Subsea 7 announces $85M pipelay contract for Statoil in the North Sea

Subsea 7 Inc. , one of the world's leading subsea engineering and construction companies, announced today the award of an engineering, procurement, installation and commissioning (EPIC) contract from Statoil ASA for the Pan Pandora and Katla fields in the Norwegian sector of the North Sea. The contract is valued in excess of US $85 million.
The Subsea 7 work scope includes the design,  fabrication and installation of one 11.5km subsea  production pipeline and installation of one 11.5km umbilical between the Pan Pandora Template and the Gullfaks C Platform. It also includes the design, fabrication and installation of two 13km pipelines and the installation of one 13km umbilical between the Katla template and the Oseberg Sør Platform; as well as all associated tie-ins, testing and pre-commissioning works.
Peder Sortland, Subsea 7's Vice President - Norway, commented: 
"I am delighted that Statoil has chosen Subsea 7 to execute this significant pipelay project. The award further strengthens our proven track record of working with Statoil on major pipelay projects in the Norwegian sector of the North Sea. We look forward to helping to bring both the Pan Pandora and Katla developments on-stream in a safe and timely manner."
Engineering work will commence in November 2010 and will be performed at Subsea 7's office in Stavanger, Norway. Field installation works will commence during the second half of 2011 with pipeline fabrication commencing in early 2012 at Subsea 7's pipeline spoolbase in Vigra, Norway. Offshore pipeline installation and field installation operations are scheduled to commence in first half of 2012 and will be carried out utilising vessels from the Subsea 7 fleet.
The Pan Pandora and Katla fields are located south of the Visund field, in the Norwegian Sector of the North Sea in waters up to 292m depth.
Source: Subsea 7

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Advent approved to drill first well in Australia's Sydney Basin

Advent Energy has received approval to drill New Seaclem-1, the first well planned for the frontier Sydney Basin off the eastern Australian state of New South Wales, the company said Monday.
The wildcat gas well is to be drilled to a depth of 826 meters in commonwealth waters, about 55 km(34 miles) east of the city of Newcastle. Thewell is located in Petroleum Exploration Permit 11, operated by Advent subsidiary Asset Energy.
[Read more]
Source: Platts

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Nigerian military warns of action in oil delta

Nigeria's military threatened on Saturday to carry out raids against what it said were camps of criminal gangs in the creeks of the oil-producing Niger Delta, and told civilians in the vicinity to leave.
Any major offensive by the armed forces would be the first in the Niger Delta, the heartland of the OPEC member's energy industry, since an amnesty programme brokered by President Goodluck Jonathan began in August 2009.
[Read more]
Source: Reuters

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Bounty Oil And Gas NL Ubute 1 Final Report - Utopia Block

Bounty Oil & Gas NL announces that the Ubute 1 oil exploration well within the northern section of the Utopia block will be plugged and abandoned. Electric logs established the presence of thick sections of the Birkhead and Hutton Formations displaying reservoir quality sands but with only trace oil. 
[Read more]
Source: ABN Newswire

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QatarGas Train 6 Started First LNG Production This Month

Qatar Liquefied Gas Co., which aims to process 42 million tons of liquefied natural gas a year, began operating its sixth production unit, or train, at the start of this month, the company known as QatarGas said.
Train 6 has an annual capacity of 7.8 million tons a year and is part of QatarGas’s third project, QatarGas 3, in which Qatar Petroleum, ConocoPhillips and Mitsui & Co Ltd. are shareholders. QatarGas first produced LNG from Train 6 on Nov. 1, Chief Executive Officer Sheikh Khalid Bin Khalifa Al-Thani said in an e-mail statement yesterday.
[Read more]
Source: Bloomberg

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Repsol's YPF seeks to quote on Latibex exchange

Spanish oil group Repsol's Argentine YPF unit YPFB.BA is seeking to quote on Madrid's Latibex index to garner interest ahead of a planned sale of part of Repsol's stake, a Repsol spokesman said on Saturday.
The listing for YPF, which quotes on Argentina's Merval index, will create another platform to trade YPF shares but does not imply any stake sales or issues by YPF's shareholders.
[Read more]
Source: Reuters

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Iran says $100 oil won't hurt global economy

