Offshore/subsea systems
Alongside the new subsea awards, Equinor strengthened its position in the 400-million-bbl Bay du Nord development by acquiring BP’s interest in the project.
The $5.1 billion ultradeepwater project is Angola’s first integrated cross-block development and sits at the top of Azule’s Southern African portfolio.
Equinor and its partners’ investment in the Troll West Increased Gas Recovery North (TWIN) project aims to unlock around 11 Bcm of additional natural gas from the Troll field, with first production targeted as early as 2028.
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Bloomberg reports that Saipem is seeking to bulk up and weather an industry downturn. A potential deal could create an oilfield service giant with more than $12.4 billion in revenue. -
Before the dream of a “subsea factory” can come true, a group of North Sea companies will need to see if the required technology is economically feasible to build.
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Technip Energies will work on a backlog comprising more than 50% in LNG-related business. Retaining the TechnipFMC name, RemainCo will generate nearly 90% of its revenue outside the US and Canada.
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Subsea advancements in the works include longer tiebacks, an underwater drone that lives on the seafloor, and a robotic manifold capable of actuating dozens of valves. Do these new capabilities, born of necessity, signal a sea change in industrywide technology development?
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The company’s new approach is designed to cut the time required to generate optimal subsea field layouts.
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After seeing a significant increase in the price level for subsea equipment, Equinor says it is realizing the ways in which standardized subsea templates help build financial competitiveness. The new standard allowed for the installation of 14 templates in one month.
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The completion of the subsea installation marks another major step for one of several projects scheduled to tie back to the Gjøa platform in the Norwegian North Sea. Production for the Wintershall Dea-operated project is expected to start up in 2021.
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In a $60 to $70 oil environment, the subsea market is poised to grow around 7% annually up to 2025. But a significant portion of this activity is at risk if the price of Brent crude falls to $50 per barrel.
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The subsea operations company said its most recent campaign is the first fully unmanned offshore pipeline inspection completed “over the horizon,” surveying up to 100 km from the shore.
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The subsea tieback is expected to start up in 2021. This is Shell’s second major development on a tieback in the US Gulf of Mexico, following Kaikias’ startup in May.
