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Offshore Energy Today
Offshore Energy - Fossil Energy: Home of Energy Transition ?? Connecting energy security with sustainable solutions ??
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The current energy ecosystem is a complex puzzle made of multiple pieces that enable all offshore energy sources to operate as powerfully and effectively as possible in the current circumstances. While all sources of supply have run into certain obstacles depending on the geographical region and would benefit from some changes in policy, among other things, the business side of things is still doing well, as confirmed by the recent quarterly and full-year 2023 results from numerous energy and supply chain players.
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Offshore drilling players are optimistic about the current rig demand boom. Transocean ?secured a $3.2 billion boost?in contract backlog during 2023, enabling its total backlog to jump to approximately?$9.1 billion. The firm’s?fleet status report?from February 2024 shows that the rig owner got its hands on an aggregate incremental backlog associated with new deals and extensions of around?$326 million?since October 2023. These awards entail both drillship and semi-submersible rig assignments.
Valaris Limited increased its contract backlog by nearly 60% compared to the sum from twelve months ago. Thanks to a batch of new contract awards and extensions for its rigs, with an associated contract backlog of about?$1.2 billion, excluding lump sum payments such as mobilization fees and capital reimbursements, the company’s total contract backlog jumped to?$3.9 billion.
Diamond Offshore has added $245 million in backlog during the fourth quarter of 2023 while its fleet utilization level rose to 69%. The rig owner underlined that its rigs continued to perform well, achieving revenue efficiency of around 95% across the fleet for the second successive quarter.
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On the other hand, Noble Corporation got a hold of more than $500 million in new contract awards since November 2023, thus, its total backlog currently stands at $4.6 billion. The firm’s marketed fleet utilization was 68% in the three months ended December 31, 2023, compared to 78% in the previous quarter.
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Stena Drilling's latest drillship has made a quick pit stop at a South African port before it continues on its journey to the U.S. Gulf of Mexico, where it is scheduled to commence its inaugural assignment with Shell in 2Q 2024.
Noble Corporation's jack-up rig has secured a new drilling job off the coast of Norway with DNO Norge AS. Afterward, the rig will go back to work for Aker BP.
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bp is inching closer to the start-up of its giant Greater Tortue Ahmeyim (GTA) project, which is slated to flow first gas in 3Q 2024. An FPSO vessel destined for this project is expected to set sail for the project site in the second quarter of 2024 to reach its final destination off the coasts of Mauritania and Senegal on schedule.
JERSEY OIL AND GAS PLC has sold a partial stake to Serica Energy plc in a project on the UK Continental Shelf (UKCS). This project is operated by the HitecVision-backed NEO Energy.
Mitch Flegg, Chief Executive of Serica, commented: “We are pleased to have completed this transaction which creates the possibility of adding a third production hub to Serica’s North Sea portfolio. As a potential domestic source of oil and gas with a low level of production emissions, a provider of quality jobs for UK workers and a generator of much needed future tax revenues, Buchan is the sort of project the UK needs as part of the energy transition.”
Recently, QatarEnergy embarked on extensive appraisal activities at its giant natural gas field, which enabled it to boost Qatar's gas reserves. As a result, the Qatari heavyweight has set the wheels in motion to increase liquefied natural gas (LNG) production capacity to 142 million tons per annum (mtpa) before the end of the decade.
Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs, President and CEO of QatarEnergy, pointed out: “These are very important results of great dimensions that will take Qatar’s gas industry to new horizons, as they will enable us to begin developing a new LNG project from the North Field’s western sector with a production capacity of about 16 mtpa. As such, the State of Qatar’s total LNG production will reach about 142 mtpa when this new expansion is completed before the end of this decade.”
Woodside Energy has taken steps to broaden its relationship with JERA, thanks to the sale of a partial interest in a giant gas project offshore Australia, LNG offtake deal, and collaboration on opportunities in new energy and lower carbon services.
Shell has started production from a deepwater oil project in the U.S. Gulf of Mexico (GOM). This is a subsea tie-back to the oil major’s operated Appomattox production hub.
Petrobras has hired Baker Hughes for integrated well construction services for a large deepwater field in the pre-salt Santos Basin offshore Brazil.
Perenco has spudded an appraisal well offshore Gabon, using one of the jack-up rigs from the Netherlands-headquartered Dixstone.
The start of production at Eni’s Congo LNG project has brought Congo into the fold of LNG exporting countries. The first LNG cargo is just days away from setting off to Piombino’s regasification terminal in Italy.
