WORLD PROJECTS MAP
WORLD
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PROJECTS MAP
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AUGUST 2019
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Source: Equinor
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“The start-up of Mariner, the first Equinor-operated oil field on the UKCS, establishes our foothold in the UK and reinforces our commitment to be a long-term energy partner,” says Hedda Felin, senior vice president for UK and Ireland Offshore in Equinor. The Mariner reservoirs have up to 3 billion barrels of oil in place, a 50% increase on what was originally assumed, and the estimated recovery rate has already been increased by 20 percent. Mariner is expected to produce annual average plateau rates of around 55,000 barrels of oil per day and up to 70,000 barrels of oil per day at peak production. “By gathering and interpreting new seismic data we have improved our understanding of the reservoirs. This has resulted in fewer and better placed wells and increased resources since the project was sanctioned in 2012. With the significant volumes in place, we see clear potential to further increase the oil recovery from the Mariner field and will proactively seek opportunities to do so through the application of new technology, additional drilling and future tie back opportunities,” says Anders Opedal, executive vice president for Technology, Projects and Drilling in Equinor. Mariner is one of the largest industrial projects in the UK in recent years. A gross investment of more than $7.7 billion, the development will support more than 700 long term jobs and generate significant revenue in the supply chain for decades to come. Contracts worth more than $1.3 billion have been awarded to UK suppliers since the project started. “With the start-up of Mariner, we have delivered one of the most complex developments in the North Sea and Equinor’s portfolio. We will continue to apply digital solutions and new technology to deliver safe and efficient operations and optimise production,” says Opedal.
www.ogvenergy.co.uk
Source: Rystad Energy
Equinor and partners are proud to announce first oil from the Mariner field in the UK North Sea today. The field is expected to produce more than 300 million barrels of oil over the next 30 years.
Source: Proactive
NORWAY- Mariner on stream
BRAZIL - FPSO market is booming with Brazil fueling demand
GUYANA - Eco Atlantic Oil & Gas share price doubles on major oil discovery offshore Guyana
The global market for floating production, storage and offloading vessels (FPSOs) is headed for a major renaissance with as many as 24 FPSO awards expected by 2020, driven to a great degree by Brazil.
Eco Atlantic Oil & Gas Ltd has announced a major new oil discovery in the Orinduik block offshore Guyana.
South America leads the pack with 12 sanctioned FPSO projects planned by the end of next year, followed by Asia with four, Europe and Africa with three each, and two more in Australia, according to Rystad Energy. Brazil – currently witnessing an influx of international E&P companies – is set to award seven more FPSO awards in 2020, thereby bringing the country’s tally to more than one-third of the awards anticipated globally in 2019 and 2020.
The explorer told investors that the Jethro-1 well has encountered a high-quality oil-bearing sandstone reservoir with 55 metres (180.5 feet) of net pay. It is a significant and transformational discovery for Eco not least because it proves that the very large and prolific oil system present in Exxon’s nextdoor discoveries continue into the Orinduik area. Eco shares rocketed more than 100% higher in Monday's early deals, rising 74p per share to trade at 139p.
The seven projects already confirmed this year collectively represent production capacities of over 700,000 barrels per day of oil and around 60 million cubic meters per day of gas.
Jethro-1 will now await further evaluation, to determine the next steps for appraisal, and, the Stena Forth drillship will be deployed immediately to its next target, Joe-1.
“The ongoing upswing in newly sanctioned FPSO projects points to a brighter future for the FPSO market. Offshore operators are finding their footing again after the downturn of 2014, as a robust rise in free cash flow has fueled a significant uptick in deepwater investments,” says Audun Martinsen, head of oilfield services research at Rystad Energy.
Eco owns a 15% in the project and via farm-out deals its share of exploration costs are covered by partners. Orinduik is also 60% owned by Tullow Oil and 25% owned by Total.
The FPSO boom in South America is mainly the result of large investments in deepwater exploration and field development. Another important factor has been Brazil’s recent relaxation of local content regulations, which has attracted new international players to the table.
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Exxon has made thirteen consecutive discoveries in the adjacent Stabroek block, together comprising a multi-billion barrel project. The most advanced discovery is Liza which is due to start producing for Exxon in 2020. Gil Holman, Eco chief executive, added: "We are thrilled to report this exceptionally exciting discovery. “This is a revolutionary moment for Eco."