Issuu

ISSUE 23

UKâ€™s No

ENERGY SECTOR

PUBLICATION

TEXO OFFICIALLY

OPENS NEW

FACILITY IN

PORT OF BLYTH P.40

DEMYSTIFYING

DIGITAL TRANSFORMATION The real cost of technological change The real challenges of implementing AI The real impacts of data driven insights Read on page 16

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LETTER AND CONTRIBUTIONS

Journalists Tsvetana Paraskova Kirsty Whyte Loren Steffy Design Ben Mckay Fara West Contributors Berend Heringa Trevor Bloch Dr Nikil Shah James Watson Fiona Carson Mike Sibson Rod Hutchison Sean Buchan Printed by C-Growth

Editor’s Letter

Kenny Dooley Managing Director

Global offshore drilling activity and the rig market as a whole are finally emerging from the downturn, which began with the oil price collapse in 2014. This year, spending on floaters is expected to jump by 30 per cent from the industry low of 2018. Check out our article on the Global Offshore Drilling market for more on the growth in this market. This month, our regional focus is Norway, Western Europe’s largest Oil and Gas producer who celebrate 50 years as a petroleum producer this year. In the UK North Sea Review, efficiency drives, decommissioning costs, the energy transition, collaboration agreements and a flurry of contract wins, asset sales and field operation updates were the highlights of the month’s activity. Our cover star is Artificial Intelligence specialists “VROC”. Look inside for their centre page spread on “Demystifying digital transformation”, which explores the real cost of technological change, the challenges of implementing AI and the impact of data driven insights.

FOR MORE INFORMATION VIEW OUR MEDIA PACK

Our “Women in Industry” segment features Fiona Carson, Chief Technical Officer for Lux Assure. Fiona studied chemistry at university and embarked upon a career as a scientist before progressing to her senior role as Chief Technical Officer. Fiona shares the experience which led her on path to the Oil and Gas industry. For “A Day in the Life”, we follow Mike Sibson, an Investor at “The British Growth Fund” (BGF) who specialise in investing within the energy sector. Mike leads the Aberdeen office, which has invested £130m in 14 businesses in the region

since 2012. We gain a valuable insight into his daily operations. Over in our “Innovation and Technology” zone, Harper UK guarantee significant time savings with their innovative “Portable Power Unit” which improvises mobilisation and demobilisation with just one load. Meanwhile, technology innovators S-Cube have developed the “XWI™ algorithm” – a new sensor predictive sensor analytics solution for seismic data. James Watson, CMO at Immerse discusses how their virtual technology can be used to upskill Oil and Gas workers and we look at Glencraft’s luxury offshore mattress which is designed to reduce fatigue on the platform. As this magazine draws to a close, we look ahead to what promises to be a hugely exciting next issue - our Offshore Europe edition! We are delighted to be hosting our very own “OGV Energy” pavilion at the event, in partnership with our primary sponsor for the event “Rever Offshore”, specialists within the Subsea industry for Construction, IRM, Decommissioning, Diving Operations and Project Management & Engineering. OGV Energy will also be hosting Offshore Europes largest networking bar crawl on Wednesday 4th September, so please sign up via the events page on our website. This year will be extra special as it will be hosted at the brand new TECA venue, in Dyce, Aberdeen. OGV Energy will welcome a range of energy and technology companies to our pavilion to celebrate the latest achievements from the Offshore industry, so if you are going, be sure to come to the stand and introduce yourself !

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CONTENTS FEATURES THIS MONTH 06

UK North Sea Review

Legasea - Transforming the industry’s attitude to waste management

Norway Oil & Gas

How satellite monitoring is shedding new light on refinery operations

Weatherford’s struggles highlight the larger service industry challenges

Rigs & Drillships: The global offshore drilling market

VROC AI - Demystifying digital transformation

INNOVATION & TECHNOLOGY 18

Harper UK – Significant time savings with innovative subsea equipment

S-Cube – Data-driven automated earth model building (FWI) from raw exploration seismic data

Immerse – How Virtual Reality Can Be Used to Upskill Oil and Gas Workers

Glencraft – Reducing fatigue with Glencraft’s luxury offshore mattress

Women in industry - Fiona Carson, CTO at LUX Assure

A day in the life - Mike Sibson, Investor at BGF, North of Scotland

World Projects Map

Contract Awards

On the move - Recruitment

Bassoe Analytics - Rig Utilisation

OGA Project Tracker - Pathfinder

TEXO Group officially opens new facility in Port of Blyth

Legal & Finance

Events

Editorial Kenny Dooley C-Growth Ltd / OGV Energy kenny.dooley@ogvenergy.co.uk +44 (0) 7825 885817

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Disclaimer: The views and opinions published within editorials and advertisements in this OGV Energy Publication are not those of our editor or company. Whilst we have made every effort to ensure the legitimacy of the content, OGV Energy cannot accept any responsibility for errors and mistakes.

UK NORTH SEA

UK North Sea Oil & Gas Review By Tsvetana Paraskova

The 32nd offshore licensing round, industry reports about efficiency, decommissioning costs and the energy transition, collaboration agreements and a flurry of contracts, asset sales and field operation updates were the highlights of the UK North Sea oil and gas sector news flow this past month.

“This latest release of carefully targeted, value-adding data demonstrates the OGA’s continued commitment to supporting industry in its efforts to revitalise exploration,” said Dr Jo Bagguley, Principal Regional Geologist at the OGA.

“We can help design the diverse energy system we need for the future, and through our knowledge and experience can be a central part of developing some of the technology needed to mitigate carbon from other heavy emitting industries through for example, Carbon Capture Usage and Storage.” The OGA also commented on the energy transition, saying that it would work to support fully the UK’s transition to a low carbon economy, but it would not conduct activities in relation to the energy transition that runs counter to its statutory duties in respect of MER UK, Maximising Economic Recovery Strategy for the UK. On 18 June, the subsea and defence industries joined forces to accelerate the development of underwater autonomous operations to unlock UK competitiveness. Subsea UK and its technology arm, the National Subsea Research Initiative (NSRI), joined forces with the UK Defence Solutions Centre (UKDSC) to accelerate the development of underwater robotics, unmanned operations, sensors and other technological and digital innovations.

U K

N O R T H

S E A

The Oil and Gas Authority (OGA) launched on 10 July, the 32nd Offshore Licensing Round with 768 blocks or part-blocks on offer across in the Central North Sea, Northern North Sea, Southern North Sea and the West of Shetlands. The licensing round is open for 120 days until the application closing date of 12 November 2019.

Deirdre Michie Chief Executive, OGUK

In early June, Oil & Gas UK, the leading representative body for the UK’s offshore oil and gas industry commented on the UK’s commitment to deliver net-zero emissions by 2050, with OGUK Chief Executive Deirdre Michie saying:

“It will help contribute to a paradigm shift in our industry with the over-arching goal of improving safety, developing efficiencies, with potential to optimise oil and gas production, reduce life of field costs and create a more competitive landscape,” said Tony Laing, NSRI Director of research and market acceleration. The OGA’s latest analysis on production efficiency showed on 20 June that production efficiency on the UK Continental Shelf (UKCS)

improved for the sixth year in a row in 2018, reaching 75%. This efficiency rate represents an additional 11 million barrels of oil equivalent overall, and is a 1% improvement over 2017, according to the OGA. “It is positive news to see PE has continued to improve year-on-year in the UKCS. The steady improvement demonstrates industry is keeping up best practice, sustaining efficiency efforts and driving new technologies,” said Loraine Pace, the OGA’s Head of Performance, Planning and Reporting. “The OGA remains committed to working with all operators in their efforts to further increase PE to the target of 80%,” Pace added. In another report on the industry, the OGA said on 2 July that the estimated cost of decommissioning would reduce to £51 billion in 2019, compared to £59.7 billion in 2017, despite including more assets and infrastructure than in the 2017 inventory. The analysis showed strong progress towards achieving the target of the industry and the UK government to reduce decommissioning costs by at least 35%, the OGA noted. “It’s really good news that industry is now halfway towards the collective target in just two years. Better capability and experience is providing greater certainty of actual UK decommissioning costs with several operators already achieving significant cost savings through adopting different approaches, learning and sharing with others, and challenging previous norms,” said OGA’s Head of Decommissioning, Nils Cohrs.

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UK NORTH SEA grow its UK production to more than 100,000 boe/d over the next two to three years.”

million grant from the Scottish Government through Scottish Enterprise.

For Petrogas, the deal is transformational in terms of production profile, remaining reserves, and value, according to Liam Yates from Wood Mackenzie’s Middle East upstream team.

“The energy industry is one of Scotland’s leading sectors and Scottish Enterprise is honoured to support BHGE in the creation of this Centre of Excellence and advanced manufacturing campus in Montrose. This is a major investment by BHGE and is further evidence of Scotland’s attractiveness as the top location for inward investment in the UK after London,” Paul Lewis, Managing Director, Scottish Development International, said.

“It has a strategy of expanding overseas and the North Sea is becoming a core area of focus,” Yates said.

Nils Cohrs Head of Decommissioning OGA’s

“The supply chain is also bringing new solutions to the market in terms of pricing structures, business models and technology,” Cohrs added.

“However, even with this sale, Total remains one of the UK’s top producers in 2019, with production underpinned by Elgin-Franklin, Laggan-Tormore and Culzean,” Ross Cassidy, a Senior Research Analyst on Wood Mackenzie’s North Sea team, said. Cassidy also commented: “The combination of Petrogas and HitecVision in the UK is a promising sign for investment in the UK upstream sector. The new Petrogas NEO joint venture aims to

On 19 June, Marginal Field Development Company (MFDevCo) announced that it had entered into a collaboration agreement with Petrofac to pursue opportunities in the recovery of stranded gas resources.

Paul Lewis, Managing Director Scottish Development International

On 20 June, subsea services group Acteon said it had completed the acquisition of US-based geosciences survey company TerraSond. In early July, Acteon announced another acquisition—it is buying Proserv’s international Field Technology Services and Survey business units in a deal expected to be completed at the end of July 2019. On 24 June, Enpro Subsea and DASS Can-K Pumps Inc. announced a Memorandum of Understanding (MoU) to provide targeted solutions globally for subsea and topside applications.

“At a time when industry is so firmly focused on extending the life of the UK Continental Shelf, we’re delighted to be working with MFDevCo to offer new and existing clients a solution to get more from their gas reserves,” said Nick Shorten, Managing Director for Petrofac’s Engineering and Production Services business in the Western Hemisphere.

Kvaerner said on the same day that it entered into a contract with Shell UK to perform an early-phase design engineering of the planned Jackdaw wellhead platform on the UKCS. Jackdaw will be an unmanned platform with a compact deck on a steel substructure standing on the seabed. Work begins immediately and will continue until the delivery of the final FEED study report in December 2019, Kvaerner said.

On the same day, Baker Hughes, a GE company opened its expanded Centre of Excellence (CoE) facility in Montrose, Scotland, to deliver solutions to boost offshore and deepwater productivity globally. BHGE invested £31 million in the expansion, which was supported by a £4.9

KW Designed Solutions said on 27 June that it had created a new internal Controls division to provide expertise for the specification and design of automated systems / process control equipment for a wide range of industries including oil and gas. continues

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S E A

Commenting on the deal, Wood Mackenzie said it is the latest example of oil majors divesting non-core assets in the UK to privately-backed firms and independents who aim to boost their UK upstream operations.

Commenting on the end of Greenpeace’s protest in the North Sea, OGUK Stakeholder and Communications Director Gareth Wynn said: “There are no winners as a result of this stunt, which both put safety at risk and failed to produce any solutions to how we can achieve the net zero future we all want to see. The arguments from Greenpeace are fundamentally flawed and sadly fail to recognise the reality that prematurely shutting down the North Sea will only increase the UK’s reliance on imports from across the world.”

N O R T H

“This transaction is consistent with our portfolio management strategy, aiming at lowering our break-even point by optimising capital allocation and divesting high technical costs assets. Our primary objective is to maintain the organic break-even before dividend below $30 per barrel and high-grading our portfolio will help us achieve this,” said Arnaud Breuillac, President Exploration & Production at Total.

In June, Greenpeace protested for weeks against an oil rig chartered by BP for drilling in the North Sea. The 12-day standoff ended on 20 June “with a series of protests targeting the company in Europe and the US,” Greenpeace said.

U K

In deals and field updates, this month’s highlight is Total selling several UK non-core assets to Petrogas NEO UK Ltd, the exploration and production arm of Oman-based conglomerate MB Holding. Petrogas has partnered with Norway-based private equity investor HitecVision in the US$635 million deal. The assets, formerly owned by Maersk Oil before Total acquired it in 2018, are located in the Eastern North Sea.

In field operations updates, Atlantic Petroleum said that production from the Orlando field, operated by Decipher Energy, began at a lower rate than expected, with production over the first two months averaging around 4,500 bopd, below the Licence Operator’s target of 10,500 bopd. Atlantic Petroleum remains optimistic that production rates will improve and progress in line with Decipher’s published production target and base case reserve estimate of 8 MMBOE.

UK NORTH SEA

RockRose Energy said on 1 July day that it completed the acquisition of 100% of Marathon Oil U.K. LLC and 100% of Marathon West of Shetland Limited ) from subsidiaries of Marathon Oil Corporation. “The quality of the assets and team materially strengthens Rockrose, with a significant uplift in our reserves and production and marks a significant step towards our strategic ambition of having operations of scale in the North Sea,” said RockRose Executive Chairman Andrew Austin. Airborne Oil & Gas said it had secured a second award from Anasuria Operating Company Ltd to deliver a second high flow Thermoplastic Composite Pipe (TCP) Jumper Spool in the Central North Sea, to support Anasuria’s operations in the Guillemot field, some 175 km east of Aberdeen.

U K

N O R T H

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Cluff Natural Resources announced on 1 July that it would be looking to reduce its 100-working interest in the Dewar Prospect and had launched a formal farm-out process to attract one or more partners to provide funding for future exploration of the block.

M C Y M CM Y MY CM CY MY CMY CY K CMY

Ensco Rowan plc said on 2 July that it would change its name to Valaris plc, effective from 31 July 2019. The new name was inspired by the Latin root meaning strength, courage and signifying something of value, the company said.

