Page 9 - MEOG Week 44
P. 9
MEOG PROJECTS & COMPANIES MEOG
Saipem posts loss,
confirms ISND contract
QATAR ITALIAN services firm Saipem announced its alongside Saipem. According to sources spoken
Q3 results last week, posting a net loss of $154mn to by Upstreamonline, the four-legged wellhead
in the period to the end of September, up signif- platform is predicted to have 16 slots and will be
icantly from the $719mn recorded during Q2. installed at a water depth of 33 metres. A simi-
In its results announcement, the company lar contract tendered in 2017 attracted interest
noted a significant award for work offshore from companies understood to include China’s
Qatar. Though falling into Q4, the company Offshore Oil Engineering Co. (COOEC), India’s
announced that it had been awarded an engi- Larsen & Toubro, McDermott, Saipem, Malay-
neering, procurement, construction and instal- sia’s Sapura Energy and TechnipFMC.
lation (EPCI) contract worth $140mn for the Phase 5 is part of a major undertaking by QP
fifth phase of development at the Idd El-Shargi to redevelop ISND and other ageing assets to
North Dome (ISND) field. The contract covers raise and sustain oil and gas output. The revised
EPCI of a “topside, subsea pipelines and addi- scope of the overall redevelopment project was at
tional brownfield works for the modification and that time anticipated to comprise several remote
tie-ins of existing infrastructures”. platforms, infield pipelines and umbilicals, and
During a conference call, Stefano Cao, CEO ties-ins to the existing field infrastructure.
of Saipem, said: “The Middle East is the most QP announced in October 2018 that oper-
promising area for major awards, with giant atorship of the maturing ISND field, located
developments expected in Qatar. We are inter- around 80 km offshore, and Idd El-Shargi South
ested in several large packages there.” Dome (ISSD) would revert to the state firm.
Technical and commercial offers were sub- This came after it failed to agree new contrac-
mitted in August for ISND-5, with Qatar Petro- tual terms with US-based Occidental Petro-
leum (QP) thought to have received bids from leum (Oxy) with the 25-year development and
Italian firm Rosetti Marino, McDermott Inter- production-sharing agreement (DPSA), which
national of the US and Malaysia’s Sapura Energy, expired in October last year.
Iran installs housing unit at Forouzan
IRAN IRAN this week announced the installation of a will be carried out on an EPC-EPD basis and
housing platform at the Forouzan oilfield, which covers the drilling of 12 new wells, 11 wells
targets a shared reservoir known as Marjan in repairs and three re-entry wells on the subsur-
Saudi Arabia. face, as well as the installation of three pipelines,
The development of the field is being over- the fabrication and erection of two new plat-
seen by the Iranian Continental Shelf Oil Co. forms and provision of fibre-optic cabling. Pet-
(ICSOC), although it falls under the remit of ropars reported that the deal was worth $344mn.
Iranian Offshore Oil Co. (IOOC). According The field was discovered in 1966 and began
to Abu Al-Qasim Khadbaksh of ICSOC: “The producing from its 850-900mn barrel resource
weight of the new platform that was installed is in 1974. The asset is located 100 km south-east
680 tonnes.” He added that “13 oil wells will be of Kharg Island.
drilled within the framework of the development According to the most recent published esti-
of the Forouzan field, and that [it] is among 33 mates, Forouzan is thought to be producing
projects on the agenda of the Ministry of Oil to around 40,000 bpd, with most surveys merely
stabilise and increase oil production.” including it in IOOC’s offshore slate. On the
Khadbakhshi noted: “The first stage of devel- other side of the maritime border, Saudi Ara-
oping the field began about three months ago, mco produces around 405,000 bpd from Mar-
and aims to maintain and stabilise the actual jan. However, during Q2, the company Aramco
production and thus increase the field’s produc- delayed by six months the Marjan and Berri
tion capacity by 12,000 barrels per day [bpd].” crude increment programmes that are set to
In August, IOOC signed a deal for Forou- more than double oil output capacity from the
zan with Petropars and Mobin Sazeh Gostar assets to a combined 1.35mn bpd at a cost of
(ISOICO). According to Petropars, the project around $18bn.
Week 44 04•November•2020 www. NEWSBASE .com P9
