Quest for longevity spell driving rig and oil & gas markets consolidation wave
Offshore Energy Today
Offshore Energy - Fossil Energy: Home of Energy Transition ?? Connecting energy security with sustainable solutions ??
A surge in consolidation moves is sweeping across the challenging and shifting global energy landscape, as companies in the hydrocarbon exploration and production (E&P) and offshore drilling domains, alongside others across the entire energy industry and supply chain, race to secure their spots among the top contenders with a long market life span to benefit from a spike in global energy demand.
The consolidation trend in the search for efficiency enhancement to add new building blocks to existing companies and create combined entities of scale for the long haul is continuing this year too. One of the recent mergers, expected to close next quarter, is an all-stock transaction between 康菲石油公司 and Marathon Oil Corporation , with an enterprise value of $22.5 billion, inclusive of $5.4 billion of net debt. This will enable the former to get the latter's high-quality multi-basin portfolio encompassing four of the most competitive resource plays in the United States: Eagle Ford in Texas; Bakken in North Dakota; Permian in New Mexico and Texas, and STACK and SCOOP in Oklahoma, complemented by an integrated gas business in Equatorial Guinea.
Some business combinations have been completed over the past week, including the Harbour Energy - Wintershall Dea acquisition and the Noble Corporation - Diamond Offshore merger.
???????? ???????? ???? ???????????????? ???????????????? ???????????
? The U.S.-headquartered Noble Corporation has tucked a new merger milestone under its belt by completing the combination with Diamond Offshore . With these two offshore drillers becoming one, the enlarged company now has 41 rigs in its arsenal and a backlog of $6.7 billion.
“We are excited to close this highly strategic and accretive transaction ahead of schedule and commence our integration activities. On behalf of Noble’s board of directors and employees, I would like to welcome the Diamond organization onboard and look forward to our exciting journey ahead as a combined team,” highlighted Robert Eifler, President and Chief Executive Officer of Noble Corporation.
? Transocean has secured a new drilling assignment for one of its drillships with Reliance Industries Limited for work offshore India.
? Island Drilling Company AS 's semi-submersible rig has kick-started its plug and abandonment program with Tullow Oil offshore Mauritania.
? Shelf Drilling 's jack-up pair has been booked on multi-well campaigns in West Africa.
Greg O’Brien, Chief Executive Officer of Shelf Drilling, commented: “We are very pleased with these two awards, which build on our leading position in West Africa and demonstrate the strength of this market. These awards further support our decision to mobilize the two rigs from the Middle East, and we are confident that operations for the Main Pass IV will also commence shortly after the rig’s arrival.”
? Two Norwegian players in the oil and gas arena, CoreAll and Aker BP ASA are leveling up the core drilling game by carrying out trials offshore Norway of game-changing two-way solution technology created in response to tripping in and out of the wellbore to alter between coring and drilling, which is portrayed as a costly and time-consuming endeavor.
“???????? ???? ????? ???????? ???????????????????????? ???? ?????? ????????????????, ?????? ?????????????? ???? ?? ???????????? ???????????? ???? ????????? ???????????????????? ???? ???????????? ?????? ?????? ?????????????????????????? ???????????????? ???????????????????,” highlighted Per Erik Berger , CoreAll’s CEO, who highlighted that its downhole convertible drill bit could bring a 40-50% reduction in rig time by eliminating tripping, 40-50% cut in drilling cost, improved safety by removing tripping, and significant curbs in CO2 emissions through efficiency gains, which contributes to CO2 removal by carbon capture and storage (CCS) technology.
While disclosing its technology’s progress in lowering drilling time and costs, CoreAll underscored: “????????? ?????? ??????? ?????? ??????! ?????? ???????????? ??1 ??????, ???????????????????????? ???? ??????????-???????????????? ????????, ??????????????? ?? ?????????? ?????????? ???? ??????? ???????????????? ?????? ???????????? ???? ?? ???????????? ?????? ??????? ???? ????????????????! ??????? ???????????????????????????? ???????? ?????? ??????????????????????? ???????????? ?????? ???????????? ?????????? ?????????? ?????? ???????? ???? ???? ????? ?????????????? ??????.”
? 壳牌 hired Constellation Oil Services ' semi-submersible rig for intervention work in the Campos Basin offshore Brazil.
