MARKET INTELLIGENCE
Market Activity Report Q4 2017
Using the market intelligence tool, SubseaIntel, we have compiled this report covering the latest oil & gas developments worldwide.
North America Fugro Wins Ørsted Contracts for Site Investigations at Two Large-Scale U.S. Offshore Wind Projects
Gulf of Mexico
West Africa
DOF Subsea Win Multiple Contract Awards for Vessel Utilisation
ExxonMobil Acquires Exploration Acreage in Three Mauritania Offshore Blocks
Petsec Energy Annouces First Production from Hummer Gas/Oil Field Development, Offshore Louisiana Federal Waters
The oil price has seen a significant rise in price from $52 a barrel in Q3 to over $60 a barrel in Q4. Contributing factors include an improvement in supply and demand as well as the extension of the OPEC production output limit. Although there has been a significant rise in oil price, this has not halted the renewables industry growing from strength to strength with many oil and gas operators continuing to heavily invest in the renewables industry. Knowledge, skills and processes are transferrable between both the oil and gas and renewables industries; this offers greater opportunities for all SME companies.
North Sea Submitting Plan for Development and Production, and Awarding Johan Castberg Contracts Statoil have submitted their plan for development and operation for the Johan Castberg project in which several major contracts will be awarded on behalf of the partnership with Eni and Petoro. There is an estimated recoverable 450-650 million barrels of oil equivalent with capital expenditures estimated at NOK 49 billion (£4.5bn) for the Johan Castberg project. First oil is scheduled for 2022 at Johan Castberg and once given the go-ahead, the project will be the biggest offshore oil and gas development in 2017. Aker Solutions have signed a contract with Statoil for both the Johan Castberg subsea system, and engineering and procurement management. Both contracts are valued at an estimated NOK 4 billion (£360m). The project is a large subsea development in Norway that includes 30 wells, 10 subsea templates and two satellite structures.
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Subsea UK News | January 2018