meanwhile, the 2012-built drillship Amaralina Star has been secured for an additional 12 months keeping it working offshore Brazil into October 2025. In related Petrobras news, two tenders have been recently launched for to hire of offshore well intervention rigs. Under the first tender, Petrobras is seeking two riser-based units for water depths of up to 2,400m, while the second call is for a riserless unit for water depths of up to 1,500m. 

CONTRACTS Petrobras books PXGEO for another survey gig off Brazil

Italy's Saipem wins contracts in Brazil and Guyana worth $1.9 billion ROME, Nov 29 (Reuters) - Italian energy engineering and infrastructure company Saipem (SPMI.MI) has won two offshore contracts in Brazil and Guyana worth around $1.9 billion in total, it said on Wednesday. In Brazil, Saipem was awarded a contract by Equinor (EQNR.OL) for the Raia project, which envisages the development of a pre-salt gas and condensate field in the Campos Basin, located about 200 kilometres offshore the state of Rio de Janeiro, a statement said. The project is one of Brazil's most important gas development initiatives and could cover 15% of the total domestic gas demand of the country, Saipem said.

Marine geophysical services player PXGEO has won a new contract with Brazil’s state-owned oil and gas giant Petrobras for a 4D ocean bottom node (OBN) survey offshore Brazil.

In Guyana, it was awarded a contract by Exxon Mobil's (XOM.N) subsidiary ExxonMobil Guyana Limited for the proposed Whiptail oilfield development located in the offshore Stabroek block. 

This survey is to be acquired in water depths up to 2,200 m with a duration of approximately 7 months. According to PXGEO, the 4D OBN survey will be conducted in the Santos Basin off the coast of Brazil. This comes months after the firm secured a 3D OBN survey in the Campos Basin at water depths of 2,300 meters. The company was also awarded a contract with the Sépia consortium in March 2023 to carry out an OBN survey in the Santos Basin. In addition, PXGEO recently placed an order with Saab for the delivery of over 20 autonomous underwater vehicles (AUVs) for a value of approximately €53.3 million. 

Hughes Subsea provides ROV services to Vattenfall’s Kent Offshore Wind Farms Hughes Subsea Services, a brand in OEG Renewables Subsea Division, recently supplied ROV services to Vattenfall for subsea inspection work on three of the company’s UK offshore wind farms.

The contract covered general visual inspection (GVI) and 3D photogrammetry of Cable Protection Systems (CPS) and cable-ends using the VALOR Observation class ROV on Thanet, Kentish Flats and Kentish Flats Extension offshore wind farms, located in UK waters near Ramsgate. The work scope was part of Vattenfall’s ongoing operations and maintenance program to ensure the optimal performance and reliability of its offshore wind assets. Hughes Subsea deployed the VALOR ROV, equipped with advanced sensors and cameras, to capture high-resolution images and 3D models of the cable infrastructure, from the bellmouth to the cable burial point. The data will be used to assess the condition and integrity of the cables and components, as well as to identify any potential issues or risks. Simon Mclauchlan, Project Manager at Hughes Subsea, said, “We are delighted to have completed this contract for Vattenfall, which demonstrates our expertise and capabilities in the offshore wind sector. We successfully delivered high-quality subsea inspection services for their Kent wind farms. This contract also showcases the versatility and performance of our VALOR ROV, which can operate in challenging environments and provide accurate and reliable data for our clients.” Hughes continues to provide tailored and sustainable subsea solutions to leading energy operators, wind farm developers and offshore service companies in the UK, Europe, Asia Pacific and Americas. 

More new contract news available @ www.ogv.energy/news/contracts

CONTRACT AWARDS SPONSORED BY

DECOMMISSIONING

SPONSORED BY

www.wellsafesolutions.com

SAFE, SMART & EFFICIENT The complete package for well decommissioning Well-Safe Solutions provides a ground-breaking approach to the safe and cost-efficient decommissioning of on and offshore wells. We offer a specialist well abandonment service that allows operators to meet the challenges and regulatory imperatives around decommissioning, while significantly reducing costs.