? VANTAGE DRILLING is selling two jack-up rigs to ADES - Advanced Energy Systems but will remain as the manager of these rigs for the next three years.
????????? & ?????? ?????????????? ???? ???????????? ???????????????? ???????????? ?????????? ?
? Harbour Energy has enriched its oil and gas portfolio by completing the $11.2 billion acquisition of Wintershall Dea 's all upstream business assets, bar Russian ones, thanks to the arrangements with the German energy firm’s shareholders, BASF and LetterOne at the end of last year.
Linda Z Cook, CEO of Harbour Energy, commented: “We are extremely proud to have completed the Wintershall Dea acquisition. It marks our fourth and most transformational acquisition since we were founded in 2014, and is another big step forward as we continue to build a large, global independent oil and gas company focused on the safe and responsible production of the oil and gas the world still needs.” ?
? Aker BP ASA 's oil field was brought on stream more than three months before it was scheduled, as a subsea tie-back to an FPSO in the Norwegian sector of the North Sea.
? Saipem 's subsea operations at bp 's giant gas project off the coasts of Mauritania and Senegal were supported by Rana Diving and BOURBON .
? McDermott International, Ltd has wrapped up the decommissioning task related to Santos Ltd 's Australian platform and associated offshore infrastructure with the help of its “custom-built” lifting cradle, which it describes as central to the project’s success since it was “specifically engineered to address the unique complexities of the platform’s upper substructure.”
? Helix Energy Solutions Group has been hired on a long-term contract by 壳牌 for more well intervention operations in the U.S. Gulf of Mexico.
? China National Offshore Oil Corp. has brought online another oil development project off the coast of China.
? bp has struck a deal with Perenco to sell four mature gas assets and an undeveloped field in Trinidad and Tobago, which will leave the former's portfolio, as the oil major turns to ramping up its gas resources in the country.
? Saipem 's new contract awards are for work on assets that are believed to be among the largest offshore oil fields in Saudi Arabia, operated by aramco , which will bring around $1 billion to the Italian giant. These two oil and gas assignments entail offshore infrastructure, including subsea scopes, strengthening the company's presence in the Middle Eastern country and bolstering its longstanding relationship with the Saudi energy heavyweight.
? 雪佛龙 has turned to water injection to augment oil and natural gas recovery and spike its production level at two U.S. Gulf of Mexico assets.
? Talos Energy has disclosed a new oil and gas discovery at a Walter Oil & Gas Corporation -operated block in the U.S. Gulf of Mexico alongside drilling activities at a Murphy Oil Corporation -operated prospect, which comes with the potential to bring more hydrocarbons to light.
?Chevron , Shell , and NewMed Energy have submitted a revamped plan for a gas development field offshore Cyprus to the country's government.
? Seatrium has booked KBR/Energo Engineering for work on topside facilities for two FPSOs that will be employed on the pre-salt ultra-deepwater field duo in the Santos Basin offshore Brazil.
? Following production license applications from 21 companies in the latest round, Sokkeldirektoratet points out the high interest in oil and gas exploration on the NCS, adding that these applications indicate “considerable interest in exploration near existing fields and infrastructure.” The license awards will be disclosed at the start of next year.
? While SBM Offshore will acquire MISC Group 's entire ownership interest in an FPSO working for 壳牌 offshore Brazil, the Malaysian player will get the Dutch firm's stake in the same type of unit, which is working for Murphy Oil Corporation in Sabah, Malaysia.
领英推荐
? An extension has been secured for the environmental impact assessment report (EIAR) at a block off the coast of South Africa, which will be fully owned by Africa Energy’s affiliate, Main Street 1549, as its partners are determined to pull out.
? Hartshead Resources NL has got a hold of six new licenses covering ten blocks as part of the UK’s oil and gas licensing round awarded by North Sea Transition Authority .
? BRAVA Energia , former 3R Petroleum before merging with Enauta , stopped oil production at a field in the Campos basin offshore Brazil a few days ago but no date has been confirmed so far for the resumption of production.
???????? ???????????????? ???? ???????????? ???????????? ???????? ???
? According to a joint venture, encompassing 壳牌 , PETRONAS , PetroChina International , KOGAS, and 三菱商事 , the introduction of the first natural gas and flaring activities at Canada’s first large-scale LNG export facility marks “a pivotal step” in LNG Canada ’s start-up program, with first LNG cargoes anticipated by mid-2025.