OGV Issue 23_STATS Advert_TP.pdf 1 09/07/2019 16:56:40 OGV Issue 23_STATS Advert_TP.pdf 1 09/07/2019 16:56:40

“This new identity will help to accelerate cultural alignment as we move forward as a larger, more diverse organisation and act as a catalyst to achieve our ambition to be ‘Boldly First’ as the leader in the offshore services industry,” President and Chief Executive Officer Tom Burke said. InterMoor said on 2 July it had been awarded the supply of mooring equipment for the completion of a mooring integrity project involving the change out of 12 mooring lines on the Alba FSU currently moored in the North Sea. i3 Energy awarded Baker Hughes contracts for its 2019 summer drilling programme on its Liberator and Serenity assets and its 2020 Phase I development of Liberator. The scope of the work awarded to BHGE will include directional drilling, drilling fluids, mudlogging, formation evaluation operations and wellheads, i3 Energy said on 2 July. Independent Oil and Gas said on the same day that it currently expects the Maersk Resilient jack-up rig to be on location to drill at the Harvey appraisal well by the end of July. Subsea services provider Rever Offshore announced on 4 July the successful completion of three standalone contracts for energy major Total E&P UK. The contracts utilised Rever Offshore’s multi-purpose dive support and offshore construction vessel (DSV) the Rever

Polaris, and ROV support vessel (ROVSV), the Rever Sapphire. InfraStrata plc, which develops natural gas storage capacity, announced on 9 July that it had entered into an exclusivity agreement with Meridian Holdings Co for a Floating Storage Regasification and Reloading Unit (FSRU) offshore Barrow-in-Furness in northwest England. The FSRU Project involves developing a floating LNG receiving port and is designed to deliver re-gasified volumes of natural gas directly into the UK market via its own National Transmission System (NTS) interconnection at Barrow-in-Furness. Hurricane Energy said on 11 July that the Lancaster Early Production System (EPS) Start-up Phase that began in May shows well productivity above expectations. On its Capital Markets Day, Hurricane Energy also increased its production guidance from 2020 onwards—from 17,000 bopd, which remains the base case, to an upper target of 20,000 bopd. “Looking ahead, we’ve updated our Lancaster EPS production guidance by adding an upside scenario from 2020 onwards, based on the many positive indications we’ve seen to date. We are tracking in line with production guidance for 2019 and are generating significant cash for reinvestment in future activity. Our phased Rona Ridge development continues with strong momentum,” Hurricane’s chief executive, Dr Robert Trice, said.

COMPANY FOCUS

Transforming the industry’s attitude to waste Management Recently formed Legasea is challenging the status quo when it comes to waste management in the energy industry. They provide an alternative route for recovered subsea production systems and were launched with the intention of 'changing the energy industry for the better!' When operators decommission subsea production systems, or deem them no longer suitable, the typical practice would be to dispose through recycling, eliminating the opportunity to re-use. Legasea can offer an alternative route for this equipment, removing any concerns regarding liability and duty of care. Adapting this way of working is crucial at a time when factors such as industry efficiencies and regulations are driving the industry to change. Legasea have been responsive towards this issue, launching a full-service solution for the energy sector, using their technical expertise through their obsolescence management service, they can recover, refurbish and re-certify equipment ready for reuse. The company is a one-stop shop for subsea production systems, providing cleaning services, refurbishment, re-certification, test and assembly, hydraulic and electrical subsea production testing, manufacturing and re-manufacturing. All delivered efficiently and cost-effectively. As the fields in the UKCS are maturing, demand for replacement critical components such as electrical connectors and hydraulic couplings, is exceeding supply. Many of these components are becoming harder to source, have long lead times or are obsolete, causing disruption to production, which is costing the industry. These same components continue to be treated as disposable commodities, devalued to metal scrap. When visiting their impressive facility in Echt, it’s clear to see that their recycle and re-use ethos runs throughout the entire business. On entering reception, there are upscaled seats created from wooden barrels and a collection of handcrafted furniture in their boardroom, made from recycled wood. The size of their new facility allows Legasea to take on large scale projects and offer a complete storage service and handling package for clients. The team of experts have combined experience in subsea and manufacturing, which makes them the ideal choice to implement a new waste management strategy for their clients. In following the waste management hierarchical pyramid, offering prevention through early identification pre-decommissioning and re-use through remanufacturing, Legasea can help tailor a company’s existing process for the future of obsolescence management. Operations Director, Ray Milne said, “We are at a very exciting phase, following our start-up, we have been overwhelmed by the positive response from the industry. There is a real appetite, amongst the operators and service companies, to be more environmentally conscious whilst; at the same time; saving costs incurred in production and decommissioning.”

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REGIONAL FOCUS

Oil & Gas

NORWAY By Tsvetana Paraskova

Western Europe’s largest oil and gas producer, Norway, celebrates 50 years as a petroleum producer this year. The petroleum industry is one of the pillars of Norway’s economy as oil and gas combined account for half of the value of all exports of goods. Norwegian oil and gas production has been declining in recent months and years, but thanks to major oil discoveries made before the downturn and set for production start-up over the next few years, Norwegian oil and gas output is expected to rise until the middle of the next decade. Now that the 2015-2016 investment and drilling downturn is over, companies operating on the Norwegian Continental Shelf (NCS) are eager to boost exploration efforts in search of new oil and gas finds to either tie-back to existing platforms in developed areas, if they are close enough, or to plan as a standalone development if they are large enough.

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Norway’s petroleum authorities warn that without a major new discovery that has to be made soon, Norwegian oil production is set for a decline beginning somewhere around 2025. Until then, production this year is set for another drop, before two major oilfields come online later in 2019 and in 2022 to boost production. Norway is also eager to tap the carbon capture and storage (CCS) and offshore wind markets to encourage greener energy developments and expand opportunities for its companies in the supply chain who have the engineering and technological expertise to deliver on such projects. In 2018, oil and gas exploration activity offshore Norway picked up pace. Activity was considerably higher last year than in 2017 and 2016, according to government figures. A to-

tal of 53 exploration wells were spudded last year, with 12 discoveries made. The resources growth from these discoveries was higher than in each of previous three years, but it is still insufficient to keep Norway’s production at a high level after 2025, the Ministry of Petroleum and the Norwegian Petroleum Directorate (NPD) say. Oil production in 2018 was 6 per cent lower than in 2017, as new start-ups were unable to offset natural production declines at mature fields. Gas production was high last year, but total gas sales were 2 per cent lower than in 2017, according to official figures. A decline in the 2018/2019 oil and gas production will be followed by rising output between 2020 and 2023. In 2023, overall Norwegian oil and gas production could approach the record level from 2004, the NPD said in its overview of the industry earlier this year.

This year, exploration is expected to remain at the high level from 2018 when 53 wells were spudded.

JULY RIG STATISTICS

will add to the Barents Sea production profile in 2022 and will boost Norway’s oil and gas production—Johan Castberg, with recoverable resources estimated at 450-650 million barrels of oil equivalent, is scheduled for first oil in 2022. Before Johan Castberg in the Barents Sea, Norway’s Equinor is set to start up a giant oil field in the North Sea—Johan Sverdrup—in late 2019. The first phase of the Johan Sverdrup development is nearly 90 completed, with production start expected in November 2019, Equinor said in June.

With expected resources of 2.1 billion—3.1 billion barrels of oil equivalent, Johan Sverdrup is one of the largest discoveries on the NCS ever made. The field development will be one of the most important industrial projects in Norway in the next 50 years and at its peak, the project’s production will account for 25 per cent of Norway’s petroleum output, Equinor says. According to the Economist Intelligence Unit (EIU), oil and gas investments in Norway are expected to increase between 2019 and 2023 and production will also grow in that period. Investments in 2018 rose slightly compared to 2017, but they will surge this year and remain strong next year, “reflecting strong underlying conditions” EIU said in a report on Norway’s oil sector at the end of June. “Moreover, since the decline in oil prices in 2014, the sector has taken steps to reduce costs and raise efficiency. These factors should generate consistent rises in oil sector investment throughout the forecast period” the report said.

“The activity level on the Norwegian Shelf is high. Production forecasts for the next few years are promising and lay a foundation for substantial revenues, both for the companies and the Norwegian society. There is considerable interest in exploring for oil and gas” NPD Director General Bente Nyland said in January. Despite the higher exploration activity, the current pace of resource growth is not enough, Nyland warned, noting: “Therefore, more profitable resources must be proven, and the clock is ticking.” There are a lot of remaining recoverable resources on the NCS, as just 47 per cent of the estimated total recoverable resources on the continental shelf have been produced since Norway became a petroleum producer 50 years ago. Most of the undiscovered resources, or more than half of Norway’s remaining oil and gas resources, lie in the Barents Sea, where the opportunities are greatest with vast areas yet to be explored, the NPD says. Two fields are producing in the Barents Sea right now—Snøhvit and Goliat. A third field

Norway’s oil and gas industry is set for a few bright years until 2023, but it will need more discoveries if it were to maintain production after the mid-2020s, according to government figures and industry analysts. Norway also aims to open offshore areas to offshore wind development, expecting wind power development to offer opportunities for Norway’s businesses. In early July 2019, the Ministry of Petroleum and Energy launched public consultation on a proposal to open the areas Utsira Nord and Sandskallen – Sørøya Nord to offshore renewables. “Offshore wind power offers great opportunities for Norwegian businesses” Petroleum and Energy Minister Kjell-Børge Freiberg said. “It is now time to prepare for the future development by allocating space for offshore renewables.” Norway also looks to develop carbon capture and storage (CCS) technology and sees CCS as having “the potential to be one of the most important measures achieving the goal of more energy and cleaner energy” minister Freiberg said in June. CCS is one of five areas of priority in Norway’s climate policies, but wider cross-border co-operation is needed in order to make CCS a workable solution on a global scale capable of reducing carbon emissions, Freiberg noted.

Source: Infield Rigs 15/07/2019 The data above focuses on the marketed rig fleet and excludes assets that are under construction, retired,

destroyed, deemed non-competitive or cold stacked.

INDUSTRY INSIGHTS

Berend Heringa, Partner at McKinsey

How satellite monitoring is shedding new light on refinery operations Advances in satellite monitoring provide insight into operational interruptions and maintenance activities at major refineries to give traders a competitive edge

In the increasingly complex and interconnected oil and gas value chain, any disruption anywhere in the world can have far-reaching implications. Unplanned or planned shutdowns, driven by unanticipated incidents or simply maintenance, can yield unforeseen opportunity for some or negative consequences for others. Given the impact of such events on commodity flows and energy markets, knowledge is power. For oil traders and others working in the trading arms of oil companies, hedge funds, etc., having upto-date information on production and supply—meaning as real-time as possible—can mean the difference between making profitable decisions and loss-making ones. For refinery owners, timely and accurate data is crucial to achieve the best margins available by using knowledge of how the market may be impacted by any competitor actions. For NOCs, it is simply about energy security. Yet, the oil and gas sector has long struggled with patchy, time-lagged and sometimes incorrect information pieced together from different

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Satellite monitoring at play

and insular sources, some more reliable than others.

At ExxonMobil’s Singapore refinery, satellite monitoring confirmed that a pre-announced shutdown was under way. Signs of activity were first observed at the Jurong Island complex in mid-February 2019. By early March, it was clear that multiple units—crude trains, hydrocracker, aromatics, lube oils—were affected. While the market had been informed about the planned shutdown, the monitoring provided valuable intelligence on its timing, scope, and capacity outage.

That’s where satellite monitoring comes in. Thanks to advances in digitisation, automation and advanced analytics, coupled with exponential growth in the number of commercial satellites in Earth orbit, high-resolution optical images from space can be procured, processed and mined for insights in close to real time. As an indicator of refinery activity, ground-level temperatures can be measured via infra-red imaging. Similarly, the concentration of atmospheric pollutants can be assessed to gauge SOx and NOx emissions near refineries. The possibilities are many, especially when combined with other data sources. Oil tanker movements can be monitored using automatic identification system (AIS) vessel tracking. Oil volumes can be estimated from the rise and fall of floating roofs on storage tanks.

At Shell’s Singapore refinery, by contrast, satellite monitoring revealed

By analysing and synthesising activity indicators like these through a combination of algorithms, machine learning and expert market knowledge, it is possible to predict—sometimes as much as six weeks in advance—the likely timing and extent of a shutdown and assess its potential impact on crude capacity and commodity flows. This capability is already uncovering new information, as the monitoring of recent shutdowns at two major refineries attests.

that an unannounced shutdown had taken place. Observation on 13 March revealed that materials and cranes were accumulating next to the crude units and that the chimney of the furnaces connected to the crude trains had stopped smoking. By early April, images showed that the clearance of the materials and cranes had begun, suggesting that the refinery would soon be back online. Insight into operational interruptions and maintenance activities at major refineries gives traders a competitive edge, allowing them to modify their trading strategy and make better and faster decisions based on objective data.