Australia’s decommissioning challenge raises financial risks for governments and shareholders Australia’s oil and gas industry faces a big challenge to decommission offshore oil and gas infrastructure over the coming decades, creating risks for investors and governments. In recent decades, Australia has seen significant investment in offshore oil and gas infrastructure, particularly in Victoria and Western Australia. The oil and gas industry now faces a material risk as this infrastructure reaches the end of its useful life. National Energy Resources Australia (NERA) reports that there is significant offshore asset stock in Australia that will require decommissioning, including: • More than 1,000 wells • 11 floating facilities • 57 fixed facilities • Almost 5,000km of offshore pipelines • 535 subsea structures (such as manifolds) NERA estimates the combined liability associated with the decommissioning of existing offshore infrastructure at US$40.5 billion (about A$55 billion). According to the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA), the task of decommissioning Australia’s offshore oil and gas infrastructure will be “complex, expensive, span many years and introduce many new and significant safety, environmental and well integrity risks”. The scale of Australia’s decommissioning task poses a range of risks for investors and governments, including material financial risks. Companies may also seek to avoid or defer decommissioning costs by proposing that infrastructure be repurposed for carbon capture and storage (CCS). For example, Santos withdrew decommissioning plans for the Bayu-Undan field following a proposal to use it for CCS (despite not releasing any cost estimates or technical studies that demonstrate its feasibility). The much-publicised liquidation of Northern Oil and Gas Australia (NOGA) in 2019, after its acquisition of the Laminaria and Corallina oil fields from Woodside in 2016, illustrates

www.ogv.energy I January 2024

The challenge of decommissioning Australia 's offshore oil and gas infrastructure Source: National energy Resources Australia (NERA)

this risk. Following liquidation, liability for decommissioning the Northern Endeavour oil facility initially fell to the Australian government. In response, the government ultimately imposed an industry-wide levy to cover decommissioning costs, a move that was criticised by the then Australian Petroleum Production & Exploration Association (recently renamed Australian Energy Producers). The government also implemented a number of changes to the Offshore Petroleum and Greenhouse Gas Storage Act 2006 in 2021, including: strengthening trailing liability provisions (for titleholders who sell their interests); requiring NOPSEMA approval of any changes of interest or control of more than 20%; and increasing financial assurance requirements. While these reforms have improved Australia’s regulatory framework, in IEEFA’s opinion there remains scope for government to do more.

Key risks could affect oil and gas decommissioning Several issues and risks could affect future decommissioning in Australia: • Limited decommissioning activity to date means Australia is relatively inexperienced in decommissioning offshore infrastructure, raising concerns about a possible lack of technical expertise. This could be compounded by shortages of equipment and workers, which may make it difficult for companies to meet their decommissioning obligations.

IEEFA

• International experience demonstrates that decommissioning activity can be subject to significant cost overruns. Supply chain uncertainty can make it difficult for companies to accurately budget for their decommissioning costs, which may be compounded by a lack of reliable benchmarking. A study undertaken by Australian and Chinese researchers found that current decommissioning databases are incomplete, leading to inaccurate and subjective cost estimation and incomplete environmental impact estimation. • Decommissioning offshore oil and gas infrastructure poses obvious environmental risks, with decommissioning in the North Sea indicating that large infrastructure and sealed wells present the greatest risks. However, these risks are poorly understood, including risks related to the release of metals and naturally occurring radioactive materials, and the leaking of hydrocarbons from capped wells. Moreover, the risks associated with alternative approaches to full removal of infrastructure (i.e. “in situ” decommissioning) are not yet fully understood in an Australian context. Recent regulatory notices issued by NOPSEMA to a number of Australian gas producers provide an indication of the environmental risks that could arise. • There may be limitations or risks around the ability of titleholders to repurpose offshore infrastructure to avoid or defer decommissioning expenditure, including for CCS projects. 

DECOMMISSIONING Well-Safe completes first saturation dive Aberdeen-based decommissioning services provider WellSafe Solutions has tucked a new achievement under its belt, thanks to one of its rigs, which has set a seal on the first saturation dives in the company’s history while working for Repsol Sinopec Resources UK Limited in the North Sea.

Decom Project Award for Mermaid Subsea UK Mermaid Subsea Services UK has announced the award of a decommissioning project in the North Sea on behalf of a UKbased operator. The company, which specialises in project management & engineering, diving, vessel operations, IRM, subsea construction and decommissioning, has developed a track record for North Sea well P&A over the past two years. This latest contract award comprises the recovery of a structure, concrete mattresses, grout, and miscellaneous debris. Due to be completed during Q4 2023, the project will utilise a Mermaid- managed charter vessel.

