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

Maersk Drilling has been awarded a two-well extension contract by current client Aker BP for the continued use of the high-spec jack-up Maersk Integrator, which means the jack-up is expected to remain with the operator until early-January 2021. However, the new deal offers an opportunity for another extension term via another one-well option. Maersk says the extension covers a firm period of 93 days and is estimated to be worth around $25.5 million. The total value equates to an average dayrate of just over $274,000 and is a slightly higher rate than another estimated rate of $272,000 that applies to an earlier 40-day (one well) option already declared by Aker BP . The Integrator’s existing work schedule runs until October 2020.

Licence activity

Egdon Resources has agreed a deal with Shell in which it is farming out a 70% stake in and operatorship of wholly-owned licences P.1929, comprising UK southern basin blocks 41/18a and 41/19a, and P.2304, covering 41/24, containing the Resolution and Endeavour gas discoveries, respectively. Egdon will retain a 30% interest in the licences. Shell will pay 85% of the costs of the acquisition and processing of a 3D seismic survey covering both Resolution and Endeavour with the carry on the acquisition costs capped at $5 million gross, beyond which it would pay 70% of the costs. Shell will also pay 100% of all studies and manpower costs up to a well investment decision on the licences. The farm-in is conditional on Oil and Gas Authority approval.

Companies 

TAQA has been appointed operator of the Greater Brae area, in Central North Sea block 16/7, subject to Oil and Gas Authority approval. The move follows court proceedings brought by TAQA and partners JX Nippon and Spirit Energy last December relating to a notice of discharge served on Marathon Oil UK, as operator, prior to its acquisition by RockRose on 1 July. RockRose says it will work with TAQA during the transition process to ensure there is no disruption to ongoing operations. TAQA is in the process of discussing arrangements to switch operatorship with the aim of having this completed this year. Since completion of the Marathon acquisition, RockRose says it has made a material positive impact in the Brae area. 

 

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