INDUSTRY INSIGHTS

Weatherford’s struggles highlight the larger service industry challenges By Loren Steffy

It wasn’t supposed to end this way. Back in May 1998, when Weatherford Enterra merged with EVI Inc., the combined company hoped to crack the market dominance of Halliburton, Baker Hughes and Schlumberger, the triumvirate that controlled the oilfield services market. Over the past two decades, the company, which became known as Weatherford International, charged through a long list of acquisitions, piling up debt as it shoehorned its way into the top of the industry. The Big Three became the Big Four, but for Weatherford, the cost of joining the industry’s top tier proved too much. It filed for bankruptcy in early July. At the time of its filing, its $7.6 billion debt was 20 times bigger than its meagre market value of $367 million. The company’s demise stemmed from its ambitious growth, but it underscores the wider struggles among oilfield services companies. Weatherford’s financial woes had been mounting for years. The company hasn’t posted a profit since 2011, its revenue fell by two-thirds in the past five years and its current employment of 26,500 is less than half what it was in 2013. As is often the case with a serial-merger strategy, Weatherford struggled to integrate all the companies it acquired. At first, it was able to mask the problems with burgeoning revenue numbers and an expanding market share. For a time, the company attracted contracts worldwide by offering an alternative to the Big Three. Its shares, which traded at almost $15 after the Enterra merger peaked at almost $50 a decade later. But the crude price decline in 2014, in which oil plunged from more than $100 a barrel to less than $30, exposed its internal problems. While Weatherford may be an extreme example of hardship in oilfield services, it isn’t the only one. In the five years since oil hit bottom, the business has been struggling with crude prices

that have remained stubbornly modest. Service companies are usually the first to feel the cutbacks as oil prices fall and producers scale back drilling operations. Drilling contractors typically discount during such times, then increase prices during the recovery. But in the past five years, as crude prices rebounded, producers grew more efficient and cost-conscious, which kept service company margins under pressure. As a result, the contractors jockeyed for market share, ploughing more capital into new equipment in the expectation that demand for drilling would return at some point. But in places like the white-hot Permian Basin, the most active U.S. oilfield, producers’ drive for efficiency is change the demand picture. They’re using longer laterals in horizontal drilling and other technological advances that allow them to extract more oil from fewer wells. What’s more, as the race for new discoveries in the Permian has slowed, companies have adopted a manufacturing-like approach. This, too, reduces demand for contractors, and it also plays to the financial strengths of large producers like Exxon Mobil. Because of their size and financial strength, these companies can demand better prices from contractors or, in some cases, handle their drilling operations themselves. It’s little wonder then that equipment is piling up in pipe yards around the country. The number of available fracking pumps, one of the most expensive pieces of equipment on a modern drill site, exceeded demand by 68 per cent at the end of last year, according to the consulting firm Rystad Energy. The number of active rigs in the U.S. has declined even as production has surged. In June 2014, just before prices collapsed, 1,545 rigs produced 8.4 million barrels of oil. In June 2019, U.S. production hit a whopping 12.2 million barrels — 45 per cent more than five years ago — yet only 788 rigs were running, a reduction of 49 per cent.

Some companies, including Weatherford and Schlumberger, have been selling off businesses in hopes of generating better returns for investors. In fact, in the past five years, the benefits of rising production have flowed disproportionately to producers at the expense of drilling contractors. Ten years ago, services firms’ return on capital was more than 13 percentage points higher than producers. Today, it’s 7 percentage points less. And while the increase in U.S. production is impressive — it’s expected to rise by another 1.4 million barrels a day this year — America isn’t the only oil-producing nation boosting output. Countries such as Norway, Brazil and Canada are all expected to increase production next year, according to the International Energy Agency. All of this comes in the face of slowing global demand for crude and growing signs of an economic slowdown. OPEC’s agreement to curtail production is the only thing standing between U.S. producers and another price rout. Meanwhile, Weatherford is hoping its pre-arranged bankruptcy filing will enable it to shed debt and make it more competitive. The company has been selling assets for several years, but it wasn’t enough to forestall bankruptcy. Facing interest payments of $553 million on its debt this year, and $2.6 billion worth of notes coming due in 2021, it reached an agreement with creditors that, if approved by the bankruptcy court, will allow the company to swap $5.8 billion of its debt for equity in the reorganised company. Once out of bankruptcy, Weatherford is likely to focus on areas that set it apart from its larger competitors, such as its offshore business and artificial lift systems that enhance oil and gas recovery. It’s one of only two companies — Franks International of Houston is the other — that sell specialised pipe for underwater wells. It’s too early to tell if the strategy will succeed, especially with producers under pressure from Wall Street to cut spending even further. Weatherford’s dreams of becoming one of the biggest in its business didn’t pan out. Now, it needs to focus on what it does best and develop a new strategy for surviving in the rapidly-changing, and financially austere, market fo r s e r v i ce s .

INDUSTRY INSIGHTS

since the third quarter of 2018 and rigs in this segment are expected to be close to fully utilised in the coming years. As of May 2019, not only the sixth and seventh generation drillships but floaters, in general, are seeing more rigs on contract this year in comparison to last year’s total,” Rystad noted. The offshore rig market improved over the past year and a half, but utilisation rates are still below the 2010-2014 up-cycle of average 76-per cent rate, Westwood Global Energy Group said in its RigOutlook forecast in June. As at May 2019, a total of 460 mobile offshore drilling units (MODUs) were working globally— the highest level of activity in three years, since May 2016, when there were a total of 466 rigs working. Currently, the global utilisation rate for the MODU fleet is at 59 per cent, which is 12 per centage points higher than the lows seen in February 2017, according to Westwood. segments, with purchases down by more than 60 per cent, according to estimates from Rystad Energy.

Rigs & Drillships:

The Global Offshore Drilling Market By Tsvetana Paraskova

Global offshore drilling activity and the rig market have finally emerged from the downturn which began with the oil price collapse in 2014. Service contractors were hit the hardest by the oil price slump and the following significant reduction in drilling activity by oil and gas E&P companies. Now that oil prices have increased from the 2015-2016 lows, drilling activity is picking up pace again, as delayed projects are now being sanctioned and upstream investment is slightly recovering from the lows of 2016 and 2017. During the downturn, drilling contractors suffered the most among the oil and gas industry

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The drilling segment is now set to slowly regain ground with renewed interest in project sanctioning, thanks to more stable oil prices, the energy research and business intelligence company said in June 2019. Across all oilfield services segments, offshore purchases hit a rock bottom of US$191 billion last year, down from a peak of US$352 billion in 2014. This year, spending on floaters is expected to jump by 30 per cent from the industry low of 2018, while spending on jack-ups and barges will rise more than 7 per cent, Rystad Energy reckons. “After a successful year in 2018 for major E&Ps, the now cash-flush exploration and production companies are expected to increase their spending on mobile offshore drillers. The floater segment, in particular, is where we anticipate the most rapid growth and this is driven by a new wave of greenfield (development) projects in deeper water,” according to the company. Going forward, the floater segment growth will be driven by higher activity in ultra-deep waters and harsh environments, with projects in the North Sea, both in Norway and the UK, the US Gulf of Mexico, Brazil, and West Africa, Rystad Energy said. “Several high-end sixth and seventh generation drillships have received long-term contracts

“While there remain some regional markets which continue to be challenged, the rig market as a whole appears to have emerged from one of the worst downturns in its history. Over the coming months and years, demand is expected to continue to increase as a backlog of delayed projects continues to be worked through, and aging, under-spec rigs continue to be retired,” Matt Adams, Senior Analyst, Rigs & Wells at Westwood, said, commenting on the outlook. “Whilst, even in the most optimistic scenario, it seems unlikely that the offshore rig market will return to the heights of the previous upturn, there should no-doubt be cautious optimism,” Adams noted. The acceleration in offshore rig activity lifts rig rates for certain types of rigs in some areas, with the ultra-deep water (UDW) floating rigs drawing a lot of attention, Westwood said in May 2019. Utilisation in the 139-rig fleet of UDW floating rigs is currently 76.9 per cent, while one-third of rigs are contracted into 2021 or even later. According to Westwood’s Riglogix Rig Requirements analysis, more than 200 drilling programmes are currently planned to be carried out with either a semi or drillship over the next three to four years. The Norwegian sector of the North Sea, South America, and Africa are expected to be among the regions with high rig demand over the next few years. At present, overall working jackup utilisation rate is approaching 70 per cent—this is up from 60 per cent just a year ago, Westwood has estimated.

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Whilst, even in the most optimistic scenario, it seems unlikely that the offshore rig market will return to the heights of the previous upturn, there should no-doubt be cautious optimism,

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- BRENT OIL PRICE 2018 - $74.25 OPEC and Russia-led countries, part of an oil supply deal, reached a preliminary agreement to increase output f rom the group by a nominal 1 million barrels per day starting July 1st. Norway approved the Johan Castberg development plan, operator Equinor stated it was “a great day for the project and for the license partners.” In Brail, ExxonMobil completed the purchase of half of Equinor’s interest in the BM-S-8 block.

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Matt Adams, Senior Analyst, Rigs & Wells at Westwood

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YEARS AGO

- BRENT OIL PRICE 2014 - $110.18

“After an extended downturn, the market is watching closely to see when improved utilisation will yield higher day rates. In some areas, day rates are already hitting over $200,000, and continued demand for specific types of rigs is good news for the industry,” said Steve Robertson, Head of Rigs and Wells at Westwood Global Energy Group. “The fact that some operators are committing to rigs far in advance is a clear sign that they are anticipating further day rate rises.” Earlier this year, Wood Mackenzie expected day rates for floating rigs—which had stayed low in 2018—to remain low this year, but the market is set to balance out next year. “Despite encouraging signs indicating the potential for higher exploration activity, we believe day rates will remain low throughout 2019, but we can expect the market to balance out in 2020,” Mhairidh Evans, Principal Analyst, Upstream Supply Chain at WoodMac, said in February, and pointed to signs of renewed optimism in the offshore upstream supply chain after a difficult few years. During the downturn, the supply chain in oil and gas exploration and production “has had to roll with the punches” and is still struggling to assess where the post-downturn ‘new normal’ in demand will be, Wood Mackenzie’s Evans said in an analysis in April. According to Wood Mackenzie Upstream Supply Chain research, demand for floating rigs plunged by 55 per cent between 2013 and 2018, subsea demand dropped by 40 per cent, demand for floating production systems (FPS) including leased units went down by 25 per cent, and

demand for subsea umbilicals, risers and flowlines (SURF) installations also dropped by 25%. Rigs suffered the most because of the smaller projects with fewer wells and facilities, Evans says. Subsea demand will be driven over the next few years by subsea tiebacks which are now “the development type of choice more than ever before,” the analyst noted. Demand for FPS will return to the levels seen in 2013, while SURF installation demand did not fall as much as the other offshore packages, because there was installation demand of transmission lines not directly associated with offshore development, according to WoodMac. There is some growth ahead, but it will be patchy and depending on the region, so growth will not be at a great pace, the consultancy said. The upstream supply chain is not raking in much cash flows these days. “Margins are still dangerously low and expectations from operators are still for low pricing and fast execution and there’s still a lot of uncertainty about what the future holds,” according to WoodMac. However there is a way forward for offshore upstream and it is ‘simple complexity’, Evans said. Operators continue to stick to simpler project executions to which they have adapted during the downturn. Yet, the industry acknowledges “that the lower hanging fruit has gone, and the remaining projects are more complex,” Evans noted, and continued: “But that’s not all bad. For the supply chain, complex often equates to longer, and longer will mean bigger, more sustained returns for a sector ripe for recovery.”

Premier Oil sold interest in six Central North Sea offshore licenses to Hungary’s MOL Group for US$130 million. Two Offshore Helicopters were forced to make emergency landings at Aberdeen International Airport in separate incidents. Petrofac won Caspian Sea Shah Deniz contract, valued at £5 million the contract covers onshore, offshore and pipeline assets in the Azerbaijan sector.

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- BRENT OIL PRICE 2009 - $64.44 Industry body Oil & Gas UK revealed that year-on-year exploration for petrochemicals on the UKCS had fallen by 57 percent and new productions had fallen by 7 percent. China moves on more foreign oil: China Petroleum & Chemical Corp., the country’s largest ref iner, and CNOOC Ltd. agreed to buy a 20 percent stake in Angola’s offshore deepwater Block 32 for $1.3 billion f rom Marathon Oil Corp. Marathon, the fourth-largest U.S. oil company, will keep a 10 percent interest in the block.

COMPANY FOCUS

DEMYSTIFYING DIGITAL TRANSFORMATION

VROC CEO TREVOR BLOCH DISCUSSES DIGITAL TRANSFORMATION AND HOW TO MAKE IT WORK

The real cost of technological change The real challenges of implementing AI The real impacts of data driven insights Globally, the energy industry is at a crossroads. And increasingly, the question being asked is about the role that technology can play to enable the digital transformation we can all see looming. Most will assert that the movement towards artificial intelligence, industrial big data and predictive maintenance and general digital enablement is important. But many have yet to start the journey down the proverbial rabbit hole. I founded VROC AI to give companies access and insight into their own data through the implementation of cutting-edge AI technology. But in the years we’ve been in operation, we’ve seen a huge disparity in how digital transformation is being approached. The implications of industrial AI and analytics are many and varied. And lots of the companies we work with are only starting their digitalisation journey. Many don’t know what data they have, where it’s stored or how to access it - and yet they want a tool like VROC to analyse, synthesise and interpret their data. It’s an interesting place to be in, at the forefront of cutting-edge tech, but with so much work to do before our clients are ready to fully embrace and apply it.

Trevor Bloch Group Chief Executive Officer

AI platforms aren’t really a cost It’s not silly to think of new technology as costly. Change can often be as expensive as it is important. But we’ve seen time and again that implementing AI enabled tech very quickly causes it to go from a cost to a profit centre very quickly - thanks to its ability to generate outstanding ROI. Our case studies are full of examples. In just one of them, the rapid identification of the root cause of a problem that was resulting in near constant shutdowns, calculated expected benefit was more than $1.2m per year thanks to the reduction of maintenance costs and downtime.

Implementing an AI system is the easy part It might sound like an overstatement but it’s true - because the real challenge is generating the data lake that any AI system is contingent on. AI is only as good as the data it’s fed. And in many of the cases we see, the proposition of AI doesn’t rest on the ability to integrate with systems but rather the access to clean and usable data. But this is where VROC Digital, our consulting arm, comes in.

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Arguably the most important piece is the digital transformation puzzle, where the challenge we address is helping industrial companies quickly identify and visualise information among vast quantities of structured and unstructured data and deliver results to support time-sensitive processes.

Digital transformation teams aren’t the only ones pioneering predictive maintenance technology Sometimes, the adoption of AI is an operational, on the ground initiative - and we’ve seen that work just as well as when it’s championed by a digital transformation team. In some cases, it’s been easier and simpler, because the Engineers dealing with the tech are the ones that need to truly understand and experience its benefit. When a predictive maintenance platform allows an Engineer to quickly, accurately and easily identify the root cause of a failure or the likely time to failure of a critical piece of equipment, the motivation to adopt can become much stronger and can ultimately make the entire transformation process much smoother.

Predictive analytics isn’t just for Data Scientists anymore There’s a common misconception that predictive maintenance modelling is only relevant for Data Scientists that already spend their time creating time to failure and root cause analysis models. But the reality is that there’s application for this kind of tech all over a business. With the right kind of user-friendly technology anyone from an operational, on the ground Engineer right up to a General Manager should be able to easily and simply use an AI enabled predictive analytics software to create incredible results.