Well-Safe Solutions recently informed through its social media channels that the Well-Safe Guardian had completed the first saturation dives in the firm’s history. According to the Aberdeen-based player, three divers navigated the diving bell and seabed at 117 meters depth two weeks ago, as work on the second phase of well decommissioning at the Buchan and Hannay fields for Repsol Sinopec got underway. “The Well-Safe Guardian is the only semi-submersible of its type in the North Sea fitted with a D300 saturation dive system and Trendsetter Engineering, Inc. Trident modular intervention technology. This pairing makes the rig the ideal partner for well P&A activity on aging or fragile well stock, especially those unsuited for manipulation by ROVs. Congratulations to everyone involved in this milestone in Well-Safe Solutions’ history and thank you for your continuing hard work,” highlighted Well-Safe Solutions.

With the engineering phase complete and mobilisation due for mid-December, Mermaid Regional Director, Scott Cormack comments: “We are delighted to announce the award of this contract, which underlines our commitment to the UK region and the success of our collaborative approach with clients. “It signals the start of a busy offshore period which extends well into 2024, with engineering work taking place during January and February, before we embark on our next decommissioning workscope, early March.” 

The company bought the semi-submersible rig Ocean Guardian from Diamond Offshore back in 2019 with plans to convert it into a bespoke plug and abandonment (P&A) unit, renaming it into Well-Safe Guardian. In the years that followed, the rig was modernized, refurbished, and reconfigured exclusively for P&A scopes. Ahead of the rig’s decommissioning campaigns in the UK North Sea, Vysus Group’s ModuSpec was chosen in December 2021 to verify whether the WellSafe Guardian and its upgrades were fit for purpose. Well-Safe was awarded a contract by Repsol Sinopec for decommissioning 14 subsea wells in the Hannay and Buchan fields in September 2021. This was considered the first fully inclusive well decommissioning contract of its kind. The decommissioning activities in the Buchan and Hannay fields started in 2017 with the off-station and onshore recycling of the Buchan Alpha platform, which was completed at Dales Voe in Lerwick Shetland. The platform ceased production as planned in 2017 – after 36 years and almost 150 mm barrels of oil produced. The decommissioning and recycling of the Buchan and Hannay subsea infrastructure started with pre-works in 2019 and the completion of the scope was expected to be finished by 4Q 2021. The Buchan field spans blocks 20/5a and 21/1 and is located around 154 km northeast of Aberdeen and about 103 km from the UK/Norwegian median line in a water depth of approximately 115 m. The field was discovered in 1974 and the first oil was achieved in May 1981. On the other hand, the Hannay field, which spans block 20/5c, was discovered in 1996 and commenced production in 2002. The field is located around 13.5 km northwest of the Buchan template in a water depth of about 123 m.

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Well-Safe Solutions secured a global master agreement with BP last month for well engineering and decommissioning support services. Prior to this, the firm inked an agreement with Spirit Energy to add a well to the existing scope for the Well-Safe Defender semi-submersible rig. The decommissioning player also recently disclosed its expansion into CCUS projects and the appointment of Alexa Duncan as the company’s first-ever energy transition manager. 

