offshore

Kuwait Oil Co. signed a $597-million offshore drilling services contract with Halliburton for six high-pressure/high-temperature exploration wells on two jackup rigs in the Arabian Gulf.

In its first 50 years, LNG has become the world’s fastest-growing gas supply source and is now part of an upheaval in the global energy market. Today, the sector stands at a crossroads, and the industry must adopt new thinking to address current and future needs of buyers, sellers, and consumers.

Energy consultancy Wood Mackenzie estimates the find holds some 2 Tcf of gas, making it this year’s seventh-largest discovery worldwide.

The deal consists of stakes in nine shallow-water producing fields covering 108,000 gross acres in 10–50 m of water.

Operator Talos Energy now believes Zama’s gross recoverable resource lies in the upper half of its pre-appraisal estimate of 400–800 million BOE. The consortium is working toward a 2020 final investment decision on the project.

Hydroniq will deliver a hull-integrated seawater cooling system for a cable-laying vessel the Norwegian shipbuilder Vard is designing and building for Prysmian Group.

Phase 1 production from the deepwater US Gulf of Mexico field is expected to reach 30,000 BOPD. The field contains an estimated 5 billion bbl of oil in place.

This new development is the first to recover commercial quantities of oil in the UK from reservoirs that are generally considered non-productive.

The facility will serve as a hub to support customers and projects in the Angola and Southern Africa region.

First cargo from the world’s largest floating LNG project comes in the midst of low LNG prices sparked by a global supply boost. Prelude is expected to produce 3.6 mtpa for Shell.