Safer and more sustainable There’s no doubt that AI enabled technology, particularly predictive analytics and maintenance can majorly reduce shutdowns, turnarounds and outages. What most haven’t considered though is the positive impact this is having on worker safety and sustainability. By reducing workplace incidents of shutdown through predictively identifying what equipment is going to break, before it does, organisations can take

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workers out of harm’s way with proactive, predicted maintenance. The sustainability impacts generated by AI are also far reaching and profound especially in the energy industry, when you consider its ability to reduce flaring and therefore its detrimental environmental impacts.

Change management is the hardest part of digital transformation Change management can be hard at the best of times. Add the perceived threat of robot overlords into the mix and you’re in for a hell of a ride! The first question to ask in this area is, “Are you really ready to implement advanced analytics solutions?” If you believe you are, there needs to be buy in from the top down. The board, executive, and managers all need to believe in the power and potential of AI enablement. The biggest hurdle in this arena is often convincing people that bringing in AI technology won’t make their jobs redundant - rather it will take care of the repetitive and monotonous tasks as well as the ones beyond human cognitive capability. While AI has the potential to be ‘creative’ in a limited capacity, it will likely always require humans to assemble datasets, code the AI and apply the more exclusively human skills of judgement and nuance. When combined, AI and humans can achieve great things.

industrial data, I began a Research & Development project within BLOCHTECH Engineering (the first company I started) to work with existing clients and test the ability to provide value to clients from the data they were already collecting. After a successful product development and commercialisation journey, we began winning consulting jobs while build-

ing out the core product. Our first major project was won against competition from IBM, SAS, GE, Amazon, and Google. UK Contact Details: Ian Anderson, VROC UK CEO ian.anderson@vroc.ai www.vroc.ai / +44 7860 577 111

About VROC AI VROC is a predictive analytics company dedicated to ensuring that your business can effectively harness artificial intelligence and machine learning technologies to maximise the value of your assets. Our mission is to give you back control over your data and empower you to discover valuable insights for more effective decision making. Shortly after identifying the potential of harnessing access to

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INNOVATION & TECHNOLOGY ZONE SPONSORED BY LEYTON

HARPER UK – SIGNIFICANT TIME SAVINGS WITH INNOVATIVE SUBSEA EQUIPMENT

Harper UK have the UK’s largest fleet of fully certified DNV 2.7-3 subsea baskets from small tooling baskets to recovery baskets to 16m in length. All the baskets have been designed with input from subsea customers and have safety benefits as well as robust structures without enclosed cavities. This means they can be used at any depth resulting in them being a great addition to any decommissioning project. Other items in the rental fleet include subsea steel weights, diver cages and subsea concrete mattress lifting frames. The rental fleet currently sits at around 300 assets.

Harper UK’s commitment to innovation and helping cut costs for clients is shown with the 6 figure investments given to the patent pending portable power unit (PPU), used for vessel mobilisations and demobilisation. Images 1 & 3. In one lift, this unit can equip a 14-man team for work within the space of an hour. This has transformed the conventional way of working which requires multiple loads, meaning more hours spent waiting. Harper UK’s bespoke PPU has improved efficiencies to ensure the most effective

vessel mobilisations and demobilisation for the future. The unit offers significant savings on time and consists of a drop, plug and play system, housing welding machines, cutting equipment, a compressor, hand tools, spare and consumables; As well as remote E-stop that can also be linked to the vessel and moved around the deck to cut equipment power in the event of issues. The PPU is power by a self-contained diesel engine but in the event of failure can be powered by an external power source.

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Harper UK are a North East fabrication and rental based just north of Aberdeen on the A96. Within the 10-acre site, the company have fabrication facilities for all types of metal plate and pipe and a large storage and test area used to store the subsea rental fleet. This is also utilised by clients, storing large pieces of equipment. Investing in innovation is at the heart of Harper UK and is clear throughout their impressive product range.

Image 1 “External view of PPU”

PPU BENEFITS • Drop, plug and play design • Ability to have 14 workers working with the space of an hour as opposed to being around 5 hours to set up 9 welding machines • Consists of 9 welding machines, compressor, burning and cutting equipment, hand tool, consumables and spares • Powered by an emission’s compliant diesel engine with the ability to switch to external power if required • Smoke and heat alarms inside the PPU • Remote e-stops can be moved to be used by the crew on deck

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INNOVATION & TECHNOLOGY ZONE

Whilst innovation plays a fundamental role in every economy, many UK firms remain unaware of the full range of Government incentives available to them in support of their product or service developments.

SUBSEA BASKET BENEFITS • Fully certified DNV2.7-3

• Stackable on and offshore and for transport • No enclosed cavities • High payloads

“Leyton’s specialism is not only in their tax knowledge around R&D legislation, but in their technical knowledge. Their technical team have done our job, therefore they are readily able to identify areas of R&D that we previously thought were routine. The ease of the process really helps our staff get on with their work, and gives us peace of mind that such a niche area is being looked after. Would highly recommend them to businesses even if they already claiming, their record speaks for itself.” MD, Oil & Gas Engineering.

• Robust designs • Less drag through splash zone

With the changes in the industry, now is the ideal time to understand what help is available to your business from government incentives or to review your existing process in claiming relief.

Image 3 “Baskets on vessel”

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• Designed with diver and deck crew safety in mind all rounded corners

In the UK, in addition to our tax expertise, Leyton’s specialism sits with our Technical Consultants. Coming from a broad range of industries and sectors, they understand our clients’ processes and the challenges they face in day to day projects. As a result they can easily relate to the advancements being sought to proactively highlight your R&D activity.

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In the subsea basket market, Harper UK were the only company in Europe that could supply directly for the project displayed in Image 3 “baskets on vessel.”

Image 2 “Internal view of PPU”

Leyton are proud to have returned over £35million in R&D Tax Relief, R&D Allowances, Patent Box Relief and Grant Funding to our Oil & Gas and supply chain clients. In many instances, our clients were already claiming under these schemes, often with the support of accountants or other specialist firms. In these situations we have been able to enhance their existing claims processes, resulting in a typical claim uplift of 40% for R&D tax relief alone.

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Leyton, with 20 offices, are Europe’s largest R&D Tax Consultancy, having assisted over 8,000 UK clients and returned over £500million in reliefs and incentives. The challenges and opportunities faced within Oil & Gas mean that now more than ever, firms are thinking differently about how they do things and are continually developing and improving their products and services.

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DATA-DRIVEN AUTOMATED EARTH MODEL BUILDING (FWI) FROM RAW EXPLORATION SEISMIC DATA

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Technology innovators S-Cube launched in 2015 to advance data-driven automated earth model building (FWI) from raw exploration seismic data. Their XWI™ algorithm is unlocking the potential of untapped deep-sea deposits whilst reducing risk for the industry. Founder Dr Nikil Shah won Young Entrepreneur of the Year at the Asian Business Awards and discusses S-Cube’s AI technology.

Interview with Dr Nikil Shah, S-Cube

Can you tell us about S-Cube’s AI technology and how it works? The S-Cube Cloud is home of the XWI™ algorithm – a new sensor predictive analytics solution for seismic field data. Using advanced search and adaptive machine learning optimisation technology, it transforms seismic data and provides the best possible 3D image of the interior of the earth to uncover new resources and define drilling paths with greater unprecedented precision. Further, it has the predictive power to modify existing rock property predictions and shift them in the direction of known values at previously drilled locations, improving alignment by up to 90%, using nothing but surface seismic data. A by-product of running on the cloud is the launch of the first ever ‘Pay as You Go’ cloud user model for the energy sector available on demand via the Amazon Web Services cloud and piloted with Tullow Oil.

What are the key benefits of this technology for the energy industry? The XWI™ provides the ability to view the interior of the earth with superior definition, focus, accuracy, and certainty.

its and help exploration and production operators achieve greater efficiencies. With a robust 3D model, they can reduce drilling risk, avoid costly dry holes and maximise recovery. All of this can also be done at a faster rate as we have reduced model building time to 3 weeks from the standard 9-12 months.

How does this technology help to reduce costs? Essentially, the XWI™ gives energy firms the ability to make drilling decisions quicker and with more certainty. We all know that time is money, and in this case, our solution helps ensure that no time is lost – whether that would be on drilling in the wrong locations or by going through lengthy decision processes. The XWI™ framework can scale to thousands of square kilometres whilst retaining iteration cycle times to minutes, rather than hours or days. Further, it can focus in on key areas where higher definition is required.

Tell us about your recent achievement, being named Young Entrepreneur of the Year at the Asian Business Awards? This was a very proud moment. I have long held a vision to spark change by embedding and unlocking the potential of artificial intelligence in the context

Our models have been tested against the wellbore measurements and demonstrated the capability to provide accurate predictions that align with the downhole measurements up to 4 km deep. Below 2 km is generally where standard techniques go wayward whilst with XWI™ continues to maintain accuracy. This means we are able to significantly reduce risk and uncertainty in identifying untapped deep-sea depos-

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of a capital-intensive industry and it fits directly with the country’s digitalisation strategy for the industry as iterated on the night by Phillip Hammond. The award came in recognition of our success in theorising, patenting and implementing the Adaptive Waveform Inversion (AWI™) oilfield sensor technology. The smart optimisation cost function is integrated within the XWI™ framework and gives an adaptive way of scoring the predictions using a mathematical mapping between field data and model predicted data. AWI thus generates more accurate model updates when starting further from the truth. It was the breakthrough on which we founded S-Cube.

What are S-Cube’s plans for the future? Will the company be using artificial intelligence to develop further technology? Yes, we are not stopping at this. The ultimate goal for us is to deliver a solution that will give global energy companies the ability to make real-time decisions while a seismic survey is being conducted. We strive to use the technology to make sure that our customers can optimise production, improve decision making, enhance safety, reduce costs and – ultimately – deliver a superior return on investment. The applications of AI in this sector are endless and we want to lead the charge towards greater automation and accuracy from upstream to downstream to carbon storage.

INNOVATION & TECHNOLOGY ZONE

HOW VIRTUAL REALITY CAN BE USED TO UPSKILL OIL AND GAS WORKERS By James Watson, CMO at Immerse

Immerse is unique in being able to offer a technology platform that enables enterprises to create, scale and measure VR training content, transforming learning and development (L&D) across a range of sectors, including oil and gas. Using VR technology, companies can provide training environments where staff can train, without the high costs and risks associated with real-world training.

The L&D challenge

There’s huge potential for dynamic, scalable VR training in the Oil and Gas space. A virtual drilling rig, for example, could be used for fire training, health and safety training, and employee onboarding. Multi-user VR means that several people can be trained at once, with skilled Engineers passing on their knowledge in the virtual environment. The content can be used multiple times and in many locations at once, and it can be continually refined as the real environments, machinery and processes are updated.

When we talk about the benefits of VR training, we often talk about the idea of ‘presence.’ This is the innate ability of VR to virtually transport someone to another place. The VR headset covers the face and blocks out the real world, allowing the user to feel present in the virtual environment, and encouraging them to react to audio-visual stimuli as if it’s real.

INNOVATION & TECHNOLOGY ZONE SPONSORED BY LEYTON

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VR training can result in a more engaged, better equipped and safer workforce. There are few industries where this is more important than in Oil & Gas.

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Reality without the risk

To give an example, Immerse worked with Shell to create a VR simulation of a storage tanker overspill, as part of an emergency response assessment pilot program. Realistic visuals and sounds recreated the intensity of the situation, and participants were challenged to use their skills and knowledge to minimise risk. The assessor could join participants in the VR or observe via a web browser, and they could also talk to participants and trigger actions during the simulation.

Compared to more traditional methods such as lectures, PowerPoint slides, and basic computer-based exercises, this form of training elicits a much higher level of emotional engagement from the learner, speeds up the absorption of information, and improves retention.

This is where VR training comes in. VR technology replaces the world with a realistic digitally-rendered environment. The user takes part in a simulated experience, interacting with their surroundings, virtual objects, and other participants. Using VR, Oil and Gas workers can be given intensive safety and emergency training without being put in real danger, and new workers can gain useful experience of their working environment before they actually reach the site.

The future of training I N N O V A T I O N

Oil and Gas companies need highly talented, expertly trained staff, who can follow complex processes whilst adhering to stringent regulations. However, providing effective training is a challenge in the Oil and Gas sector: it’s expensive and difficult to transport staff to the site for training, and often impractical to take equipment out of service. Plus, practising emergency responses is impossible without putting staff in dangerous situations.

Digital environments can be visualised at a very high fidelity; you could recreate a large refinery, a confined space, or the experience of working at height, for example. As the brain is tricked into thinking these environments are real, visceral emotions such as fear and vertigo are provoked, allowing workers to practise working in stressful scenarios while they’re actually in a safe, controlled space without physical risk. Tracked hand controllers enable users to visualise and interact with believable digital versions of objects such as wrenches and gas detectors, and colleagues can collaborate in the same environment.

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REDUCING FATIGUE WITH GLENCRAFT’S LUXURY OFFSHORE MATTRESS

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As offshore workers experience disrupted work patterns, concerns have now been voiced regarding the potential impact fatigue and performance impairment has on offshore workers, specifically towards the end of these 2-3 week shifts, making injuries and accidents more likely on these dangerous and demanding jobs. According to the NHS, regular poor and interrupted sleep also puts you at risk of serious health problems. Whilst shift work, including overtime, extended working hours and alternating shift rotas, does not only impact worker’s productivity and efficiency, it has the potential to impact the safety of the individual, their colleagues and the rigs/ platforms, as well as their social and home life, even providing a significant safety risk when driving home once onshore, post-shift. The only way for your body to naturally recover and revitalise is through sleep, providing your body with regular maintenance and repair. With a good night’s sleep, your body heals itself whilst your brain makes new connections and helps with the retention of memory. New studies have shown that having a good night’s sleep is more effective on your overall health than any exercise or diet. You use your mattress more than anything else in your life. If you choose the right one then it sets you up for success in everything else you do. An increasing number of studies show that those who get a good night’s sleep are the most productive at work. Well rested people start their shifts with more energy, focus and concentration. However, many people forget the established link that exists between a good night’s sleep and the quality of your mattress. Glencraft have worked hard to create a luxury offshore mattress, Crib 7 under BS 7177 : 2008, believed to be the first of its kind in the UK. Designed to help with the challenging offshore lifestyle and help alleviate the issues stated above, this mattress will revitalise, energise and refresh offshore workers for both night and day shifts, aimed to improve both their mental and physical well-being by providing quality mattresses for a quality sleep. The benefits of using natural materials are clear. The luxury offshore mattress contains horsehair – this is open-celled and hollow and therefore wicks the moisture away from the body thus providing a restful sleep. The materials used in this mattress are well proven, having been initially used centuries ago. They are much kinder to the environment and readily available compared to some of the man-made materials and foams used elsewhere. In today’s society it is much better to use natural products as foams deteriorate over time and retain moisture – not good for aiding sleep!