Aker BP ASA has obtained a stamp of approval to begin production from a field in the North Sea, which will be tied back to an existing platform off the coast of Norway.
TotalEnergies is working on ticking off all the boxes on its list to take a final investment decision (FID) for a large oil project in Block 58 off Suriname by the end of 2024. The first production from this $9 billion project is expected in 2028. Staatsolie Maatschappij Suriname N.V, Suriname’s national oil company, sees no reason to deviate from TotalEnergies’ development timeline for the project.
bp has boosted gas output from a big natural gas project off Azerbaijan by bringing East North flank on stream. This Caspian Sea field is said to be one of the world’s largest gas-condensate fields and the largest gas discovery ever made by the UK-headquartered energy giant.
Vaalco Energy has set the wheels in motion to acquire Svenska Petroleum Exploration, enabling it to take over an offshore block in C?te d’Ivoire, West Africa. The crude oil from the offshore oil field, which would be acquired if the acquisition goes through, is produced through an FPSO operated by Modec International Inc.
TotalEnergies has reiterated its restart date for a redevelopment project in the North Sea, which is expected to deliver 2.8 billion cubic meters of gas per year, amounting to 80% of the forecasted Danish gas production.
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Thanks to the green light from Sokkeldirektoratet , 康菲石油公司 will be able to start production from a project in the North Sea during this quarter.
ABL Group has won the role of tow master for an FPSO, which will work on Petrobras 's oil field in the Santos Basin off Brazil. Built with a high production capacity of 180,000 bbls per day and 12 million m3 of gas per day, the FPSO is equipped with water alternating gas (WAG) reinjection technology, which exemplifies MISC Group ’s strategy in carbon capture. Additionally, it can strip and reinject CO2 from fuel gas production, with a capacity to compress up to 48 mmscfd of CO2.
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With energy transition and environmental concerns at the forefront, Canada took control of all 227 offshore oil and gas exploration and production permits off its Pacific coast, ending further hydrocarbon extraction activities in the area.
Jonathan Wilkinson, Canada’s Energy and Natural Resources Minister, underlined: “Canada’s Pacific Offshore is now completely free from #oil and #gas permits – all 227 of them. Today, we have secured a better future for our Pacific Ocean, including for the Great Bear Sea and its marine life."
While the energy transition is making inroads, the current progress is not up to par to reach the UK's decarbonization targets. Therefore, DNV's latest report warns that Britain risks missing its Nationally Determined Contribution (NDC) commitment and legally binding mid-century net-zero targets. Due to this, the government is advised to boost policy support for a low-carbon and clean energy future.
It is no secret that the oil and gas industry is not on board with the Biden administration’s pause on pending approvals of liquefied natural gas (LNG) exports to non-FTA countries. In line with this, many attempts are being made to overturn this decision. The latest one comes from API - American Petroleum Institute , which filed an application for rehearing.
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Rob Jennings, API’s Vice President of Natural Gas Markets, outlined: “At a time of geopolitical turmoil around the world, the Department of Energy’s arbitrary LNG freeze is not only unlawful – it cedes America’s energy advantage to hostile nations while jeopardizing thousands of American jobs.
“U.S. LNG is a cornerstone of global energy security, and its benefits – which include bolstering the American economy, reducing global emissions and strengthening our national security – are well-established. There is bipartisan recognition that this move is political, and we will continue to take any steps necessary to resume American leadership on LNG.”
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There is no doubt that artificial intelligence plays an important role in the global energy landscape and decarbonization game, but what is in store for global oil, gas, and renewable energy in the AI-oriented environment, and how will these sources of supply be revolutionized further?
This interview sheds light on these and similar questions while diving into AI's impact on the offshore energy industry and the energy transition story. The zest for AI solutions has also left its mark on the maritime industry, as global shipping firms take advantage of the fruits of digitalization, IT technology, and automation.
Kumar Narayanan, VP & Head of Energy & Resources for Americas at Tata Consultancy Services, emphasized: "As the challenges faced by the oil and gas industry continue to grow, so will the demand for AI-related services. Three key areas may be the most important among a variety. These are technology deployment, data services, and cybersecurity. (...) Soon, AI-based scheduling tools will be helping system operators better integrate all kinds of renewables – wind, solar, tidal – into the operations of the overall electric power grid. In essence, AI and renewables are growing up together. They will continue to develop and complement each other in the new energy world."
Thanks for reading this newsletter and stay tuned for our next edition!
Kind Regards,
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Senior Editor at Offshore Energy Today
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