Heavy emphasis on gas in global hydrocarbon exploration games
Offshore Energy Today
Offshore Energy - Fossil Energy: Home of Energy Transition ?? Connecting energy security with sustainable solutions ??
The offshore energy world has changed a great deal over the past few years, leading to a shift in energy trade dynamics, spurring growth in the merger and acquisition (M&A) appetite, amid a far more pronounced focus on decarbonization moves, the rise of greener innovations, digitalization, AI initiatives, and other low-carbon and clean technologies, paving the way for a transition to a more sustainable energy future. The latest wave of offshore hydrocarbon discoveries puts the spotlight firmly on attempts to boost gas resources. However, this does not mean that oil is now out of the picture, as this is still the fuel that holds the biggest slice of the global energy mix cake.
Recently, the Organization of the Petroleum Exporting Countries (OPEC) confirmed additional voluntary oil production cuts by OPEC+ countries, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman. These eight players agreed to extend their cuts of 2.2 million barrels per day for two months. Therefore, oil production cuts are slated to be gradually phased out monthly from December 1st, 2024. This decision comes a couple of months after Haitham Al Ghais, OPEC 's Secretary General, pointed out that oil was set to play a key role in upcoming years and decades.
As “peak oil demand is not on the horizon,” OPEC 's Secretary General noted that the progress made in renewables and EVs is "nowhere near close enough to replace 80% of the energy mix,” emphasizing how “the development of renewables and EVs requires some oil-related products. Their future expansion will add to oil demand.” Al Ghais is adamant about the need to “prioritize energy security, utilize all available energies, deliver energy affordability, enhance sustainability, reduce emissions and not limit our energy options in the face of expanding demand,” underscoring that “oil can deliver on all those fronts.”
In the meantime, the pivot to gas and LNG continues to gain momentum with the share of gas in the world's energy mix expected to climb to 30% by 2025, but still well below the share of oil, which will dip slightly from around 40% to 37% next year, based on an analysis from OPEC. While the contribution from renewables is set to grow, the technology is still in its infancy, thus, OPEC is convinced all other available resources need to be "accessed, enhanced and utilised to meet the energy needs of mankind and support sustainable development. Petroleum has a big role to play in this."
As a result, the forecast urges full and timely investment in oil production capacity to meet the increase in demand, ensure exhausted reserves are replaced, and enable oil-producing nations to have sufficient spare capacity available to cope with sudden, unexpected shortages in supply. Most importantly, OPEC recognizes the burning desire for oil to be "cleaner, safer and more efficient than ever before, to meet the very high expectations."
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? Equinor and its partners - Petoro , V?r Energi , TotalEnergies - have found a new gas/condensate discovery while drilling a well in the Norwegian Sea with one of Transocean 's rigs.
? China National Offshore Oil Corp. has also confirmed a new gas discovery, describing it as the first major exploration breakthrough in ultra-deepwater carbonate rocks offshore China.
? Allseas got hired on a new multimillion-dollar contract with Prime Energy (Prime Energy Resources Development B.V.) for work on a natural gas field in the Philippines to install pipeline and umbilical infrastructure.
? While drilling activities go on at its appraisal well on a gas field off the coast of Morocco, Energean disclosed findings from a preliminary analysis show lower volumes in the well than pre-drill estimates.
? Prosafe got a hold of a charter extension, which enables its semi-submersible vessel to keep carrying out activities in the U.S. Gulf of Mexico.
? Akselos 's structural performance management (SPM) software is envisioned to boost asset performance, enable uninterrupted operations, and augment the asset life of FPSOs.
“???? ????? ???????? ???????????? ???? ???????????????? 4.0, ????’???? ?????????????????????????????? ???????? ???????????????????? ???????? ?????????? ????????????. ?????? ?????? ???????? 4.0 ???? ?? ????????-????????????? – ???????????????????? ?????????????????? ???? ???????????? ?????????????????????????? ???????????? ???? ????????????????????, ???????????????? ?????????????????????? ??????????, ???????????????? ???????????????? ?????? ???????????? ????? ???????? ???? ????????? ????????????. ??????? ??????’?? ???????? ?????????? ?????????????? ???? ??????? ???????????????? ?????????????????? – ????’?? ?????????? ???????????????? ???????????????? ?????? ?????????????? ?????? ??????????????????? ?????? ??????? ???? ????????????????,” highlighted Dr. Claus Reimers, Chief Product and Technology Officer at Akselos.
? bp has brought 美国船级社 on board its floating production unit project, which will be used to produce oil from its deepwater project in the U.S. Gulf of Mexico.
? BRAVA Energia has tucked the required approval under its belt to deploy Yinson Production 's FPSO but before first oil can start flowing, the firm needs to obtain permission to start production at its field offshore Brazil.
? Woodside Energy is awaiting the go-ahead for work it plans to undertake at a gas project in the Carnarvon Basin, which entails new offshore facilities connected by an approximately 430 km pipeline to a second LNG train at the existing Pluto LNG onshore facility. All wells will be tied back to a semi-submersible FPU moored in 950 meters of water close to a natural gas field off the coast of Australia.