OFFSHORE LUXURY MERIDA CRIB 7 UNDER BS 7177: 2008 TECHNICAL SPECIFICATION Operators and major service companies in the North Sea have already turned to Aberdeen-based Glencraft to help their people get a good night’s sleep. Having such a sound understanding of the energy sector and its stringent requirements, our mattresses are continually tested to ensure that nothing is left to chance therefore giving customers peace of mind that we are in compliance with all legal requirements is key for Glencraft. Graham McWilliam, Managing Director of Glencraft said: “I’m genuinely excited about the introduction of this offshore luxury mattress to our

range. It will undoubtedly make a difference to the experience of the offshore workforce whilst on the platform. The feedback from current users has been tremendous and the team here at Glencraft look forward to supplying these for many years to come.” Since 1843, Glencraft, based in Aberdeen, has been manufacturing the finest, luxury mattresses. Every Glencraft bed and mattress is built from the highest quality material, from individual pocket springs, felted wools, cottons, natural horsehair, alpaca, silks and cashmere which are handcrafted by skilled craftspeople, many of whom are disadvantaged.

INNOVATION & TECHNOLOGY ZONE SPONSORED BY LEYTON

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COLLISION AVOIDANCE COLLISION AVOIDANCE COLLISION AVOIDANCE COLLISION AVOIDANCE COLLISION AVOIDANCE COLLISION AVOIDANCE COLLISION COLLISIONAVOIDANCE AVOIDANCE

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• TRAVELLING BLOCK MONITOR • TRAVELLING BLOCK MONITOR TRAVELLING BLOCK MONITOR • TRAVELLING BLOCK MONITOR TRAVELLING BLOCK MONITOR • •TRAVELLING BLOCK MONITOR •• COLLISION COLLISION AVOIDANCE COLLISION AVOIDANCE AVOIDANCE •TRAVELLING COLLISION AVOIDANCE • BLOCK MONITOR COLLISION AVOIDANCE • TRAVELLING BLOCK MONITOR • COLLISION AVOIDANCE • ZONE • MANAGEMENT ZONE MANAGEMENT ZONE • MANAGEMENT ZONE MANAGEMENT COLLISION AVOIDANCE • ZONE MANAGEMENT • COLLISION AVOIDANCE • ZONE MANAGEMENT •• LINK LINK TILT / MONKEY BOARD PROTECTION •LINK LINK TILT MONKEY BOARD PROTECTION TILT / /MONKEY BOARD PROTECTION TILT / MONKEY BOARD PROTECTION ZONE MANAGEMENT LINK / MONKEY BOARD PROTECTION •TILT MANAGEMENT •• LINK TILT /ZONE MONKEY BOARD PROTECTION CRANE COLLISION WARNING SYSTEM ••• CRANE CRANE COLLISION WARNING SYSTEM CRANECOLLISION COLLISIONWARNING WARNINGSYSTEM SYSTEM • • •LINK LINK / MONKEY BOARD PROTECTION TILTTILT /COLLISION MONKEY BOARD PROTECTION CRANE COLLISION WARNING SYSTEM CRANE WARNING SYSTEM • CRANE • CRANECOLLISION COLLISIONWARNING WARNINGSYSTEM SYSTEM

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• DECK MOTION MONITOR • DECK MOTION MONITOR • DECK MOTION MONITOR DECK MOTION MONITOR • BALLAST CONTROL • BALLAST CONTROL • BALLAST CONTROL • DECK MOTION MONITOR CONTROL • BALLAST DECK MONITOR • MOTION LEAK DETECTION • LEAK DETECTION ••LEAK DETECTION DECK MOTION MONITOR • BALLAST CONTROL LEAK DETECTION • • WATER DECK MOTION MONITOR BALLAST CONTROL TIGHT DOOR MONITORING • • WATER WATER TIGHT DOOR MONITORING TIGHT DOOR MONITORING WATER TIGHT DOOR MONITORING • BALLAST CONTROL • LEAK DETECTION BALLAST CONTROL • LEAK DETECTION • ANCHOR ANCHOR WINCH MONITORING • • ANCHOR WINCH MONITORING ANCHOR WINCH MONITORING MONITORING •TIGHT LEAK DETECTION WATER DOOR MONITORING LEAKWINCH DETECTION WATER TIGHT DOOR MONITORING •• HAZARDOUS AREA SOLAR PANELS •• • HAZARDOUS HAZARDOUS AREA SOLAR PANELS AREA SOLAR PANELS HAZARDOUS AREA SOLAR PANELS • WATER TIGHT DOOR MONITORING • ANCHOR WINCH MONITORING WATER TIGHT DOOR MONITORING • ANCHOR WINCH MONITORING • OFF GRID POWER SOLUTIONS OFF GRID POWER SOLUTIONS • •OFF OFF GRID POWER SOLUTIONS GRID POWER SOLUTIONS ANCHOR WINCH MONITORING • •HAZARDOUS AREA SOLAR ANCHOR WINCH MONITORING • HAZARDOUS AREA SOLARPANELS PANELS • HAZARDOUS AREA SOLAR PANELS • OFF GRID POWER SOLUTIONS HAZARDOUS AREASOLUTIONS SOLAR PANELS • OFF GRID POWER •OFF OFFGRID GRIDPOWER POWERSOLUTIONS SOLUTIONS •

ENGINEERING SERVICES ENGINEERING SERVICES ENGINEERING SERVICES ENGINEERING SERVICES ENGINEERING SERVICES ENGINEERING SERVICES • OBSOLETE EQUIPMENT UPGRADES OBSOLETE EQUIPMENT UPGRADES • • OBSOLETE OBSOLETE EQUIPMENT UPGRADES ENGINEERING SERVICES EQUIPMENT UPGRADES ENGINEERING SERVICES • SYSTEM DESIGN & SENSOR SELECTION DESIGN & SENSOR SELECTION • • SYSTEM SYSTEM DESIGN & SENSOR SELECTION

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Women in industry

Fiona Carson, CTO at LUX Assure

What was your first job in the industry? I started at LUX Assure in 2007 as a Scientist and then became Senior Scientist and am now the Chief Technical Officer.

WOMEN IN INDUSTRY ways essential in a Senior Management role but I don’t feel I would be as effective without this sort of knowledge.

How do you achieve the work/life balance? I have a one year old daughter so that keeps me extremely busy outside of work! Since returning from maternity leave I now work part-time, which has necessitated some improvements in my time management and delegation skills. When I started working parttime I was constantly checking emails when I was out of the office but quickly found this wasn’t sustainable. I now have scheduled times for checking and responding to emails and find this much more effective, while also allowing me to give my daughter my full attention the rest of the time. In the future I’m looking forward to getting back on my mountain bike and surfboard but for the moment parenting and work take up most of my time.

Was the Oil and Gas industry always the industry for you? I studied Chemistry at the University of Edinburgh and my interest was always in Inorganic Chemistry. When I started at LUX we worked in several different industries but as our oil and gas projects progressed, a decision was made to refocus the business solely on the oil and gas industry. I didn’t specifically set out to work in oil and gas but find that it’s a challenging and exciting industry to be a part of.

What has been the high point of your career so far? Taking an idea from the proof of concept stage right through to being sold globally has always been something I’ve been proud of. I was involved in the early stage discussions with Operators on what our OMMICA™ product should do and how it should look and then worked with the team at LUX to create something that the industry has embraced and is now used across six continents.

tation. The technical team at LUX have been heavily involved in helping deliver this message and formulating an easily digestible message for the industry.

From your experience, what are the key skills/attributes you need to succeed within a senior management role?

Is there anything you would you like to see change in the industry? I’d love to see more openness to new technologies. There is generally a reluctance to be the first to field trial new technology which can make product development difficult. We have been fortunate to partner with some major Operators, this has been vital for us and ensured that what we are designing meets the needs of the industry.

I always try to listen to my colleagues and be supportive. I have the advantage of having worked in a number of different roles within the company and this often gives me a unique perspective.

What would be your advice to other women looking to enter the energy sector?

I also make sure I have a thorough understanding of all aspects of our technologies. For instance, we do a lot of complex data analysis and I feel it is important for me to know how to do this, so that if an issue occurs I am capable of understanding the steps required to fix it and how long it will take. I don’t know if this is al-

Go for it. I see a lot more diversity in the industry now than when I started 10 years ago. A large number of the Production Chemists we work with are women. I’ve been offshore on platforms in the North Sea where there’s only been one or two other women but it really doesn’t make any difference if you’re good at your job.

Have you had to face any challenges? Yes, many! Often as a Scientist you have a clear vision for the best way to develop a product, e.g. a chemical detection kit must give the most accurate answer. We’ve learnt through experience that often, in practice, other aspects of a test can be more important, such as speed, robustness and ease of interpretation of results. The challenge comes in balancing all these characteristics to produce a great product. Our CoMic™ product has faced a different sort of challenge – here we have brought a new concept to the industry. CoMic™ informs users of whether their corrosion inhibitors are optimally dosed through the detection of surfactant aggregates called micelles. The business development behind CoMic™ has been challenging as it has involved introducing a new way of thinking about chemical analysis and results interpre-

www.ogvenergy.co.uk

Day in the Life Mike Sibson

Investor at BGF North of Scotland

My role

involves investing in SMEs and ambitious private and

listed companies who need capital from a long-term equity provider to grow. I lead the Aberdeen office of BGF, which has invested £130m in 14 businesses in the region since 2012, many of which, though not all, are in the oil and gas sector. We work with their management teams to help them maximise their potential, covering not just Aberdeen, but a region that also includes Dundee, Inverness and as far north as the Shetlands. I’ve always had a specialism in energy. I worked for Shell as a Drilling Engineer, mostly in offshore exploration in Angola and Congo. I really enjoyed it but realised I was more interested in the business side of the industry, and so, after studying for an MBA at INSEAD in France, I went to work for private equity firm 3i, where I used my background to become an investor in the oil and gas sector. After joining 3i in England, I moved with my wife and family to work for the company in Aberdeen and it has been home ever since – with two of my children born in England and two in Scotland. I joined BGF in January 2012, at a time when it had only made a handful of investments.

www.ogvenergy.co.uk

It’s a cliché to say there’s

I have been investing in private businesses for nearly 20 years and I consider myself an investor first and an oil and gas specialist second. The end market for a company we look at may be oil and gas, requiring specialist market knowledge, but the companies that BGF invests in could be software companies, logistics companies or rental companies, and there is great benefit to be gleaned from the broad experience we have across the UK. BGF is a minority investor, so we don’t buy or take control of businesses. The management teams we back have in-depth knowledge of their markets – we’re here to provide the funding and support to help them.

no such thing as a typical day but my days can be

very varied

DAY IN THE LIFE

An expectation of our role is that companies come to BGF with funding propositions, but the opposite is generally true. We spend a lot of time getting out and about and meeting companies. We get in touch via their advisers, our shareholder banks, or by ringing them up, and a typical day will often see me visiting a new company with a colleague. Many private business owners have the perception that there are only two choices for funding – using bank debt or private equity – and so we spend a lot of time getting to know the ambitious businesses in our region, so they are aware of the availability of long-term minority equity investment from BGF. We try to understand not the just what the business does and its potential, but also the purpose and people behind it. Every business has a great story. The investment process is a bit like a courtship – while the investment is not quite for life, it is a longterm partnership. We’re getting to know a business and whether it would make a good investment, with a strong proposition and an exciting growth plan. The company owner is working out whether she/ he is prepared to entrust a share of their company to BGF, whether they can work with us for many years and whether we can add value to their business.

One of our more recent investments, for example, took five years from the first meeting to build that trust before we invested. When we are in an investment process, it can become all-consuming, both doing due diligence and negotiating the legal documents, which set the ground rules for our future relationship. If we get the relationship right these will go in the drawer at completion and not have to come out for a long time. As part of our investment, we often make introductions to non-executive directors or a chair from BGF’s extensive Talent Network to support the strategic direction and help grow the business, normally someone with relevant sector expertise. We have more than 5,000 highly-experienced connections in our in-house network, many of whom have started, grown and sold their own successful companies. We have a track record of introducing people who can really help our businesses. I’m on the board of five companies as Investor Director - SPEX, ROVOP, Entier, Inoapps, and Frontrow Energy Technology Group - so in a typical day I could be at a board meeting for any one of those companies. That will involve reviewing the board

papers and maybe speaking to some of the other board members in advance. At those meetings we talk through business performance and the big upcoming decisions they have to make. It is a privilege to be in that position. As well as getting the chance to make an impact for the companies, it is also a learning experience where I get to see how these companies operate. One of the great things about the job compared to being, say a consultant on a project, is that each investment is a long-term relationship. We might be with them for ten years, so we go through the ups and downs together and we see the companies develop. That’s personally very rewarding.

It is a fantastic job I get to work with great people and exciting companies. It is also fun because at BGF we work with the entrepreneurs who have founded their companies and are passionate about their purpose, and by definition, they do not fit the normal corporate mould. I love that element of the BGF role. Our purpose is to help companies grow, develop and scale up, and it is very rewarding to see a business and its founders and entrepreneurs achieve success.

www.ogvenergy.co.uk

WORLD PROJECTS MAP

WORLD

PROJECTS MAP

4 3

JULY 2019 1

Source: Reuters

Norwegian oil firm Aker BP has made an oil discovery off Norway which could strengthen its hand in negotiations with its sometimes partner Equinor on how to develop fields.