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STATS & ANALYTICS

Offshore Field Development Update Offshore O&G-related engineering, procurement and construction (EPC) contract award value year-to-date is estimated at US$36.3 billion, excluding letters of intent (LoI). This represents US$3.2 billion of EPC contract award value recorded over the month. Westwood has recorded 258 subsea tree unit awards, 3,100km of SURF and 2,500km of pipeline year-to-date. For production platforms, 13 floating production units have been contracted (newbuild/conversion/upgrade and redeployment) in 2023, including nine FPSO units, two FLNG units and two FPSS units. The key highlight during the period under review is the award to Prysmian from Petrobras to supply 170km of deep water electro-hydraulic (EH) steel tube umbilicals (STU) and thermoplastic umbilicals (TPU) for developments offshore Brazil. In Guyana, Saipem was awarded a contract by ExxonMobil for the design, fabrication and installation of subsea structures, umbilicals, risers, and flowlines (SURF) for its planned Whiptail development. The award is subject to necessary government approvals, a final investment decision (FID) by ExxonMobil and its project partners, and an authorisation to proceed with the final phase. However, the award does allow Saipem to begin limited activities. Offshore Trinidad and Tobago, McDermott received a limited notice to proceed with an EPCI work scope for Shell's Manatee gas field subject to FID. Work includes the field's wellhead platform, as well as the associated offshore and onshore gas pipeline. In Denmark, Aquaterra Energy secured a platform repurposing contract with INEOS to support the life extension of the Nini A fixed platform for CO₂ injection as part of the Greensand Carbon Capture and Storage (CCS) project. Looking forward, Westwood anticipates an additional US$4 billion of offshore O&Grelated EPC contract value awarded in the final weeks of 2023, bringing the total expected 2023 value to just over US$40 billion. This represents a 47% downward revision compared to Westwood's January outlook, given delays to major contract award timelines and several LoIs. This includes the LoI issued to Seatrium by Shell to provide services to carry out construction work related to the Sparta project in the US Gulf of Mexico (GoM), Samsung Heavy Industries (SHI) and Black & Veatch for Ceadr LNG's FLNG unit to be deployed offshore Canada, and the LoI issued to Larsen & Toubro for an EPCI work scope for a new large offshore platform and brownfield integration work for Qatar's North Oil Company. These have not been included in the EPC award value for 2023 until formal contract announcements are made, which Westwood anticipates will be in 2024. Offshore Drilling Rig Update The global committed jackup count averaged 412 units in November. Marketed available and cold-stacked jackup counts now stand at 28 and 56, respectively, with marketed committed utilisation and total utilisation at 94% and 83%, respectively. During the month, a total of 52 contracts were awarded, amounting to 30,969 days (84.8 rig years) of backlog added. Of these contracts, 70% were awarded to China Oilfield Services, all commencing in 1Q 2024. The global committed semisubmersible count came in at 67 during November. There are 11 available and 16 cold-stacked rigs remaining in the fleet. Marketed committed and total utilisation dropped to 86% and 71% during the month, respectively. Fifteen contracts were awarded this month, including one for Ocean Patriot, which will be chartered to TAQA on a 35-well P&A campaign. The rig will be engaged from 20252028 offshore the UK. Finally, the drillship count decreased by one unit to 81 during the month, leaving four marketed rigs available plus 12 cold-stacked units. Marketed committed and total utilisation dropped to 96% and 84%, respectively. Six new contracts were awarded, including for the Ocean BlackRhino, which will be drilling for Apus Energy off GuineaBissau. The contract will commence in direct continuation of current work at a clean dayrate of $513,000, the highest floating rig rate since 2014. Offshore Wind Update Since the last update, Ming Yang Smart Energy was awarded a turbine supply contract by Woori Technology for the 80 MW Aphae wind farm, located offshore South Korea. Under the contract, Ming Yang will supply a total of 136.5MW turbines and these turbines will be manufactured locally in Sacheon, Gyeongsangnam-do, South Korea. Dominating headlines was news that the UK government will increase the maximum strike price for offshore wind projects in the Contracts for Difference (CfD) Allocation Round 6 (AR6) auction, which will take place in 2024. The maximum strike price has been increased by 66% for offshore wind projects, from GBP44/MWh (US$54/MWh) to GBP73/MWh (US$90/MWh), and by 52% for floating offshore wind projects, from GBP116/MWh (US$144/MWh) to GBP176/MWh (US$218/MWh). Finally, The North Seas Energy Cooperation (NSEC) countries have announced a major joint tender planning initiative to schedule around 15GW of offshore wind auctions annually, aiming for nearly 100GW of awards by 2030. The initiative is designed to enhance predictability in the wind energy sector and bolster inter-country cooperation. The joint effort also includes infrastructure planning at sea, with the European Network of Transmission System Operators for Electricity (ENTSO-E) set to publish a joint plan for North Sea infrastructure in January 2024.

www.ogv.energy I January 2024

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Westwood Global Energy Group are specialist providers of detailed market intelligence for the offshore energy sector, covering; offshore rigs, production facilities, subsea equipment, subsea services, offshore marine and offshore renewables and power.

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Offshore Energy Services Dashboard November/December 2023

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