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Supermajor BP has announced an investment of $1.3 billion to expand its Atlantis development in the Gulf of Mexico. The oil major will construct a new subsea production system, which will be used to tie eight new wells into the existing Atlantis platform. BP’s advanced seismic imaging has revealed the existence of an additional 400 million barrels of oil at the Atlantis field.
Supermajor, BP and Azerbaijani state-owned SOCAR’s subsidiary in Turkey yesterday entered into a Heads of Agreement (HoA). Under the agreement, the two oil firms agreed to assess the formation of a joint venture for building and operating a world-scale petrochemicals complex in Turkey. The complex is expected to manufacture 1.25 million tpa of purified terephthalic acid (PTA), 840,000 tpa paraxylene (PX) and 340,000 tpa benzene.
Norway’s energy service firm, Aker Solutions has confirmed the contract award from BP. The oil and gas super major has given the responsibility of engineering services for Clair South project to Aker. This project is located at UK North Sea. London team of Aker will be working on the contract and will deliver the project over an 11-month period. The companies have decided not to reveal the value of the contract.
BP Trinidad and Tobago has approved two new gas development offshore projects, Cassia Compression and Matapal. The Cassia project will enhance recovery from its existing resources, enabling BPTT to produce low pressure gas reserves. With the help of Matapal project, BPTT will develop gas resources discovered in 2017. Both these projects will help BPTT to stay true to its supply commitments to Trinidad’s National Gas Company and Atlantic LNG.
Petroleum Ministry of Egypt has given approval to energy major BP and UAE’s Mubadala Investment Co., enabling them to buy stakes in the Nour gas field. Mubadala will buy 20% and BP will buy 25% of the Nour concession from Eni. After this, Eni will be holding only 40% of the concession. Remaining 15% will be held by Tharwa Petroleum Company of Egypt.
UK-based EnQuest has concluded the acquisition of BP’s remaining 75% stakes in the Magnus oil field in £230 million. Additional 9% of the Sullom Voe Oil terminal and two pipeline systems was also sold to EnQuest. The deal will add 60 million barrels of oil equivalent (boe) to EnQuest’s reserves portfolio. EnQuest had acquired 25% stakes in Magnus in December 2017.
Worley Parsons informed that as a part of its JV with BP Plc, it has planned on taking 50% shareholding in New Zealand Oil Services (NZOSL).Under the deal between Worley Parsons and BP Oil New Zealand, NZOSL will assist with engineering, project delivery and asset management services for BP’s 7 fuel storage, handling and distribution facilities in New Zealand. Worley Parsons will become the preferred contractor of NZOSL.
The CEO of energy major, BP informed that the company will start the exploration in Libya with Eni in the first quarter of next year. He said that the set of offshore rig takes time and that is why he is not sure if the activity will start this year. In October, Eni bought 85% of BP’s stake in Libya oil and gas license.
The fourth major upstream project for BP this year has started production. The energy major announced that the Thunder Horse Northwest Expansion project in the deepwater Gulf of Mexico has been started and is four months ahead of schedule. Further, the project is 15% under budget too. BP has predicted that its new projects starting production between 2016 and 2021 will have 900,000 boed of new production by 2021.
Europe’s Prosafe has been awarded a £14.3million contract by BP. Prosafe will grant the charter of the Safe Zephyrus accommodation vessel at the Clair Ridge platform. The contract is of five-month and will start from May next year. The contract has an extension option of one month. CEO of Prosafe said “The Safe Zephyrus’ track record of gangway connected operations is second to none since her delivery in 2016,”
Serica Energy yesterday informed about receiving waiver on US sanctions for the UK North Sea field. The conditional licence has been granted on production from the Rhum field, where 50% stakes are owned by the national oil company of Iran. Serica’s purchase of BP’s stakes in Bruce, Keith and Rhum assets and Total’s stakes in Bruce and Keith assets were on hold due to US sanctions on Iran.
Due to safety concerns and the revolution in 2011, BP denied exploration services in Libya in 2014. The energy giant has announced that it has entered into an agreement with Libya’s National Oil Corporation (NOC) and Eni in order to resume the exploration. The deal will be closed by the end of this year so that the exploration work can be restarted in 2019.
Aker Solutions has informed that the company has entered into a five-year agreement with BP in Angola, effective from Q3 of present fiscal year. The contract will see Aker Solutions supply brownfield modifications, maintenance and operations support for BP’s Greater Plutonio and PSVM fields offshore Angola. Aker will also provide engineering, procurement, and construction services on the floating production, FPSO vessels at each field for brownfield projects.
Supermajor, BP and Aker BP have inked new agreement to explore ways of developing pioneering new technologies together. The firms are looking forward to invest in technological advancements together. This includes taking further the technology of digital twins, advanced seismic techniques and processing, and subsea and robot technology. The oil majors will focus on recognising technologies that could be essential to the digital transformation of the upstream sector.
British oil major, BP has received green light from the Oil and Gas Authority (OGA), UK to develop the Vorlich Field in the North Sea. The Vorlich field is estimated to contain 30 million barrels of oil equivalent. Vorlich will be a £200m project and is part of a programme of North Sea subsea tie-back developments. The field is expected to begin production in 2020.
In a regulatory filing, RIL yesterday informed that the firm has shut down its only oilfield in KG-D6 block, due to null production. The D26 or MA oilfield began production in September 2008. RIL was operating the oilfield in a joint venture with BP and NIKO. In the first quarter of FY19, MA field’s contribution was less than 0.1% in terms of revenue at RIL consolidated level.
The three weeks off, three weeks on rotas are affecting the mental health of the employees and because of this reason, the Unite trade union wants a review of the working patterns on BP’s North Sea. The union and Petrofac have raised a “collective grievance” for the same. BP has acknowledged the issues faced by the workers and said, the company is “committed to supporting mental health in the workplace”.
British supermajor, BP Plc is utilising a technology used by Scotland Police to construct data-rich virtual replicas of its oil and gas platforms in a bid to reduce costs. Scotland Police uses the sophisticated 360-degree imaging programme to document crime scenes, which in turn enables detectives to virtually revisit a crime scene. The oil major will roll out the programme across the majority of its platforms after the North Sea.