Aker Solutions wins Bøyla subsea contract

5 January 2012 - Aker Solutions has signed a contract with Marathon Oil Norge AS to supply a subsea production system for the operator's Bøyla project on the Norwegian continental shelf. Contract value is approximately NOK 210 million.

Scope of work includes engineering, procurement, construction and delivery of four subsea trees, four over-trawlable subsea structures and control systems.

The Bøyla field is located south-west of the Alvheim field and will be tied back to the Alvheim FPSO. The water depth is approximately 120 meters.

"The Bøyla contract is another confirmation of the robust nature of our fast-track field development programme. We are working continuously to further minimise execution time, risk and cost. This award reflects the programme's competitiveness. We have a frame agreement with Marathon that dates back to 2004 and are very pleased to continue working with them on this project," says Alan Brunnen, executive vice president of Aker Solutions' subsea business.

Engineering and manufacturing of the subsea trees will be primarily performed at Aker Solutions' technology centre at Tranby, Norway. Engineering of the over-trawlable structures will be carried out at Aker Solutions headquarters in Fornebu, Norway. The subsea control systems will be delivered out of Aberdeen, UK. Installation and commissioning will be handled by Aker Solutions' service base at Aagotnes, Norway. Final deliveries will be made in Q1 2013.

Aker Solutions' contract party is Aker Subsea AS. The contract has been signed and booked as order intake in Q4 2011.

Source: Aker Solutions

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COSCO Nantong Wins Contract to Build Two Offshore Construction Vessels

The Board of Directors of COSCO Corporation (Singapore) announces that COSCO (Nantong) Shipyard Co. Ltd., a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co. Ltd., has secured a contract valued over USD220 million from an Asian company to build two (2) Self Propelled Pipelay Heavylift Offshore Construction Vessels.

The Board of Directors of COSCO Corporation (Singapore) announces that COSCO (Nantong) Shipyard Co. Ltd., a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co. Ltd., has secured a contract valued over USD220 million from an Asian company to build two (2) Self Propelled Pipelay Heavylift Offshore Construction Vessels.

The vessels are scheduled for delivery in the fourth quarter of 2013 and the first quarter of 2014 respectively.

The contract is not expected to have a material impact on the net tangible assets and earnings per share of the Company for the year ending 31st December 2012.

5th January 2011

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Iran signs South Pars drilling deal

Iran's Oil Ministry has signed a deal with an Iranian contractor company for drilling two appraisal wells in the South Pars oil layer, which is shared with Qatar.

The contract valued at about USD 182 million was signed between Pars Oil and Gas Company and the Global Petrotech Company in the presence of Iran's Oil Minister Rostam Qasemi on Monday.
According to the contract, the Iranian company must drill two appraisal wells in 40 months to assess the South Pars field's oil exploitation potential.
The wells will also provide information on the amount of in-place oil reserves of the field and pave the way for the formulation of a major development plan for the offshore field.
A major feature of the project is six kilometers of horizontal drilling in the South Pars field's oil layer aimed at gathering information and upgrading reservoir models of the joint oil field.
More than 90 percent of the South Pars oil layer is situated in Qatar's territorial waters. Qatar has so far drilled more than 160 offshore wells and is producing more than 400,000 barrels per day of crude oil by continued injection of water into the oil layer.

According to official figures, after completion of some development projects, Qatar's production from the South Pars oil layer will exceed 500,000 barrels per day of crude oil.
The development of the Iranian side of the oil layer has been frequently postponed. In its last announcement, Pars Oil and Gas Company had announced that crude extraction from the oil layer would begin in the summer of 2010. But production has not started yet.

The new contract aims to produce a daily total of 35,000 barrels of crude oil from Section A of the field in the first phase of its development.

South Pars gas and oil field covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iranian territorial waters in the Persian Gulf. The remaining 6,000 square kilometers, i.e. North Dome, are in Qatari territorial waters.

Source: Pars Oil & Gas, 3rd January 2012

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SBM Offshore N.V. receives extension for lease and operate contract for FPSO Marlim Sul

SBM Offshore, a Dutch-based global group of companies selling and renting systems and services to the offshore oil and gas industry has received an extension of 26 months for the lease and operating contract of the FPSO Marlim Sul from Petrobras.

This extension will begin in April 2012, at the end of the initial lease period which was 8 years.

FPSO Marlim Sul is capable to process 100,000 bpd of crude oil production and 2.3 million Sm³/d of gas compression. The produced gas is exported through Campos Basin pipelines. The process plant includes gas treatment and compression, as well as water injection facilities.

Campos Basin is a petroleum rich area located offshore of Rio de Janeiro, Brazil. It has a total area of 100,000 square kilometres, with dozens of fields discovered and operated by Petrobras.
Source: SBM Offshore, 5th January 2012, Image: blogmercante.com

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STATOIL: Another discovery in the Gullfaks area

Statoil’s drilling of the Skinfaks South well in the North Sea has been completed and the estimated volume is between 1.9 and 6.9 million barrels of oil equivalents.

This is the fourth infrastructure-near discovery in the Gullfaks area in a 10 month period.

Light oil has been confirmed in Middle Jurassic reservoir rocks (Brent group) and a 80 metre high column in good-quality reservoir rocks.

Skinfaks South is located directly west of the Gullfaks field in the North Sea Tampen area, where Statoil is focusing on infrastructure-led exploration (ILX)."We are currently evaluating how this discovery can be connected to the existing infra-structure," says Tore Løseth, exploration vice president for North Sea.

"Our exploration strategy for the Norwegian continental shelf focuses both on high-impact discoveries and what we call time-critical ILX, which is exploration close to installations that within a couple of years will have the capacity to receive the oil and gas we find," Tore Løseth says.

Gullfaks is a good example of how an area has developed after its first major discovery. Discovered in 1978 the Gullfaks field contained an estimated 2.5 billion barrels of oil equivalent.

The discovery of fields such as Gullfaks South, Rimfaks and Valemon has later added another billion barrels of oil equivalent to the area.

Statoil has continued its exploration activities around Gullfaks, and in one year four new discoveries have been made: Rutil, Opal, Brent 10 A/B and now Skinfaks South. They will add a total of 50-100 million barrels of oil equivalents.

In 2012, 40% of Statoil's exploration wells on the Norwegian continental shelf will be ILX wells. ILX drilling is to be carried out close to Oseberg, Snorre and Norne.
Source: Statoil, 4th January 2012

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