? New Fortress Energy is now in possession of approval for LNG export to non-free trade agreement (FTA) countries, which enables it to deliver gas supplies all over the globe from its FLNG unit offshore Mexico.
? Santos Ltd has won a new LNG supply contract with Glencore and made arrangements with TIMOR GAP, E.P. to sell a partial stake in an offshore gas project.
? Cyprus’ Natural Gas Infrastructure Company (ETYFA) , a subsidiary of Natural Gas Public Company (DEFA) / CyGas , has launched a tender for management services provision to finish its LNG import terminal project at the country’s Vassiliko Port.
? QatarEnergy has expanded its LNG fleet further thanks to a deal with China State Shipbuilding Corporation (CSSC) for the construction of six additional QC-Max LNG carriers each with a capacity of 271,000 cubic meters.
? Lithuania's LNG operator KN Energies has expanded the contract with ORLEN S.A. , for the use of a small-scale reloading station in the Baltic country for over five years.
?????????????? ???????????????????? ?????????? ???? ?????? ???????? ?????????? ??
? The infrastructure buildout is already ongoing, however, Porthos , a joint venture between Energie Beheer Nederland , Gasunie , and the Port of Rotterdam Authority, highlights that the offshore pipeline construction and work on the platform for the first Dutch carbon capture and storage project are scheduled to begin in 2025 to enable the transport of CO2 in the port of Rotterdam to depleted gas fields in the North Sea.
? エニ and Snam S.p.A. have gotten Italy's first carbon capture and storage project on the road with the initial CO2 injection. The renewable-powered carbon storage facility offshore Ravenna will pump CO2 into depleted gas fields to remove emissions from the industrial sector.
? Norway's CCS sector is poised to grow further, as evidenced by applications from six players for three CO2 storage areas on the Norwegian Continental Shelf (NCS).
? Saipem has joined forces with newcleo to bring nuclear technology plays in the offshore oil and gas arena while checking out the feasibility of floating nuclear-powered unit developments to usher in zero-emission energy, propelling the energy transition journey forward and paving the way for a sustainable future.
Alessandro Puliti, CEO of Saipem, commented: “The production of zero-emission energy through floating offshore plants equipped with new generation compact reactors could represent a new frontier in the energy transition.
“With this collaboration agreement, we leverage Saipem’s distinct skills in the offshore sector as well as our ability to bring innovation to the world of energy infrastructure, to explore new solutions that can accelerate the path towards decarbonisation.”
??For more recent news, check out these headlines and visit our website :
Thanks for reading this newsletter and stay tuned for our next edition!
Kind Regards,
???????????? ?????????
Senior Editor at Offshore Energy Today
?? Want to stay in the loop?
Let us be your eyes and ears in the offshore energy industry and do not forget to subscribe to Offshore Energy's daily newsletter , which will be sent straight to your inbox, so that, you can start your day with your morning dose of coffee/tea and all our content at your fingertips.
??Wondering where you can showcase your experience and expertise in #oilandgas , #offshorewind , #greenmarine , #subsea , #marineenergy , #hydrogen , and other offshore energy sectors while getting the latest scoop on the developments in the industry?
Look no further than?Offshore Energy Exhibition & Conference 2024?(OEEC 2024) and come to RAI Amsterdam in the Netherlands on November 26?&?27, 2024. You can buy your ticket for this event at Offshore Energy's OEEC event website ! To exhibit at OEEC 2024, hurry up and book your stand !
??To ensure you do not miss out on overviews from other markets available on Offshore Energy ,?subscribe to their market-specific LinkedIn newsletters:
Follow us on: LinkedIn | X (former Twitter) | Facebook | Google News | Google News - Offshore Energy
Rigger +Roustabout +AB
2 个月I am interested
Toolpusher
2 个月Interesting
I am working as a #QA/QC Engineer at Corrtech International Limited in Dhamra Haldia Natural Gas Pipeline Project (DHPL) on base Cross Country Pipeline Project
2 个月I agree!
Fractional CHRO & HR Consulting... Extroverted Introvert | Work Hard, Play Hard
2 个月There have been a number of larger teams consolidating and it will be interesting to see how they integrate cultures, systems, and processes to maximize synergy and minimize disruption.