The company said it had made an oil discovery with partner LOTOS of Poland estimated to hold between 80 million and 200 million barrels of recoverable oil equivalent (boe), in an area with several oil and gas discoveries, nicknamed NOAKA. Up to 700 million boe are in place overall at the discovery, called Liataarnet, but Aker BP needs to do more work to find out how much it can extract, the company said. Aker BP and its partner in some of the NOAKA fields, state-controlled giant Equinor, are at odds about how to develop them. “This is a clear message to partner Equinor in terms of development solutions for NOAKA. We believe the Liataarnet discovery will improve Aker BP’s negotiation position vs. Equinor,” Sparebank 1 Markets said in a note to clients. Aker BP also said it would slightly increase its capital and exploration spending this year. Spending on exploring new oil and gas fields will rise to $550 million this year, from its previous guidance for $500 million. Capital expenditure is now seen in a range of $1.6-$1.7 billion compared with previous guidance for $1.6 billion. The development of the Johan Sverdrup field was progressing well, Aker BP said. Scheduled to start production in November, it is the biggest oil find made off Norway in more than three decades and is likely to account for 25% of the Nordic country’s total petroleum output at its peak in 2022. Overall, Aker’s net income fell to $62 million in the second quarter from $128 million a year earlier. Aker BP reported on 4 July that its net sales oil for had reached 140,700 barrels of oil equivalent per day in the quarter.

www.ogvenergy.co.uk

Source:EIA

Aker-BP is the result of a merger of BP’s Norwegian oil assets and the Det norske oil firm controlled by billionaire Kjell-Inge Roekke.

ARGENTINA - Growth in Vaca Muerta shale and tight gas production leads to LNG exports Argentina’s domestic natural gas production has been rising steadily in the past three years, largely because of increasing production from the Neuquén Basin’s Vaca Muerta shale and tight gas play. Production from Vaca Muerta surpassed 1.0 billion cubic feet per day (Bcf/d) in December 2018. As production has grown, Argentina has resumed exporting natural gas by pipeline to neighbouring Chile and Brazil and has started exporting liquefied natural gas (LNG). Argentina’s first LNG export cargo was shipped on 6 June from the offshore Tango floating liquefaction unit (FLNG). The growth in Argentina’s shale and tight gas production has partially offset declines in its natural gas production from mature fields. Production from Vaca Muerta accounts for about 23% of Argentina’s total gross natural gas production. The Vaca Muerta shale formation has technically recoverable resources of 308 trillion cubic feet of natural gas and 16 billion barrels of oil and condensate within 8.6 million acres, and it is geologically comparable to the Eagle Ford shale play in southern Texas. Only 4% of Vaca Muerta’s acreage has entered the development phase so far. Argentina’s domestic natural gas production exceeds consumption during warmer months, but production is insufficient to meet demand during colder months, which requires Argentina to import natural gas by both pipeline and as LNG. Because Argentina doesn’t have geologically suitable formations to serve as large-scale natural gas storage facilities, natural gas producers have to shut in surplus production to accommodate seasonal consumption patterns. Argentina is conducting feasibility studies to identify potential natural gas storage sites.

Source:BBC

NORWAY - Aker BP makes oil discovery

MEXICO - Emilio Lozoya: Former Mexican oil chief accused of corruption An arrest warrant has been issued for Emilio Lozoya, former chief executive of the Mexican state oil company Pemex, prosecutors say. He is accused of taking $10m (£8m) in bribes from Brazilian construction giant Odebrecht, which admits paying off politicians in Latin America. Mr Lozoya’s wife, sister and mother are wanted in the same corruption case, the prosecutor’s office says. His Lawyer rejects the allegations and wants the arrest warrant to be revoked. Mr Lozoya was the Chief Executive of Pemex until 2016. He was also one of the closest advisers to former President Enrique Pena Nieto, who is not implicated in the scandal. Founded in the 1940s, Odebrecht was for a while one of Brazil’s most competitive construction companies, winning contracts not just in Latin America but also in the Middle East and Africa. It won numerous awards and was voted one of the best employers in Brazil. But in 2015 the arrest of its CEO, Marcelo Odebrecht, shattered the firm’s image. Initially, he denied all accusations of corrupt links to politicians, but two years later a plea bargain deal saw him come forward with allegations that are still rocking Latin American politics.

WORLD PROJECTS MAP

Source: sfgate.com

Source: Offshore-Technology

ISRAEL - Energean acquire Edison for $750mln Israel-based oil and gas group Energean PLC has splashed out US$750mln on a suite of gas assets in the Mediterranean, North Sea and Europe. The acquisition is from US oil giant Edison and will add the gas equivalent of 292 million barrels of reserves and production of 69,000 barrels per day to Energean. Mathios Rigas, Chief Executive, said the acquisition establishes Energean as the leading independent, gas-focused E&P company in the Mediterranean. “It will diversify Energean into a multi-country, multi-asset, full-cycle E&P company with scale, material cash flows, significant growth and portfolio optionality.“ Added to the production scheduled to come on stream from the Karish and Tanin fields, production is set to rise to 140,000 barrels equivalent per day by 2021 and to 200,000 barrels once a floating platform hits full capacity. Edison’s portfolio is generating underlying profits of US$434mln and operating cash flow of US$302mln. Energean will fund the deal through a US$265mln share placing (£211mln) and a US$600mln debt facility. Shares will be issued through a bookbuild programme. The acquisition marks a rapid rise for the Israeli group, which listed last year with a valuation just short of £700mln and is now worth £1.29bn. Energean acquired its interest in the Karish and Tanin fields – hosting around 3trn cubic feet of gas – from another Isreali firm Delek, which retains royalties over future production. Shares rose 9% to 914p.

SOUTH AFRICA - Odfjell rig selected again for Block 11B/12B offshore South Africa

Officials began to clean up a massive oil spill that dumped nearly 800,000 gallons of oil and water into a California canyon, making it larger, if less devastating, than the State’s last two major oil spills.

Total has contracted Odfjell Drilling’s sixth-generation semisubmersible Deepsea Stavanger rig for the next phase of drilling on Block 11B/12B offshore South Africa.

The newly revealed spill has been flowing on and off since May and has again stopped, Chevron spokeswoman Veronica Flores-Paniagua said. She and California officials said the spill is not near any waterway and has not significantly affected wildlife.

Situated in the Outeniqua Basin 175km off the southern coast of South Africa, Block 11B/12B covers an area of 19,000km2 with water depths ranging from 200m to 1,800m. The Lower Cretaceous Post-rift Paddavissie Fairway, which features the Brulpadda discovery, is located within the southwest corner of the block.

Chevron reported that 794,000 gallons (about 3 million litres) of oil and water have leaked out of the ground where it uses steam injection to extract oil in the large Cymric Oil Field about 35 miles (56 kilometres) west of Bakersfield. The steam softens the thick crude so it can flow more readily and is a different process from fracking, which breaks up underground layers of rock. The State has issued Chevron a notice of violation ordering it to stop steam injections around the spill. The company also increased its production of oil from wells in the area. "Chevron will pay for the clean up, though the state will oversee the process," said Steve Gonzalez, a spokesman for the California Department of Fish and Wildlife’s Office of Spill Prevention and Response. "The clean up and the investigation into what caused the oil flow were somewhat delayed as officials ensured there are no dangerous fumes or sinkholes that could trap workers or heavy equipment," he said. “At this point, they have it dammed off and they’re sucking it out, sucking the oil out,” Gonzalez said. Environmental groups said the Chevron spill is another sign of weakened regulations under an embattled California agency. Gov. Gavin Newsom this week fired the Head of the State’s oil and gas division over a recent increase in hydraulic fracturing permits and amid a conflict-of-interest investigation of other division employees. The Last Chance Alliance, which opposes California’s oil and gas industry, said the State’s Division of Oil, Gas and Geothermal Resources adopted weaker restrictions on steam injection earlier this year, “making these operations even more dangerous.” The group said state regulators and the U.S. Environmental Protection Agency last year approved an exemption that removed protections from an aquifer in the Cymric Oil Field at the request of Chevron and other oil companies. “California’s industry-friendly oil regulator continues to provide about as much protection as a screen door on a submarine,” Hollin Kretzmann, a senior attorney at the Center for Biological Diversity and member of the Last Chance Alliance, said in a statement. Neither Chevron nor division spokesman Don Drysdale commented on the criticism.soon.

Following an extensive review of the surface conditions, the French energy firm contracted the Odfjell Deepsea Stavanger semisubmersible rig to drill the Brulpadda-1AX re-entry well in December 2018. Africa Energy holds a 4.9% effective interest in the exploration right for Block 11B/12B. The company owns 49% of the shares in Main Street 1549 Proprietary, which has a 10% participating interest in the block. Total operates and holds a 45% participating interest in Block 11B/12B, while Qatar Petroleum and CNRI hold 25% and 20% stakes, respectively. Africa Energy president and CEO Garrett Soden said: “We are very pleased that Total was able to secure the Deepsea Stavanger rig again for the next phase of drilling on Block 11B/12B offshore South Africa. Using the same equipment and crew that drilled the Brulpadda oil and gas discovery earlier this year should save time and reduce cost."

7 Source: urdupoint.com

Source: Proactiveinvestors

USA - Chevron spills 800,000 gallons of oil, water in California

BOLIVIA - Finalises Agreements With Russia’s Acron, Gazprom - Hydrocarbons Ministry Bolivian State-owned energy conglomerate YPFB and Russian fertiliser company Acron have specified their agreements to create a joint venture to sell urea produced at two plants in Brazil and Bolivia, the Bolivian Hydrocarbons Ministry said, adding that YPFB also agreed upon a deal with Russian energy giant Gazprom on the Vitiacua project. YPFB and Acron plan to set up the joint venture called BORUS Fertilisers to sell fertilisers in Brazil, according to the Bolivian company. Its share in the project will be 49 per cent, while Acron will own 51 per cent of the joint venture. Under the same deal, Acron is expected to buy Tres Lagunas fertiliser plant in Brazil’s State of Mato Grosso do Sul from energy company Petrobras. The plant will receive 2.2 million cubic metres of Bolivian gas daily for 20 years, beginning in 2023.

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CONTRACT AWARDS

CONTRACTS Odfjell Drilling signs drilling contract for work in South Africa with Deepsea Stavanger Odfjell Drilling has signed a firm drilling contract with oil major Total for drilling offshore South Africa with the 6th generation semi-submersible Deepsea Stavanger. The contract value, including compensation for mobilisation and demobilisation periods, is estimated as being USD 145 - 190 million plus incentives. The company expects the drilling program to take 180-280 days. Mobilisation to South Africa is expected to start in Q1 2020. “Following Total’s recent successful campaign with Deepsea Stavanger in South Africa on the Brulpadda well, which ended in February 2019, we are very pleased to continue the collaboration with Total for the next phase of the project on Block 11B/12B. We believe it is of great benefit to Odfjell Drilling and Total to be able to utilise the same drilling unit for the next wells in order to build on the experience from the previous exploration drilling campaign in this operationally challenging harsh environment high-current area”, says Simen Lieungh, CEO.

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CONTRACT AWARDS

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CONTRACT AWARDS

Expro Awarded Subsea Contract By Pacific Santa Ana, Ltd, Offshore Mauritania Worldwide Oilfield Machine (WOM) will support Expro with the provision of the subsea well access system and technical support team.

International oilfield services company Expro has been awarded a contract by Pacific Drilling LLC’s subsidiary, Pacific Santa Ana, Ltd, for the provision of an Intervention Riser System (IRS) for PETRONAS’s Chinguetti Field Phase II plug and abandonment (P&A) contract, offshore Mauritania. The contract, valued at $20m, will see Expro provide its IRS system with associated surface support equipment, to be deployed from Pacific Drilling’s drillship, Pacific Santa Ana. The contracted work will take place for an estimated 360 days.

The IRS safely establishes and maintains well access throughout riser to surface operations, replicating the functionality of the blow-out preventer and providing a safe and reliable means of well control, connected directly to the production tree. With increased coiled tubing cutting and disconnect capability, the IRS system provides an alternative dual barrier, through-tubing system. The award includes supplying a range of services, including the subsea well access system, lubricator valve, surface flowhead, umbilicals, topsides control equipment and IWOCS (installation and workover control system) package. Expro will also provide an onshore project management team to support Pacific Drilling throughout the project planning and execution phases, based in Expro’s office in Kuala Lumpur and then locally onshore in Mauritania.

Expro recently expanded its subsea intervention capabilities with the introduction of the IRS system and a Riserless Well Intervention (RWI) system, which provides a through-water integrated solution for carrying out cost effective intervention and abandonment operations on all types of subsea wells. Colin Mackenzie, Subsea Vice President at Expro said: “Following the recent news that we have expanded our subsea intervention capabilities with two new well access solutions, we’re delighted to announce this significant contract award. “This contract allows Expro to continue to expand our service offering to clients, and provide well access through our existing landing string technology, or now through-riser or riserless systems. “We welcome the opportunity to support Pacific Drilling by providing our technology and services, which will enhance the efficiency and cost-effectiveness of the field P&A process from their high specification drillship.”

Frame Agreement Results in Triple Contract Completion for Rever Rever Offshore, a leading subsea services provider to the oil and gas industry, continues to consolidate its North Sea presence, announcing the successful completion of three standalone contracts for energy major, Total E&P UK. The contracts utilised Rever Offshore’s multi-purpose dive support and offshore construction vessel (DSV) the Rever Polaris, and ROV support vessel (ROVSV), the Rever Sapphire. Operating over 100 days across North Sea assets during 2018, the workscope included DSV construction services, inspection repair and maintenance (IRM) works and unique operations. All awards were the result of the long-standing frame agreement in place and represented a repeat of previous successful campaigns for the

client. Reflective of the work undertaken, Rever Offshore’s excellence in safety behaviours and performance was nominated for the annual Total E&P UK HSE Awards. Barry Macleod, Rever Offshore CEO, commented: “Our frame agreements are significant to the development of Rever. Collectively, they demonstrate the company’s wide range of services and its capability to provide solutions for clients across all areas in which Rever operate. We look forward to working with Total throughout 2019 and into the future.” A further installation contract for the energy major was successfully completed in February, 2019, having been brought forward at the beginning of the year. This project was recognised as being the first of its kind for TEPUK at this

depth of water and based on its success, Total may consider this solution for future projects which display similar technical challenges. It is expected that further DSV and CSV work by Rever Offshore will continue into the latter half of 2019 as part of the continuous frame agreement and safe execution.