Oil prices of up to $100 per barrel would not hurt the global economy and might not create problems, Iran's representative to the Organization of the Petroleum Exporting Countries (OPEC) said here on Sunday. 
[Read more]
Source: Tehran Times

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China may escape gas shortage this winter

China is likely to escape a natural gas shortage this winter as supplies from Central Asia will increase and as the country steps up imports from the spot market, China Energy News reported on Sunday.
Hu Weiping, deputy director of Oil and Gas Deparment of the National Energy Amdinstration (NEA), told the paper that the government had asked China National Offshore Oil Corp (CNOOC) to secure gas from international markets to supply Shanghai, China's financial hub, so as to free up domestic gas for emergency needs.
[Read more] 
Source: Reuters

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Iraq's Rumaila oil output to rise by 10 pct in Nov

British oil najor BP and partners were expected to meet an initial target of a 10 percent rise in output from the Rumaila oilfield, the backbone of Iraq's crude production, by end-November, an Iraqi oil official said.
Deputy oil minister Abdul Kareem Luaibi said on Sunday the ministry was also examining how a consortium led by Italian gorp ENI managed to boost output from the Zubair oilfield by more than 10 percent.
[Read more]
Source: Forexpros

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Iraq signs deals for Mansuriyah, Siba fields

Iraq's oil ministry signed deals with foreign companies on Sunday to develop its Mansuriyah and Siba natural gas fields, as it tries to boost its energy production and break into global gas markets.
The OPEC member signed a deal with South Korean group Kogas, Kuwait Energy Company, and Turkey's state-owned TPAO to develop the Mansuriyah field near the Iranian border in volatile Diyala province.
[Read more]
Source: Reuterse

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Schlumberger to remain in Iran until '13

Schlumberger has signed contracts worth hundreds of millions of dollars with Iran that will keep it in the country until 2013, a spokesman for the company said on Saturday, the Boston Globe reported. 
The US accuses Iran of developing a military nuclear program -- an allegation refuted by Tehran -- and used this pretext to pressure the UN Security Council to impose a fourth round of sanctions against Iran's financial and military sectors in June. 
[Read more]
Source: PressTV

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Shell awards EMGS contract offshore Philippines

Electromagnetic Geoservices ASA (EMGS) has been awarded a contract worth in excess of USD 2 million by the block SC60 joint venture, which is operated by Shell Philippines Exploration BV. The work will be performed shortly from the 3D EM vessel BOA Galatea. This vessel is now fully booked for the remainder of the fourth quarter 2010.
[Read more]
Source: 4-Traders

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Statoil lets contracts on two more fast-track projects

Statoil let a $90 million contract to Subsea 7 Ltd. for the engineering, procurement, construction, and installation of pipelines and control cables for connecting the PanPandora and Katla fast-track developments in the North Sea to existing production installations. 
The contracts also cover installation of the subsea production system. 
“The purpose of fast-track developments is to realize small finds that would generally not be profitable,” said Per Haaland, Statoil's head of the portfolio of fast-track developments on the Norwegian Continental Shelf. 
[Read more]
Source: Penn Energy

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US rig count increases by 2

The number of rigs actively exploring for oil and natural gas in the U.S. increased by two this week to 1,685.
Houston-based Baker Hughes Inc. said Friday that 955 rigs were exploring for natural gas and 720 for oil. Ten were listed as miscellaneous. A year ago this week, the rig count stood at 1,101.
[Read more] 
Source: Mercury News

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Cobalt International amends rig contract with Ensco

Offshore independent oil and gas firm Cobalt International Energy amended its rig contract with Ensco Plc, to "substantially reduce" daily rate in case delays in the issuance of drilling permits in the Gulf of Mexico keep the rig idle.
Though the Obama administration in October lifted a ban imposed late May on deepwater drilling in the U.S. Gulf, companies say permitting delays still remain a cause of concern.
[Read more]
Source: Reuters

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Ecuador threatens oil companies with eviction

President Rafael Correa said on Saturday that oil private companies that don't sign new services-based contracts must leave the Andean country.  "I'm not playing," Correa said during his weekly media address. "The rules are proposed. Take it or leave it. If they don't like it, farewell and we will pay for their investments."  The Correa statement came just 10 days before the deadline he gave for the five biggest private producers to sign new contracts.
[Read more] 
Source: Market Watch

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