? With economic, geopolitical, and energy transition woes and opportunities surrounding Mexico’s five largest upcoming hydrocarbon projects, the Latin American country’s energy officials offer a glimpse into the prospects for the exploration and extraction of hydrocarbons not only in the domestic playground but also the international one.
? After the government put a dusky sea snake on the endangered list, some fear that this move will jeopardize a project, led by Australia’s Woodside Energy and valued at over $30 billion, to develop what is said to be the country’s largest untapped conventional gas resource, others openly seek to pull the plug on the project and shoot down attempts to bring it to life.
? With Hurricane Francine out of the way, the offshore oil and gas facilities in the U.S. Gulf of Mexico are due to be inspected to confirm they can go back online while China National Offshore Oil Corp. 's offshore facilities are said to have managed to hold their ground against the super typhoon Yagi, thus, the reset of production is the next on the agenda off the coast of China.
? Since offshore drilling ops with Stena Drilling 's drillship are now complete, Chariot Limited 's CEO highlighted: “The primary exploration objectives were unsuccessful however, we did demonstrate the extension of gas bearing reservoirs in the main appraisal B sands albeit with thinner columns than estimated and data acquired from the other reservoirs will be useful for our understanding of the field. We will now work with our joint venture partners to determine the forward plan.”
? One of the two bills introduced in the Victorian Parliament by Minister for Energy and Resources Lily D’Ambrosio and Minister for Planning Sonya Kilkenny is expected to bolster energy security by enabling gas to be stored in empty offshore gas reservoirs. The bill will become available for consultation in December 2024.
? Saipem 's multibillion-dollar deal with QatarEnergy 's QatarEnergy LNG is expected to help maintain natural gas production from the biggest field off the northern coast of Qatar, as it entails the engineering, procurement, fabrication, and installation of six platforms as well as approximately 100 km of corrosion resistance alloy rigid subsea pipelines of 28’’ and 24’’ diameter, 100 km of subsea composite cables, 150 km of fiber optic cables and several other facilities.
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? Transocean 's deepwater drilling job with bp has added more work to the offshore drilling giant's first eight-generation drillship's backlog in the U.S. Gulf of Mexico, where the rig is currently working for Beacon Offshore Energy .
? Shelf Drilling is pursuing a triangular merger, which will take place between the company as the issuer of the merger consideration shares, its indirect subsidiary SHLF MergCo, and Shelf Drilling North Sea (SDNS) as the surviving entity in the proposed business combination.
? Saipem 's semi-sibmersible rig has won more drilling work with Aker BP ASA offshore Norway in connection with the previous three-year contract from March 2022.
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? QatarEnergy confirmed naming ceremony activities for two vessels, which are part of 12 conventional-size LNG ships contracted with the Hudong-Zhonghua Shipyard under the Qatari player's historic shipbuilding program.
? BW Group ’s BW LNG won a ten-year contract with National Electric Power Company (NEPCO) , thanks to which it will convert one of its LNG carriers into an FSU destined for work at an LNG terminal in Jordan.
? According to MET Group , LNG Croatia has received the 100th LNG shipment, which arrived at the floating LNG terminal in Krk.
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? LNG Alliance Pte Ltd 's Amigo LNG has struck a deal with OQ Trading to deliver liquefied natural gas from its liquefaction facility, currently under development, on Mexico’s west coast.
? With headwinds looming over the court’s ruling, NextDecade 's LNG export project at the Port of Brownsville in Texas suffered a new setback which forced it to hit the brakes until further legal action in the form of an appeal overturns the decision.
While emphasizing that it is unprecedented to vacate an existing order for an LNG project under construction, the developer underscores that the court’s move threatens to snuff out “?? ???????????????? ???????????? ???? ?????????????? ?????????????? ?????????????? ?????? ???? ?????? ???????????? ??????’?? ?????????????????? ???? ?? ???????????????? ???????? ??????? ?????? ???????????? ???????????? ????? ?????????? ???????? ???????????? ???? ??????? ???????????? ????????? ???????????????????? ???? ??????????-???????????? ?????????????????? ????????????, ??????? ???? ????????.”
“????? ???????????????? ????????????? ???? ????? ??.??. ?????????????? ????? ??????????????? ?????? ??????-??????????????? ????????????????????????. ???? ????? ???????????? ????????????, ????? ?????????????????? ??????? ?????????? ???? ?????? ???? ????? ??.??. ??????????????’?? ???????????? ????? ????? ?????????????????? ???? ???????????? ????? ?????????????????? ???? ?????? ?????????????????? ?????????????????? ???????????????????????????? ???????????????? ?????????????? ???? ???????? ???? ?????????????????? ?????? ???????????????? ???? ?????????????? ?????????????? ?????????????????????? ?????????? ??????? ?????????????? ?????????? ???????????????????????? ??????????????,” highlighted Rio Grande LNG project developer.