KCA Deutag’s Land Operation Wins $168m of New Drilling Contracts in Russia Global drilling and engineering contractor KCA Deutag (“KCAD”) is delighted to announce that its land drilling operation has won three new contracts in Russia worth approximately $168m. These contracts are for eight high performance land rigs, seven of which were previously built by Bentec, KCAD’s rig and oilfield equipment manufacturer. The first contract is with an existing client for five of those rigs to carry out drilling operations in two fields in Eastern Siberia. Each rig is expected to drill for varying periods of between three and four years. The contract increases the number of rigs we currently have operating for this client from four to five.

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The next contract is for two 1500 HP Cluster Slider rigs which will drill in Northern Russia. It is an extension to an existing contract and will run until 31 December 2021. In addition to this KCAD has won a new contract for one of its 2000 HP land rigs to drill four wells in Southern Russia. This has an estimated duration of five months per well. Commenting on today’s announcement, Simon Drew, President of Land said: “Our fleet in Russia continues to see high utilisation and we are delighted that clients are recognising the high quality of our services and strong performance by awarding us these contracts in what continues to be a tough market.”

CONTRACT AWARDS

MDL wins follow-up scope in West Africa Maritime Developments has been awarded a follow-up flexible and umbilical installation job offshore West Africa. The work scope is a continuation of the EN-09 project, concluded in April 2019. The project is run by DeepOcean Ghana Ltd. and the offshore execution will be performed using the VLS on vessel Polar Onyx mobilised with the MDL Third-generation Reel Drive System. The campaign aims to develop the West African discovery to deliver c.300million barrels over a 20year period, with 80% of the production consisting of oil – assisting the region in its target of moving into an integrated O&G industry. Dave Gardiner, MDL BD & Commercial Manager, said: “This latest award underpins our commitment to operators in West Africa who are looking to bring their discoveries online in the most efficient way possible.

“By locating our market-leading reel drive system in the region, it is readily available to convert an offshore support vessel into a pipelay vessel. This eliminates the need to bring in a dedicated pipelay vessel into the basin, allowing for smaller or isolated work

scopes to become more economical. “With further field development on the cards for this region, we intend to strengthen our local support as guided by our clients and the operators’ requirements.”

DeepOcean awarded Vigdis contract by Equinor installation and tie-in of subsea lines and installation of subsea structures at the Vigdis and Snorre offshore fields. Rolf Ivar Sørdal, commercial director for subsea services at DeepOcean, commented: “DeepOcean is continuously working hard to develop efficient solutions for our customers and to deliver as promised. This award is a true recognition of our achievements, all founded on our dedicated workforce and their flexible and cooperative mindset during project execution. The project fits very well with our capabilities and construction vessel fleet, and we are pleased that Equinor again has trusted us with this exciting award. DeepOcean is looking forward to co-operating with Equinor to deliver a successful and safe project.” Norwegian subsea services provider DeepOcean has been awarded a contract by Equinor for the installation of the Vigdis boosting station.

The contract covers project management, engineering and offshore installation activities including marine operations for rock removal,

Offshore execution is scheduled for 2020 and the contract includes additional options for the Vigdis campaign.

Subsea compression FEED order for MAN Energy Solutions MAN Energy Solutions has been awarded a contract to support the FEED study of a subsea compression solution for the Chevron-operated Jansz-Io field in Western Australia. Jansz-Io will be the first gas field outside Norway where the subsea compression technology comes to use. It is located around 200 kilometers off the Australian north-west coast at a water depth of approximately 1’350 meters. Jansz-Io is part of the Gorgon project – one of the world’s largest natural gas developments. MAN Energy Solutions’ scope of work within the front-end engineering and de-

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sign (FEED) covers the technology of the subsea compressors, which will be used to maintain output as reservoir pressure drops over time. Subsea compression solutions boost the recovery of the gas more cost-effectively and with a smaller environmental footprint than conventional compressor systems that are typically installed on platforms above sea level. MAN’s subsea compression solution has already proven its reliability and benefits for Equinor’s Åsgard gas field in Norway, where the subsea compressors reached 50’000 hours of operation with practically no stops or interruptions in December 2018.

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Theimportance importanceofofculture cultureisisby byno nomeans meansa a The recentenlightenment, enlightenment,however howeverthe theFinanFinanrecent cialReporting ReportingCouncil’s Council’srecent recentaddition additiontoto cial theUK UKCorporate CorporateGovernance GovernanceCode Codeofofthe the the Board’s explicit explicit responsibility responsibility toto assess assess Board’s andmonitor monitorculture culturehas hassparked sparkeddiscussion discussion and aroundhow howtotomeaningfully meaningfullyunpack unpackwhat what around verymuch muchan anintangible intangibleasset, asset,shaped shapedby by isisvery theeveryday. everyday. the Whilemany manysee seethis thisbeing beingaddressed addressedby by While assessingalignment alignmenttotocore corevalues valuesthrough through assessing sourcessuch suchasasengagement engagementsurveys surveysand and sources exitinterviews, interviews,I Ibelieve believethe thehealth healthofofan an exit organization’s culture culture isis ultimately ultimately more more organization’s effectively understood understood through through defining defining effectively behavioralframework frameworkbuilt builtaround aroundthe the a abehavioral

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SNC-Lavalinappoints appointsexecutive executiveto tohead headnew newLondon-based London-based SNC-Lavalin oversight office oversight office SNS-Lavalinhave haveappointed appointedNigel NigelWhite Whiteasasexecutive executive SNS-Lavalin Vice President of a newly created oversight project Vice President of a newly created oversight project officeininthe theLondon Londonthat thatreports reportsdirectly directlytotothe the office InterimChief ChiefExecutive ExecutiveOfficer OfficerIan IanEdwards. Edwards. Interim Nigelhas hasover over30 30years yearsofofexperience experienceininmanaging managingallall Nigel aspects of civil, building, foundation and electrical aspects of civil, building, foundation and electrical and mechanical mechanical contracts. contracts. Prior Prior toto joining joining SNCSNCand Lavalin, he he was was Executive Executive Director Director atat Gammon Gammon Lavalin, ConstructionininHong HongKong Kongwhere wherehe hehad hadoverall overall Construction responsibilityfor forthe thecompany’s company’soperations operationstogether together responsibility withfinancial financialperformance performanceresponsibilities, responsibilities,business business with growthstrategy strategyand andbusiness businessdevelopment. development.vHe vHealso also growth spentover over20 20years yearsatatBalfour BalfourBeatty Beattyinina avariety varietyofof spent increasinglysenior seniorpositions. positions. increasingly

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Interserveappoints appoints Interserve turnaround specialistas as turnaround specialist newChairman Chairman new

Alan Lovell Alan Lovell

Interserv, the the construction construction and and equipment equipment Interserv, services company, company, have have appointed appointed Alan Alan services Lovell asas Chairman. Chairman. Alan Alan isis anan industry industry Lovell turnaround veteran; veteran; hehe isis credited credited with with turnaround rescuingCostain Costainininthe themid-1990s mid-1990swhen whenhehe rescuing waschief chiefexecutive executiveand andwas wasalso alsoparachuted parachuted was into Carillion just weeks before its collapse. into Carillion just weeks before its collapse. Alanbrings bringsexperience experienceacross acrossthe theenergy energyand and Alan constructionsectors sectorsand andhas hasheld heldexecutive executive construction roleswith withTamar TamarEnergy, Energy,Infinis Infinisand andJarvis. Jarvis. roles

IOGAppoints AppointsFormer Former IOG ConocoPhillips Manageras as ConocoPhillips Manager Non-ExecutiveDirector Director Non-Executive

Nigel White Nigel White

TWMAappoint appointnew newChief ChiefFinancial Financial TWMA Officer Officer

Mark Walker Mark Walker

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34 3232

Neil Hawkings Neil Hawkings

IndependentOil Oiland andGas Gas(IOG) (IOG)has hasannounced announced Independent theappointment appointmentofofNeil NeilHawkings Hawkingsasasananindeindethe pendent Non-Executive Director of the company. pendent Non-Executive Director of the company. Hebrings bringsover over35 35years yearsofofexperience experienceininthe theupupHe streamoiloiland andgas gassector sectorand andhas hasheld heldvarious various stream leadershiproles rolesboth bothininthe theUK UKand andinternationinternationleadership allyatatPremier PremierOil OilConocoPhillips. ConocoPhillips. ally

ON THE MOVE

Alfredo Sanchez

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Morphpackers appoints

Newpark Appoints New Fluids Systemresident

Refracturing solution specialist Morphpackers has appointed a new Chief Executive Officer in the US. Alfredo Sanchez joins the business from Rubicon Oilfield International where he held the position of Vice President of Well Construction.

Newpark Resources, the global drilling fluids solutions, announced the appointment of David Paterson to the role of Corporate Vice President and President of the Fluids Systems business. David has over 24 years’ experience in the oilfield services and equipment space and most recently served as President, Pressure Pumping for Weir Oil and Gas. Prior to this, he held a number of senior roles with Schlumberger and M-I Swaco, notably serving as President for artificial lift and geoservices.

new Chief Executive Officer

Alfredo has more than 23 years’ experience in the oilfield services market, with a particular focus on completions. He previously worked for Top-Co, which was subsequently acquired by Rubicon, as well as Coampsa and Schlumberger.

Petrofac appoint new Industrial Services Director

Fraser Coull

Petrofac have appointed Fraser Coull as the company’s Industrial Services Director. Fraser joins from Venko Group where he was Director of the offshore business. Fraser brings close to 30 years of experience in energy, with the majority of his career spent with Wood in a number senior operations and maintenance roles. Notably, he was also the Vice President Service Delivery for Stork and spent time as Managing Director of First Integrated Services.

Talon appoints former UK North Sea expert to the board Talon Petroleum, the Australian listed explorer who entered the North Sea earlier this year, have appointed Stephen Jenkins as Non-Executive Director.

Stephen Jenkins

Stephen was a founding shareholder of EnCounter Oil which was acquired by Talon. He is a geologist by background and has over 35 years experience in the oil and gas industry. Notably, Stephen was founder and Chief Executive of Nautical Petroleum, an AIM listed operator with a significant portfolio in the UK North Sea. Stephen is currently Chairman of the UK Oil and Gas Independents Association and Non-Executive Chairman of both Savannah Petroleum and Terrain Energy.

Rob Gill joins Aquaterra Energy at Platforms Business Development Director

Px Group, the operations management and engineering services company backed by Blue Water Energy, have appointed Geoff Holmes as Chief Executive Officer. Geoff joins from Ineos Upstream where he was most recently Chief Operating Officer. Geoff has deep experience across the oil and gas industry, notably holding a number of senior roles with Talisman Sinopec where he ultimately led the UK business as Chief Executive Officer. He also was with FourPhase as Chief Executive Officer and spent over five years with KCA Deutag in senior operations roles. Geoff began his career at Chevron, working in a number of engineering and offshore management roles.

Mark Lewis

Flotek appoints Global Vice President of Sales and Business Development Flotek Industries, the global chemicals and logistical services business, has announced Mark Lewis as Senior Vice President of Global Sales & Business Development. Mark has more than 35 years’ of global oil and gas experience. He joins the Company from Baker Hughes, where he led business units, strategic accounts and teams in the Americas, Middle East, Africa, Asia Pacific and Europe, largely within the upstream chemicals and technology group, at Vice President level.

David Nemetz

Proserv appoints Americas Director

Aquaterra Energy have appointed Rob Gill as Business Development Director for platforms. Rob has a wealth of experience in oil and gas and petrochemical projects. Prior to joining Aquaterra, Rob was a Business Development Manager with Advisian, the management consultancy arm of Worley Parsons and prior to this, was responsible for growing Petrofac’s consulting business in the Middle East. Rob has also spent time working with INEOS’s downstream organization. He is a process engineer by background spent his early career in a number of international roles with companies including Fluor and Exxon Chemicals.

Px Group appoints new Chief Executive Officer

Proserv, the global controls technology company, have appointed David Nemetz as Director, based in Houston. David joins from Tele-Fonika Cable where he was President for the Americas business and has previously ked the growth of JDR Cables in the region as Director. Prior to this, he spent 15 years with FMC Technology in subsea leadership roles, as well as moving into the role of Director of Global Products with Technip FMC post acquisition.

Rob Gill

35 33

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BASSOE ANALYTICS

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PROJECT TRACKER

P ATHFINDER - UKCS Status Report Decommissioning Projects OPERATOR

FIELD Don Miller Rough Ettrick/Blackbird Ninian CMS Caister CM MacCulloch Murdoch Hudson Schooner Renee / Rubie Little Dotty Hewett Dawn Big Dotty Minke Juliet East Brae Brae Bravo Inde North (Under Construction) Welland Leman Thames Indefatigable (Under Construction) Glamis Caledonia Huntington Balmoral Rita & Hunter Buchan (Under Construction) Beatrice Fulmar (Under Construction) Various Brent Atlantic and Cromarty Curlew Goldeneye Markham Ann & Alison Annabel Audrey Trees York Eider Tern

BP EXPLORATION BP EXPLORATION CENTRICA STORAGE HOLDINGS CNOOC LIMITED CNR INTERNATIONAL CONOCOPHILLIPS CONOCOPHILLIPS CONOCOPHILLIPS CONOCOPHILLIPS DANA PETROLEUM E&P DNO NORTH SEA ENDEAVOUR ENERGY ENI UK LIMITED ENI UK LIMITED ENI UK LIMITED ENI UK LIMITED MARATHON OIL UK LIMITED MARATHON OIL UK LIMITED NEPTUNE E&P NEPTUNE E&P PERENCO OIL & GAS PERENCO OIL & GAS PERENCO OIL & GAS PERENCO OIL & GAS PERENCO OIL & GAS PREMIER OIL PLC PREMIER OIL PLC PREMIER OIL PLC PREMIER OIL PLC PREMIER OIL PLC REPSOL SINOPEC RESOURCES REPSOL SINOPEC RESOURCES REPSOL SINOPEC RESOURCES ROYAL DUTCH SHELL ROYAL DUTCH SHELL ROYAL DUTCH SHELL ROYAL DUTCH SHELL ROYAL DUTCH SHELL SPIRIT ENERGY SPIRIT ENERGY SPIRIT ENERGY SPIRIT ENERGY SPIRIT ENERGY SPIRIT ENERGY TAQA EUROPA B.V TAQA EUROPA B.V TAQA EUROPA B.V TAQA EUROPA B.V

Cormorant Alpha North Cormorant

UKCS Status Report OGV Energy’s UKCS status report provides direct content from the Oil and Gas Authority’s Project Pathﬁnder, ensuring our readers have access to a real-time view of oil and gas projects and the decommissioning programmes on the UK Continental Shelf (UKCS).

