The offshore industry briefing
The latest news, trends, and data you need to know about this month
News in Numbers
Egypt has launched a bid round inviting potential companies for oil and natural gas exploration and exploitation in 24 blocks. The bidding round is slated to close on 1 August.
Norway’s Ministry of Petroleum and Energy has initiated a consultation on a 2021 licensing round in mature areas in which it offered 84 new blocks for exploration.
Italy’s Saipem has received a $1.7bn contract from Qatargas for the development of the North Field Production Sustainability Project. North Field is said to be the world’s biggest single non-associated natural gas field.
The Iranian Oil Ministry has announced plans to establish 42 major oil projects, partnering with the country’s research institutions and universities.
ExxonMobil has agreed to divest its non-operated upstream assets in the UK central and northern North Sea for more than $1bn to NEO Energy, part of Norway’s HitecVision.
Equinor and its partners are planning to close the Veslefrikk field located in the Norwegian North Sea block 30/3 in mid-2022, following more than 30 years of operational life.
US-based Noble Energy has announced first gas flow from the Alen Gas Monetization Project located offshore Equatorial Guinea.
Jersey Oil & Gas (JOG) has said that there is potential for the phased development of the Greater Buchan Area (GBA) project in the UK North Sea from a fully electrified platform.
ExxonMobil and its partners have failed to find commercially viable quantities of oil at the Bulletwood-1 offshore well in the Canje Block, offshore Guyana.
The Malaysian unit of Royal Dutch Shell is considering divesting its interests in two production-sharing contracts located offshore Sarawak.
Quote from the industry
EY’s Head of Energy, Rob Doepel, on the UK Government's announcementof the North Sea Transition Deal:
“The North Sea Transition Deal (NSTD) – the first by a G7 country – sets out ambitious plans to help reach a net-zero UK and repositions our oil and gas capabilities to serve the global energy industry.
"The NSTD provides a documented pathway for other oil and gas producing nations, as well as other industries and countries yet to start this journey – creating best practice that can be applied across the UK and globally.
“Our latest figures shows that diversification is not just inevitable for upstream operators and contractors, but the need is likely to have been accelerated by the pandemic.
"While ‘energy transition’ is now largely accepted as an opportunity to expand addressable markets, capture growth, and redefine investor perceptions, the NSTD marks an important step in turning that mindset into a technical, on-the-ground reality - the creation of a pathway for the traditional UK oil and gas skill base, innovation, and entrepreneurial spirit to be pivoted to green energy.
“EY was asked by OGUK to support the project – a role we were proud to lead. Our team’s knowledge of both industry and government practices helped drive a route forward to reach a final transformative deal for the UK.
"EY’s long-standing expertise and relationship with the oil and gas sector helped position the industry to contribute to the UK's net-zero ambition and accelerate the process of turning ambitions of decarbonisation into action.”
Read more: Offshore-Technology