Buyuma Weekly Energy Roundup(Wk 50)

Hello There,

Welcome to this week's global Buyuma?oil and gas weekly update covering the latest energy news that made waves around the world.

North America dominated the global oil & gas separation equipment market with a revenue share of 36.9% in 2022.

It's oil & gas industry is characterized by heavy capitalization of assets in both onshore and offshore reserves. Rising shale and coal bed methane production in the region is anticipated to bolster equipment demand.

Below are?updates that made the headlines in the Oil and Gas industry

NOV to Supply Cable-lay Equipment for Nexans' New Vessel

国民油井华高 reports its Italian group Remacut has secured the cable-lay equipment contract for Nexans' new cable-lay vessel (CLV).

Nexans Marine Operations and Norwegian shipbuilder Ulstein Verft entered into a contract in September for the construction of a large DP3 cable-laying vessel, which will be an updated version of the Nexans Aurora vessel, delivered in 2021.

The vessel is an ST-297 CLV design by Norway-based Skipsteknisk.

Remacut's integrated cable-lay systems feature automated line control equipment capable of performing synchronized bundled-lay operations.

Building on the success of its predecessor, the Nexans Aurora, the newly constructed vessel will incorporate a 3,500t underdeck carousel to complement the 10,000t concentric carousel on deck.

Tensioners and a capstan, forming the dual PRT & SBD firing lines, are strategically positioned within the dedicated cable-lay hangar of the vessel to serve the carousels.

The vessel will be 31 meters wide, 149.9 meters long, and will be able to accommodate a crew of 90.

Neptune Makes Gas Discovery in the North Sea

Neptune Energy and its partners announced a new discovery at the Kyrre prospect and confirmed the volumes for the Ofelia appraisal well, both located in the PL 929 license, close to the Gj?a field in the Norwegian sector of the North Sea.

Neptune has completed the Ofelia appraisal well, 35/6-4 ST2, in the Agat formation. The estimated recoverable volume is in the range of 16-33 million barrels of oil equivalent (mmboe).

In addition, the 35/6-4 A side-track was drilled into the overlying Kyrre prospect, resulting in a new gas discovery.

Estimated recoverable resources are between 11-19 mmboe of gas, bringing the total recoverable volume from both discoveries to approximately 27-52 mmboe.

Located 23 kilometers north of the Neptune-operated Gj?a platform, Ofelia Agat and Kyrre will be considered for development as tie-backs to Gj?a.

Neptune will also evaluate if the company’s oil and gas discovery Gj?a Nord (Hamlet), with estimated recoverable volumes between 8-24 mmboe, can be jointly developed. ?

The Gj?a platform is electrified with power from shore and produces at less than half the average carbon intensity of Norwegian Continental Shelf fields1.

Wells 35/6-4 ST2 & 35/6-4 A were drilled by the Deepsea Yantai, a semi-submersible rig, owned by 中集集团 and operated by Odfjell Drilling .

Partners in the project include operator Neptune Energy (40%), Wintershall Dea (20%), Pandion Energy AS (20%), Aker BP (10%) and DNO (10%).

HCLTech and UPES Dehradun collaborate for sustainable oil and gas solutions

HCLTech , a renowned global technology company, has recently announced its memorandum of understanding (MoU) with UPES Dehradun in Uttarakhand.

This strategic partnership is set to revolutionize the oil and gas industry by focusing on sustainability solutions.

The collaboration will see students and research scholars from UPES Dehradun interning with HCLTech.

Successful candidates will be offered positions in HCLTech’s consulting team dedicated to the oil and gas sector.

This initiative not only fosters academic-industry collaboration but also opens new employment avenues in the technology-driven energy sector.

Ajay Bahl, Corporate Vice President of HCLTech, emphasized the partnership’s commitment to sustainability, innovation, and low-carbon solutions in the oil and gas industry.

The collaboration aims to develop advanced solutions using cutting-edge technologies such as artificial intelligence/machine learning (AI/ML), GenAI, Internet of Things (IoT), Industry 4.0, data engineering, and cloud computing.

EIB approves €5 billion to support wind energy equipment manufacturers

The Board of Directors of the European Investment Bank (EIB) approved a €5 billion tailored initiative to support wind energy equipment manufacturing companies.

The financing is part of the EIB’s ?contribution to the European Wind Power Package, and is designed to further accelerate a just and swift transition to net zero, while boosting home-grown industrial innovation.

The Board also agreed a total of €20.4 billion in new financing for energy, transport, business, education, water and regional development investment across Europe and around the world.

This includes approval of new financing for the reconstruction of roads and bridges in Ukraine and improving rail transport routes to Ukraine and Moldova.

Finally, the Board authorised the signature of an Implementing Agreement between the EIB and the Government of Spain for the engagement of the EU Bank as an implementing partner in the deployment of the Recovery and Resilience facility funds in the country.

Global Oil And Gas Separation Equipment Industry Report 2023: Degasser, Scrubber, Heat Treaters, Deliquilizer - Market to Surpass $10 Billion by 2030

The global oil and gas separation equipment market size is expected to reach USD 10.2 billion by 2030, registering a CAGR of 3.2% from 2023 to 2030.

Three-phase separators emerged as the highest grossing product segment and accounted for 40.8% of total revenue in 2014.

The segment is also anticipated to witness the fastest growth over the next seven years owing to added advantages in terms of optimum pressure and liquid sealing.

Large number of existing as well as upcoming installations of this equipment coupled with multi-applicability of these separators in offshore, onshore, refineries and gas processing facilities may be attributed for their high demand.

Three-phase separator was the largest product segment and accounted for 42.2% of the total market in 2022 and is expected to grow at the fastest CAGR of 3.7% over the forecast period.

Scrubber is expected to witness rapid growth over the forecast period.

Read more > here

That's it for this week. Until next time, Cheers!