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

The total number of semi-submersibles under construction has been reduced to five following several deliveries this year. The North Sea has played a key role in bringing the figure down by providing work for five newbuilds in recent months. The Odfjell-owned Deepsea Nordkapp and the Transocean Norge started maiden contracts earlier this year with Aker BP and Equinor, respectively. Odfjell also has the Deepsea Yantai undergoing contract preparation in Norway ahead of a maiden fixture with Neptune, a firm six-well (400-day) contract with options. In addition, the Northern Drilling-owned West Mira is due to start a six-well contract with Wintershall Dea in Norway, while Northern’s West Bollsta has a firm 10-well contract in place with Lundin, starting in April 2020.

Contracts 

Jersey Oil & Gas (JOG) has award Rockflow Resources and Petrofac Facilities Management contracts for subsurface evaluation support and facilities and well support, respectively, for the concept selection phase of the Greater Buchan area (GBA) development project, in UK central block 21/1. JOG has worked with Rockflow and Petrofac during the last two years and both were instrumental in supporting its successful application in the UKCS 31 st supplementary offshore round.  Meanwhile, an independent report from Rockflow confirms recoverable oil reserves in GBA licence P.2498, covering blocks 20/5a and 21/1a and including the Buchan oilfield, the J2 Sgiath and Buchan Andrew oil discoveries and the Capri prospect, are estimated at 94.7 million barrels net. 

Production

Equinor on 5 October started up production, more than two months ahead of schedule and NKr40 billion ($4.4 billion) below the original PDO estimate, from phase one of the Johan Sverdrup development, in Utsira High block 16/2. Output from the field is expected to ramp up quickly as the eight pre-drilled production wells are progressively commissioned. Phase one plateau is expected to be achieved by summer 2020 and will require two to four new wells to be drilled, the first of which is expected to come on stream around the end of this year. Johan Sverdrup has estimated recoverable reserves of 2.7 billion barrels of oil equivalent and full-field output is forecast to reach 660,000 b/d of oil at peak and the breakeven price for a full-field development is less than $20 per barrel.

 

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