North Sea

Most crude exports coming out of the North Sea since March have been destined for Asia, where floating storage levels remain high.

An independent study pegged the cost of the project at about $2.6 billion, 80% of which Norway’s government planned to fund. The ministry said there is uncertainty about Northern Lights’ benefits and that it could prove to be unprofitable.

Even before the global pandemic impacted markets, decommissioning work in the North Sea region was expected to increase. Global decommissioning projects could reach $42 billion by 2024.

Neptune must pay Energean a break-up fee of $5 million for cancelling what was to be a $250 million deal.

North Sea system now on track for completion in Q2 2021.

Dutch companies are among the latest to explore the transformation of seawater into sustainable energy.

Despite streams of data being available on platforms about the condition of topside and drilling equipment, most experts agree that only a small fraction of such data is used. Whether for a fleet or single platform, AI can transform an offshore enterprise.

The deferments are the latest actions Shell has taken in response to record low crude prices.

Ardyne’s North Sea long-term contracts were for 175 wells with possibly more to follow, while Allseas contract is for removal and disposal for the Valhall complex.

North Sea operators BP, Shell, and Total have begun an effort to fuel their platforms using sustainable power sources through a connection with Norway’s onshore power grid, which is driven almost wholly by renewable energy.