From increased production in the North Sea to a service provider's largest contract on record, below is a compilation of the latest headlines in the E&P space.
Activity headlines
Exxon Mobil Transfers Suriname’s Block 52 Interests to Petronas
Exxon Mobil withdrew from Block 52 offshore Suriname on Nov. 20, transferring its 50% working interest in the block to Petronas, who now holds 100% ownership and operatorship of the block.
Block 52 is located north of the Surinamese coast and covers an area of approximately 4,749 sq km. In 2020, a gas discovery was made in the block with the Sloanea-1 exploration well.
Petronas is exploring the discovery further, drilling the Sloanea-2 appraisal well earlier this year. A letter of agreement was signed with a contractor in March.
This move is part of an ongoing global portfolio assessment by Exxon Mobil. Petronas is expected to continue activities in Block 52 without interruption, with operations continuing as usual.
Norway's Sverdrup Field Increases Output
Equinor has resumed production at the Johan Sverdrup oilfield in the North Sea, with production reaching two-thirds capacity, the company said Nov. 19.
Output at western Europe's largest oilfield was halted the day before due to an onshore power outage that disrupted electricity supply to the platforms. The outage, caused by an overheated electrical converter, boosted global oil prices, but prices slipped following news of the restart.
Equinor last month said the field was producing at peak capacity of around 755,000 boe/d, although this was expected to gradually decline early next year. Repair work on the converter station is ongoing and Equinor was working to resume full output, according to a spokesperson.
Equinor is the owner and operator of the Sverdrup license, owning a 42.63% stake; Aker BP holds 31.57%; Petoro holds 17.36%; and TotalEnergies holds the remaining 8.44%.
Contracts and company news
Oil States Debuts Low Impact Workover Package
Oil States introduced their new industry-first Low Impact Workover Package (LIWP) on Nov. 20 at the SPE/ICoTA 30th European Well Intervention Conference.
The LIWP is specifically engineered to empower operators to safely and cost-effectively plug and abandon aging subsea wells while minimizing wellhead loads and streamlining operations.
The LIWP uses a FlexJoint connector as part of the low riser package (LRP), providing a 30% to 40% reduction in wellhead loading compared to conventional intervention systems that rely on tethering systems.
The complete LIWP system arrives pre-assembled and tested, including the LRP, Emergency Disconnect Package and workover riser interface, allowing for direct deployment through the rotary table.
Well-Safe Solutions Awarded North Sea Contracts Worth $25MM
Well-Safe Solutions has been awarded two new contracts in the North Sea totaling $25 million, the company said Nov. 18.
The contracts involve well decommissioning on the U.K. Continental Shelf for Spirit Energy and an unnamed global operator using the Well-Safe Protector jackup and Well-Safe Defender semi-submersible rigs.
The Well-Safe Protector will decommission five wells for Spirit Energy on the York platform, located in Block 47/03a of the Southern North Sea over 97 days. Work for the contract will begin in second-quarter 2025 and will be performed in conjunction with the Protector’s current contract. Two optional subsea wells are to be decommissioned in direct continuation or deferred until a later date.
In a separate agreement, the Well-Safe Defender will carry out a well decommissioning campaign on at least two subsea wells in the North Sea for a second unnamed client, beginning in March 2025 over 75 days. This contract contains two optional subsea wells which may be added in direct continuation with the firm scope in 2025 and three extra subsea wells to be executed during 2026.
The combined value of the additional work on the contracts is another $25 million.
Miros Launches Wave and Vessel Motion Prediction Technology
Miros launched PredictifAI, its new wave and vessel motion prediction technology, on Nov. 21.
PredictifAI combines AI, radar and wave height measurements to deliver a real-time, in-operation picture of the wave field around a vessel that automatically adapts to varying sea and weather conditions.
This new technology unlocks a wide range of benefits for the offshore sector, the company said, optimizing operational efficiency in activities such as jacking operations, pipelaying campaigns and ROV launches. PredictifAI can also feed into dynamic positioning systems, giving offshore operators advanced warning that waves with certain characteristics and vessel motion effects are approaching.
TGS Awarded Major 3D Streamer Contract by ONGC
TGS has been awarded a 3D streamer contract by ONGC for surveying the Mahanadi Basin offshore the east coast of India, the company announced Nov. 20.
The Ramform Sovereign is scheduled to mobilize for the survey in Jan. 2025, conducting work for approximately six months.
DeepOcean Secures 8-Year Equinor Contract
Equinor and DeepOcean have signed a contract for subsea inspection, maintenance and repair (IMR) services covering the period 2027-2035 for Equinor-operated assets on the Norwegian Continental Shelf and in Europe. The contract, announced Nov. 21, is DeepOcean’s largest on record.
As part of the contract, DeepOcean will charter a vessel from Rem Offshore for the duration of the contract period. The vessel, Rem Ocean, will have dual-fuel engines capable of running on bio-methanol and biodiesel, along with a battery energy storage system and regenerative energy systems. Rem Ocean will be equipped with an Autonomous Inspection Drone (AID), accelerating the digitalization of subsea asset inspection, as well as a 250 tonne electrical crane and two electric working class ROVs.
“The vessel, which will serve as a platform for the contract, is projected to achieve a 90 percent reduction in emissions when operating on bio-methanol and a 30 percent reduction when using conventional fuels compared to existing IMR vessels. Additionally, it will be optimized for remote operations, facilitating for reduced need for marine and project crews offshore,” said Olaf A. Hansen, managing director for DeepOcean Europe, in a press release.