WEEKLY UPDATE-(07/25/2022-07/31)EnQuest awarded Petrofac a North Sea contract extension

28/07/2022 Admin


Technical:

EnQuest awarded Petrofac a North Sea contract extension

    Petrofac, a leading service provider in the global energy industry, has extended its term for supporting the Kittiwake platform to 20 years after signing an extension contract with EnQuest.

    Under the terms of the three-year contract renewal, Petrofac will remain the responsible holder of the Kittiwake platform in the central North Sea. It has held the role of EnQuest since 2014, and is the former owner of the asset since 2003.

    Nick Shorten, Chief Operating Officer of the Petrofac Asset Solutions Business, said, " Over the past eight years, we have established productive long-term partnerships with EnQuest. The renewal of this contract is a great testament to this partnership and the high performance of our team and a strong understanding of the assets.

    "We have been working in the Kittiwake field for nearly 20 years, and we are pleased to continue to work on its good safety record to improve its operating performance and further extend the service life of the assets.”

 

News:

Germany is still likely to avoid severe gas shortages

    The president of the Federal Network Agency's Klaus Muller said Wednesday that if households and businesses have a chance to avoid gas shortages in the coming months without Russia cuts supplies further. Earlier this week, Russia warned that gas supply through Nord Stream, a major gas pipeline connecting Russia and Germany, would be cut to 20 percent of its pipeline capacity. A few days ago, Gazprom restarted the pipeline at 40% capacity after routine maintenance. The Russian explanation for the lower flow of gas sent to Europe is that another turbine at the compressor station was being repaired, and the one that Canada returned from repairs has not been installed.

    In an interview with Deutschlandfunk, uller said: " Gas is now not only part of Russia's foreign policy, but it may also be part of Russia's war strategy."The head of German regulators said it is now clear that gas will become more expensive and that the surge in prices will benefit consumers in the fall.

    Muller told Deutschlandfunk that there is no threat of a gas shortage, as long as Russia does not cut its gas supply further, and the gas storage is still filling in. However, he noted that supplies from Russia were unpredictable and called for continued gas and energy savings. He added that homes and businesses have cut gasoline consumption by 5 to 6 percent.

    German companies have warned that they could stop production if supply situation has worsened.

    Meanwhile, supplies from Russia were also cut off in Italy on Wednesday. Germany and Italy are Russia's largest gas buyers in Europe, and supply cuts in mid-June hit them the most.

 

    The Italian Eni Group (Eni) said today that Gazprom (Gazprom) has informed it that it would produce around 27 million cubic meters on Wednesday, compared with about 34 million cubic meters a day in recent days.

 

Service:

Desinib Energy was better than expected and looked at outside Russia

    French oil and gas service provider Technip energy said Monday it expects to increase activity outside Russia this year as increased demand for liquefied natural gas (LNG) helped its better-than-expected first-quarter profits.

    Arnaud Pieton, its chief executive, said in a statement: " Despite the recent fluctuations in commodity and raw material prices, the attractiveness of LNG, as an inherent flexible energy source, has improved and market opportunities are accelerating.”

    Demand for LNG is soaring as Russia invaded Ukraine, which Mos

cow described as "a special military operation", after Western buyers stopped buying Russian fuel after the invasion.

    Desinib Energy said it has been working hard to "take appropriate measures" on ongoing projects in Russia, including its Arctic LNG 2 development project.

    Project delivery contributed 1.3 billion euros (US $1.4 billion) in revenue in the first quarter, of which 445.4 million euros came from the Arctic LNG 2.

    The company said it expects to be able to fulfill its Arctic LNG 2 contract without violating Western sanctions.

    Desinib Energy (Technip energy) said in March that it would give up new business opportunities in Russia and exclude projects under construction in Russia from its prospects. At the end of March, 3.41 billion euros of the company's adjusted order backlog of 15.63 billion euros was related to the ongoing Russian project.

 

    The group, focusing on engineering and technology in the energy industry, reported an adjusted recurring profit before interest and tax (EBIT) of 107.3 million euros, beating the analyst consensus estimate of 100.9 million euros provided to the company.

 

Equipment:

Kosmos selected the Undersea Integration Alliance to participate in the US GoM EPCI project

    Recently, Subsea Integration Alliance has obtained a Kosmos Energy engineering, procurement, construction and installation (EPCI) contract for the Odd Job field in the Gulf of Mexico.

    Subsea Integration Alliance Subsea Integration Alliance seabed Integration Alliance is a global unincorporated alliance between Subsea 7 and Schlumberger OneSubsea seabed technology, production and processing system business, by combining underground expertise, submarine production system (SPS), seabed processing system, submarine umbilical cord tube riser and pipeline system (SURF) and oilfield full life services, jointly design, development and provide integrated seabed development solutions.

    Under the EPCI contract, OneSubsea will offer an underwater multiphase supercharger system, upper equipment, and 16 miles of integrated power supply and control of the umbilical cord, Schlumberger said.

    Project management, engineering, assembly and testing will be conducted at the OneSubsea facilities in Bergen and Horsø y, Norway, while transport to the site and installation will be conducted by Subsea 7.

    Don Sweet, head of Subsea Production Systems, said: " We are pleased to work with Kosmos Energy to jointly develop the Odd Job field."The system will be connected to existing facilities to achieve significant cost and energy savings, as well as reducing carbon dioxide emissions, while improving the ultimate recovery rate of Kosmos energy."An entity managed by Ridgewood Energy Corporation is also the owner of the Odd Job space.

    OneSubsea has a proven track record for innovation, including world-leading experience in underwater multiphase pressurization systems. Since 1994, the OneSubsea has delivered more than 40 projects, including about 115 underwater booster pumps.

    Studies have shown that the application of underwater multiphase pressurization technology can increase the recovery rate by more than 20% to 200%, and in addition, the total recovery rate can be greatly improved by removing the reservoir back pressure.

    "This contract recognizes Subsea 7's leading collaboration model with OneSubsea in seabed processing technology, which combines Subsea 7's extensive track record for the delivery of large EPCI projects. Olivier Blaringhem, CEO of the Undersea Integration Alliance, added: " Our alliance will improve the economic benefits of the Kosmos field, while reducing complexity, cost and risk to achieve production targets safely, on time and within cost targets.”

    In June, Schlumberger and Subsea 7 signed an agreement to extend the Subsea Integration Alliance's validity for seven years.

 

    In recent years, the consortium has received large green space projects in Australia, Brazil, Africa and Turkey, as well as important return work in the Gulf of Mexico and Norway.

 



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