? Eagle LNG Partners has managed to obtain an extension to complete the construction of its proposed small-scale LNG facility in Jacksonville, Florida. While the previous deadline was slated to end in September 2024, the new one provides the developer with some breathing room, as it has until September 19, 2029, to wrap all the work up.
? With a new LNG supply deal in the bag, Glenfarne Energy Transition, LLC 's believes to be ready to start the sanctioning process of its proposed facility in Texas’ Port of Brownsville.
? Crown LNG has moved the timeline for a final investment decision, delaying it from late 2024 to Q2 2025, for its planned floating LNG import terminal in Scotland’s Firth of Forth, which will be developed with an FSRU.
? 阿西布朗勃法瑞公司（ABB） is in charge of delivering permanent magnet shaft generator technology for 15 LNG vessels, which Samsung Heavy Industries is constructing for assignments with QatarEnergy .
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? Equinor has stepped up its carbon reduction by enabling partial electrification of two offshore platforms at one of its fields in the North Sea offshore Norway. The Norwegian player also continues to move forward with the full electrification of one of these platforms to slash almost 4% of the total emissions from oil and gas production, representing about 1% of total emissions in Norway.
Kjetil Hove, Equinor’s Executive Vice President for Exploration & Production Norway, underlined: “???? ???????? ???????? ?????????????? ?????? ?????????????????????? ???? ?????? ?????????? ?????? ???????? ???????? ???? ???????????? ??????????. ???????????? ???? ?????????? ?? ?????? ?? ?????????????????????????????? ???? ?????? ?????????????? ?????? ?????????????? ?????????? ?????????????????? ???????? ???????? ?????? ??????????????????. ?????? ?????????? ???????? ???????? ???????????????? ???? ?????????????? ?????????? ?????????????? ???? ??????-????????????, ????????-?????????? ???????????? ?????? ???????? ?????????? ???? ????????.”
? Many factors play a role in the race to net zero, including trust in the technologies being used to achieve this goal such as carbon capture and storage. 沃利 has looked into the impact trust in CCS or lack of it has in the deployment of this decarbonization tool in the United States. The findings indicate that distrust is among the main reasons preventing the industry from reaching its full potential.
? Project Greensand partners have handed over a final report for their CO2 storage pilot project, laying the groundwork to establish a large-scale carbon capture and storage hub in Denmark.
? While acknowledging the decarbonization progress made so far, North Sea Transition Authority (NSTA) points to the need for more effort to enable the UK's energy industry to reach its emission reduction goals and usher in a net-zero future.
“Cutting greenhouse gas emissions by more than a quarter in five years is an impressive achievement in the North Sea, where operators have taken real action and made substantial investments. However, for domestic production to be justified, it must continue to become cleaner. The NSTA will hold industry to account on emissions reductions, including on decisions today that could have an impact for decades to come, to ensure the nation can benefit from its domestic resource even as we transition,” highlighted Hedvig Ljungerud, NSTA’s Director of Strategy.
? Closing the net zero gap is said to call for technology deployment, policy, and incentives across the entire energy system to accelerate climate action by deploying and adopting renewable energy sources (RES), electrification technologies, carbon capture, utilization, and storage, green and blue hydrogen, and other sustainable fuels.
麦肯锡 's energy scenarios point out that these decarbonization tools alongside nuclear, long-term duration energy storage, battery energy storage systems, and energy efficiency investments, among others, are the cornerstone of endeavors to curb the GHG emissions footprint.
“???????????????????????? ????? ???????????? ???????????? ??????????? ???? ????? ?????????????????????? ???????????????????? ???? ?????????????????????? ?????? ???????????????????????????? ???????????????????????. ?? ???????????????? ???? ???????????????????? ???? ?????? ???????? ???? ????? ???????????? ???????????? ?????? ?????????? ?????????????????? ???????????? ?????? ??????????? ????? ??????????? ???? ????????? ???????????????????????," highlighted Humayun Tai, Senior Partner at McKinsey.
Regarding projects with longer lead times in specific technologies, such as offshore wind, the research notes the industry’s ongoing trend of reaching the stage at which FID status projects will become operational after 2030, which affects the countries’ abilities to meet the 2030 Paris Agreement goals.
“??????? ???????? ???????????????? ????? ?????????????? ?????? ??????? ???? ?????????????? ????? ???????????????? ???? ????????????????????????, ???????????????????? ???????????? ?????????????????? ?????? ???????????? ??????????? ?????????????????? ???????????????????????? ??????????????????????, ???????? ???? ???????????? ?????????????????????????? ???????????? ????????? ???????????????? ?????? ?????????? ??????????????????????. ???? ????????????? ?????????????????????? ????? ???????? ?????? ?????????????????? ???? ???????????????? ????? ?????????????? ???????????????????? ???? ????????????? ?????????? ????? ????????????????????,” underlined Tai.
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Senior Editor at Offshore Energy Today
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