DEALS & MARKETS
Review the latest activity in the O& G sector.
Operational beyond 2035, North Sea
Towards the end of 2015, Amec Foster Wheeler won three contracts to provide services to the Glen Lyon Floating Production, Storage and Offloading vessel ( FPSO) located 175km west of the Shetland Isles, UK for BP. In total, the three deals are worth £ 31.5 million and will create 100 onshore and 50 offshore jobs. One of the deals is a hook up and commissioning contract, worth £ 27 million, which will run through to June 2017. For that, Amec Foster Wheeler will hook up the new Glen Lyon FPSO to the Schiehallion and Loyal fields as part of the BP’s Quad 204 redevelopment, enabling production beyond 2035. The company also won a contract worth approximately £ 8 million from Marathon Oil. This is a five- year, multi- discipline engineering deal, that kicked off in October 2015, for the Brae Complex in the North Sea. It covers subsea and topsides, including onshore operations support, projects and modifications engineering, as well as technical consultancy.
Consulting in the downturn
On the topic of consultancy, especially relating to analytical intelligence, ESIA ( Energy Software Intelligence Analytics) has acquired Douglas Westwood Limited ( DWL), which provides advice for the energy sector. Formed in January 2015, ESIA is assembling a portfolio of businesses that deliver data, research, and insight for the global energy exploration and production ( E& P) markets and accompanying support services. Operating from Houston, Singapore, and the UK, DWL has global coverage in the oilfield services sector boasting in excess of 1,000 projects under its belt, as well as advising on transactions worth more than US$ 30 billion. By incorporating DWL’s consulting and analytical services ESIA extends its reach further into the oilfield services market.
2074 acquired wells to be upgraded
Following approval by NuTech Energy Resources, Inc.’ s Board of Directors, the company is proceeding to finalize the acquisition of Emerald Operating and Rocky Mountain Exploration Wells, comprising 74 existing wells. The company has also taken ownership of 2,000 wells in the territory, and is in the final stages of obtaining regulatory approval, which have been shut with equipment idling for years. The company said in a statement that once any necessary pipeline repairs are completed, the properties have the ability to produce 100 MCF per day per well bringing a potential profit margin, over a five- year average baseline, in the range of US$ 180,000,000. Meanwhile, out at sea, Ocean Installer will be implementing field development work in Nigeria for Folawiyo Aje Services Limited ( FASL). The company will perform the offshore construction of the Aje Ph1 project off the coast of Nigeria, for which FASL functions as dedicated technical advisor to the field operator, Yinka Folawiyo Petroleum. Offshore operations will be performed by the construction support vessel, Normand Vision commencing now ( Q1 2016). Fast tracking the project, engineering will be looked after by Ocean Installer’s offices in Stavanger, Aberdeen, and Houston. The company was also awarded an offshore wind contract with Norddeutsche Seekabelwerke GmbH.
A total of 26 companies have submitted applications to the Ministry of Petroleum and Energy for new exploration acreage in the 23rd licensing round on the Norwegian Continental Shelf.