North Sea Reporter

Published by KL ENERGY PUBLISHING LTD.

North Sea Reporter is an established and respected weekly publication which provides in-depth news and analysis of the NW European offshore oil and gas industry. 

Rig Market

Odfjell has received a conditional letter of intent from Statoil for the Deepsea Atlantic. The proposed contract covers an estimated 18-month period to drill six firm wells, starting in first-quarter 2019. It also contains extension options and these would be priced based on market conditions at the time. Odfjell estimates the overall contract could be worth $160 million, but this includes some third-party services such as casing installation, plus some form of performance payment. The total figure quoted equates to a maximum dayrate of around $293,000. The Atlantic is currently with Statoil under a three-year fixture which began in March 2016.

Contracts

Independent Oil & Gas (IOG) has awarded ODE, part of the DORIS Group, a contract to act as operator for the Thames pipeline that will serve the Blythe and Vulcan Satellite hub developments. IOG has completed the acquisition from Perenco, Tullow Oil and Spirit Energy Resources of the pipeline, as a result of which it is now operator and sole owner of the system. Meanwhile, an intelligent pigging programme of the line is under way, while onshore mechanical preparation work at Bacton, an offshore site survey along the pipeline and survey of the proposed platform locations and intrafield lines are nearing completion.

Decommissioning

Maersk Drilling and Maersk Supply Service have formed a 50:50 joint venture to provide decommissioning services to oil and gas operators. In the North Sea alone, over 400 fields are expected to cease production by 2026 at an estimated cost of $56 billion. The joint venture will initially offer bundled solutions for up to 80% of the process required in decommissioning an oilfield. The bundled solutions will, in addition to project management, cover workscopes such as well plug and abandonment, towage and removal of subsea infrastructure. In the longer term, it plans to provide a full end-to-end process of decommissioning.

 

Weekly coverage includes:

  • Rig Market - contracts, dayrates and utilisation
  • Drilling – a round-up of North Sea activity  
  • Construction and engineering
  • Field development and production
  • Contract awards
  • Company news
  • Data tables of industry activity
  • Mediterranean & W. Africa briefing
  • News briefs