For additional project summaries, locations and contact details, follow the link www.oilandgasvisionjobs.com/project-pathﬁnder

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PROJECT TRACKER

Date Generated: 17-MAY-2019 09:20:03

Current Projects OPERATOR

FIELD

ALPHA PETROLEUM UK HOLDINGS

Cheviot

APACHE CORPORATION BP EXPLORATION

Storr Clair Ridge (Under Construction)

BP EXPLORATION

Alligin (Under Construction)

BP EXPLORATION

Vorlich (Under Construction)

BP EXPLORATION CHEVRON CORPORATION

ETAP Captain

CNOOC LIMITED

Peregrine (Under Construction)

CNOOC LIMITED

Solitaire (Under Construction)

CNOOC LIMITED

Golden Eagle

DANA PETROLEUM E&P

Platypus

ENQUEST PLC

Thistle (Under Construction)

EQUINOR ASA FAIRFIELD ENERGY LIMITED

Utgard Darwin

FAIRFIELD ENERGY LIMITED

Skye

HIBISCUS PETROLEUM

Marigold & Sunflower

HURRICANE ENERGY

Lancaster (Under Construction)

ITHACA ENERGY INC. NEPTUNE E&P

Cook (Under Construction)

PARKMEAD GROUP PLC PING PETROLEUM LIMITED PREMIER OIL PLC

Perth Avalon Burgman (Under Construction)

PREMIER OIL PLC

Varadero (Under Construction)

PREMIER OIL PLC

Catcher (Under Construction)

ROYAL DUTCH SHELL

Penguin Area

ROYAL DUTCH SHELL ROYAL DUTCH SHELL

Fram Jackdaw

ROYAL DUTCH SHELL

Arran

SERICA ENERGY

Columbus

SICCAR POINT ENERGY

Cambo

SICCAR POINT ENERGY

Suilven

SICCAR POINT ENERGY

Tornado

SPIRIT ENERGY

Grove (Under Construction)

STAG ENERGY

Gateway

TAQA EUROPA B.V

Morrone (Under Construction)

TOTAL UPSTREAM UK LIMITED

Edradour

TOTAL UPSTREAM UK LIMITED

Glenlivet

VERUS PETROLEUM

Vulcan East

WHALSAY ENERGY

Bentley

WINTERSHALL B.V.

Sillimanite

Cygnus

Discovery Projects OPERATOR

FIELD

BP EXPLORATION CNOOC LIMITED EQUINOR ASA EQUINOR ASA EQUINOR ASA HURRICANE ENERGY PHARIS ENERGY LTD

Clair South Blackhorse Frigg Mariner East Bressay Lincoln, Warwick (Under Construction) Pilot

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TEXO OFFICIALLY OPENS NEW FACILITY IN PORT OF BLYTH Robert Dalziel, Managing Director, Texo Group said: “This is a significant milestone for Texo. Our facility at the Port of Blyth further enhances our footprint on the Eastern Seaboard of the UK, ensuring we can provide a flexible approach to the delivery of client projects.” Andrew Robson, Managing Director, Texo CFS and business head for the new facility added: “We have worked closely with the Port of Blyth to create this outstanding facility. The Port now boasts an enviable array of specialists that is ideally placed to deliver the region’s offshore wind projects.”

Texo, the technology-led EPC Group has unveiled its brand-new purpose-built facility at the Port of Blyth, with an official opening event on Wednesday 17th July. Over 100 visitors from across the North East, including clients, stakeholders and operators from across the supply chain were given an insight into Texo’ differentiated and advanced offering for the offshore sector.

The Group specialises in the delivery of significant EPC projects, vessel mobilisations & demobilisations and brownfield modifications as well as bespoke mechanical equipment manufacturing – all of which delivered with a strong technology-enabled solution.

Darren Carlisle, Operations Director, Texo CFS said: “Our facility overs clients a fantastically flexible layout to deliver class leading fabrication projects.” Texo is one of the fastest growing technology and engineering services groups in the UK. Since its inception ten months ago it has grown tremendously, having been awarded a number of significant EPC contracts.

The extensive facility, including a brand new 1,200sqm fabrication building with 40t lifting capacity, has direct dockside loading facilities with dedicated load out area, helping reduce road transport requirements for clients. The new site will provide an engineering centre of excellence for the rapidly growing offshore wind energy sector in the North East of England. Texo will provide an integrated solution for clients operating in mission critical sectors including renewables, oil & gas and marine specifically. All of its business units will have a presence at the new facility which encompasses: engineering, fabrication, drone, integrity, accommodation, compliance and resources.

For more information about Texo Group please visit: www.texo.co.uk

LEGAL & FINANCE

CROSS BORDER TRANSACTIONS — THE BENEFITS OF TAPPING INTO AN INTERNATIONAL NETWORK The sale and purchase of assets is a natural part of the life in the UK Continental Shelf as companies seek to optimise their portfolios.

deal be governed by Norwegian law and its Norwegian legal advisors took the lead drafting the contract setting out transaction terms.

In this evolving landscape, it’s these transactions that present new opportunities for those keen to maximise recovery from the basin.

However, the transaction couldn’t be run solely as a Norwegian one, with only Norwegian advisors acting for the parties: the buyer needed to engage Scots Lawyers to support and advise on matters such as the validity of title to shares, an investigation into the target’s premises and a review of contracts that were, for the most part, governed by Scots or English law.

Recently we’ve seen some high-profile deals done. Aberdeen-headquartered Ithaca Energy snapped up Chevron’s central North Sea business; ConocoPhillips recently agreed to offload its UK division to private-equity backed Chrysaor; and Marathon Oil has just divested its North Sea business to RockRose Energy. However cross-jurisdiction transactions bring their own challenges and, while a contract can look pretty straightforward at first glance, the underlying law can vary considerably and that’s where local expertise proves invaluable. To that end, we’ve found membership of Lawyers Associated Worldwide (LAW) beneficial. This organisation brings together 100 independent firms in more than 50 countries. To illustrate, we worked with our Oslo-based LAW partner firm Rime Advokatfirma as legal advisors to the sellers of a Scottish company — the target — to a Norwegian purchaser. The target is a service company in the oil and gas sector, with assets mainly located here in the UK and a head office in Scotland. Unusually, given both the target and the sellers were based in Scotland, the purchaser insisted the

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On the seller side, while the intention of contract terms are generally understandable regardless of which law applies, they still need to be considered alongside the underlying law of the country with jurisdiction over the contract in order to ensure they don’t run counter to local law. In short, both the buyer and the seller had to appoint Lawyers in the other’s home jurisdiction. This meant we had to engage and collaborate with Norwegian Lawyers, experienced in corporate transactions, at short notice on the seller’s behalf and we did that using the LAW network. Working alongside Rime Advokatfirma, we compared and contrasted the relevant law in the UK and Norway and the customs adopted by advisors and courts in the different jurisdictions. Fundamentally, this meant it was relatively straightforward to come up with workable compromises that made it a far easier process to finalise the deal than it otherwise would have been. Given the increasingly international outlook of companies engaged in the UK supply chain in the oil and gas sector — and of course in the renew-

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Strategic, specialist legal advice for the oil and gas industry ledinghamchalmers.com

Rod Hutchison, Partner Ledingham Chalmers

ables and decommissioning industries too — it’s worth engaging with Lawyers at as early a stage as possible, especially where there are overseas elements to a transaction and it’s extremely helpful if those you appoint can quickly secure trusted, specialist local advice.

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EVENTS CALENDAR

EVENTS 2019 - 2020 AUGUST The Oil & Gas Conference 11th-14th - Denver, USA Subsea Well Intervention Symp. 13th-15th - Galveston, USA Summer NAPE 21st-22nd - Houston, USA American Association of Petroleum Geologists (AAPG) 27th-30th - Buenos Aires, Argentina Shanghai International Petrochemical Technology & Equipment Exhibition 28th-30th - Shanghai, China SEPTEMBER OGUK Aberdeen Breakfast Briefing 4th - Aberdeen, UK Offshore Europe Conference & Exhibition 3rd-6th - Aberdeen, UK European Geoscientists and Engineers Conference 8th-12th - Palermo, Italy Gastech Exhibition and Conference 17th-19th - Houston, USA

OCTOBER

JANUARY

Kazakhstan International Oil & Gas Exhibition & Conference 30th Sep -2nd - Almaty, Kazakhstan

International Petroleum Technology Conference (IPTC 2020) 13th-15th - Dhahran, Saudi Arabia

OilComm Conference & Exposition 2nd-3rd - Houston, USA

National Biodiesel Conference & Expo 20th-23rd - Tampa, USA

Oil & Gas Thailand 9th-11th - Bangkok, Thailand Global Oil & Gas Fiscal Systems Course 10th-11th - London, United Kingdom Automa 14th-15th - Zurich, Switzerland IADC Advanced Rig Technology 2019 Conference & Exhibition 22nd-23rd - Amsterdam, Netherlands SPE/IATMI Asia Pacific Oil & Gas Conference and Exhibition 29th-31st - Bali, Indonesia OTC Brazil 2019 29th-31st - Rio de Janeiro, Brazil NOVEMBER Africa Oil Week 4th-8th - Cape Town, South Africa ADIPEC 11th-14th - Abu Dhabi, UAE

Argentina Oil and Gas Expo 23rd-26th - Buenos Aires, Argentina

DECEMBER

ICE Coastal Management 24th-26th - La Rochelle, France

World Energy Capital Assembly 2nd-3rd - London, UK

Asia Offshore Energy Conference 25th-27th - Jimbaran, Indonesia

O&G Supply Chain & Procurement Summit 3rd-4th - Houston, USA

SPE ATCE 30th-2nd (Oct) - Calgary, Canada

7th Frankfurt Gas Forum 11th-12th - Frankfurt, Germany

Oil & Gas IoT Summit 22nd-23rd - Lisbon, Portugal Industrial Market Outlook & Networking Event 23rd - Houston, USA Energy FEBRUARY SPE Hydraulic Fracturing Technology Conference & Exhibition 5th-7th - The Woodlands, Texas Nigeria International Petroleum Summit 9th-12th - Abuja, Nigeria International Petroleum Week (IPW) 25th-27th - London, UK MARCH The 6th CWC China LNG & Gas International Summit & Exhibition 4th-6th - Shanghai, China Australasian Oil & Gas Exhibition & Conference 11th-13th - Perth, Australia 3rd CWC Japan LNG & Gas Summit 24th-25th - Tokyo, Japan The 11th International Petroleum & Natural Gas Summit 27th-28th - Beijing, China

For more information about all events visit www.ogvenergy.co.uk

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WHATâ€™S NEW FOR 2019:

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Abu Dhabi International Petroleum Exhibition & Conference

11 – 14 November 2019 One global industry. One city. One meeting place.

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ADIPEC 2019, one of the world’s premier meeting places where thought leaders gather, businesses converge and new technologies drive solutions and growth in a world of accelerating change. Join 145,000+ trade visitors from 135 countries and access the most innovative products and services for the oil and gas industry.

Exhibiting Companies

42 Exhibiting NOCs and IOCs

WHY EXHIBIT?

ENGAGE - with your target audience in a short space of time, and explore new ideas, gain product feedback and understand the trends shaping the future of the industry.

4 KNOWLEDGE EXCHANGE - with 980 speakers from all over the world, ADIPEC provides one of the most comprehensive conference programmes in the world.

NETWORK - one meeting place where thought leaders gather, businesses converge and decisions are made in a world of accelerating change for our industry.

29 PURCHASING POWER - with 82% of attendees either a decision maker, purchaser or influencer, the event delivers real business opportunities.

Exhibiting International Country Pavilions

161 Conference Sessions

980+

PERSPECTIVE - 2,200+ exhibiting companies 5 INTERNATIONAL from 135 countries meet to discuss business and develop new opportunities.

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29 international country pavilions play a key role in promoting bi-lateral trade.

10,400+* Conference Delegates * Repeat conference delegates

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Digital Projects Being Revealed: Wintershall Dea’s data assimilation and deep learning for real-time production prediction

18+hrs

OF NETWORKING OPPORTUNTIY

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EXHIBITORS

Companies that have attended the DDP Series:

AkerBP’s digital changemanagement strategy Total’s digital smart rooms Equinor’s data-driven low carbon platforms One operator’s full-asset visualisation technology Total’s out of HQ ‘start-up’ offices for digital project execution Stena Drilling’s business transformation and digital change-management strategy

‘The conference was exactly what we were looking for - great presentations from real world examples that I can use today to improve my business results’ Dell EMC

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MEET THE KEY PLAYERS AND DEMONSTRATE YOUR BUSINESS STRENGTHS, INNOVATION AND EXPERTISE AT THE WORLD'S LEADING HEAVY OIL EVENT

WHY EXHIBIT? GENERATE NEW BUSINESS

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Connect with industry insiders in an informal yet business focused environment from NOCs, IOCs and service companies all under one roof at the world’s largest heavy oil gathering

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Against the backdrop of a robust heavy oil landscape, gain insight into market perspectives as well as supply and demand nuances in the global heavy oil community

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WHAT TO EXPECT AT WHOC 2019

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Exhibiting Companies

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Conference Delegates

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Expert Speakers

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Innovation through integration The integration of our services is what makes Xodus Group different. By applying an agile, cross-discipline approach we haven’t just adapted to an ever-changing energy landscape – we’ve innovated. Our experts identify unexpectedly simple solutions to complex problems that has helped clients reduce failures, increase uptime and extend COP. We’ve championed the energy transition by deploying renewable technologies on oil and gas assets. Our dedicated software team has developed a suite of tools such as XAMIN to reduce losses, increase efficiency and improve visibility of asset integrity issues. And through our advisory services, we are able to convert technical issues into a legal or commercial context.

See us at Offshore Europe 3-6 September, Aberdeen, UK OGV Energy Pavilion