CNOOC Makes Major Oil and Gas Discovery

 CNOOC Ltd, a major player in China’s offshore energy sector, has recently marked an important breakthrough in exploring Paleozoic-era buried hills in the Beibu Gulf basin of the South China Sea. In its Weizhou 10-5 prospect—situated in relatively shallow waters at 37 metres deep—the company encountered promising geological indicators.

During drilling at the WZ10-5-1Sa well, which reached approximately 4840 metres in depth, a substantial 283-metre section was found to contain oil and gas reserves. Early tests reported production rates of about 13.2 million cubic feet of natural gas and roughly 800 barrels of crude oil per day, underscoring a significant advancement for the area’s natural gas prospects.

Xu Changgui, the chief geologist at CNOOC, highlighted that this discovery not only opens up extensive potential within the Beibu Gulf basin but also provides valuable insights for similar offshore projects in China. Meanwhile, chief executive Zhou Xinhuai reiterated the company’s commitment to expanding its resource portfolio, noting that recent years have seen several notable oil and gas finds across various offshore buried hill formations.

Posted on 3/07/2025 / 0 comments / Read More

SBM Offshore Secures Fifth FPSO Deal for Exxon’s Guyana Expansion

 SBM Offshore has been awarded a major FPSO contract to deliver the FPSO ONE GUYANA, which will serve ExxonMobil’s Uaru field development in the Stabroek Block offshore Guyana.

This is SBM’s fifth FPSO project in Guyana, and the unit will be one of its largest-ever. Designed with a production capacity of 250,000 barrels per day and storage for 2 million barrels, it will play a key role in Exxon’s aggressive development program targeting over 1.3 million barrels per day from Guyana by 2027.

Construction will follow SBM’s Fast4Ward® design philosophy, with a standardized hull already under construction in China. Topsides fabrication and integration will take place in Singapore, ensuring delivery by 2026.

This project highlights Guyana’s emergence as one of the world’s most profitable offshore basins, and SBM’s ability to deliver complex deepwater assets efficiently.

Posted on 3/07/2025 / 0 comments / Read More

Petrobras Expands Offshore Fleet Orders to Support Brazil’s Pre-Salt Growth

Petrobras has expanded its shipbuilding program, increasing its new vessel orders to 48 units by 2026, as the company prepares for a sharp rise in offshore production from Brazil’s pre-salt fields.

The orders cover a wide mix of vessels, including:

• Platform Supply Vessels (PSVs) to support deepwater rigs.
• Coastal product tankers to move crude and refined products between domestic terminals.
• Gas carriers to service growing LNG exports and coastal gas deliveries.

Petrobras’ Buzios field, the company’s crown jewel in the pre-salt, is set to host at least six new FPSOs by 2030, pushing daily production at the field to over 2 million barrels per day. This growing offshore footprint demands a robust, locally-supported supply chain, including a dedicated fleet of support and shuttle vessels.

President Luiz Inácio Lula da Silva has also linked the expansion of Petrobras’ fleet to his broader industrial policy, aiming to revitalize Brazilian shipyards and create thousands of jobs.

Posted on 3/07/2025 / 0 comments / Read More