Page 15 - EurOil Week 16 2021

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be taking a little over 1 million cu m/d safety-critical activities. BO will now work due on May 11. The Norwegian government,
via TAP so far this year,” S&P added in its closely with the FPSO duty holder Altera which holds two-thirds of Equinor’s
analysis. Infrastructure to ready the vessel for its shares, is expected to follow the board’s
Azerbaijan’s SGC-transited gas flows safe removal, while preserving subsea recommendations.
as far as Italy via Georgia, Turkey, Greece, equipment for potential future use. The Equinor said it would announce short- and
Albania and a seabed link laid under the FPSO is expected to be taken off station medium-term plans in support of its net-zero
Adriatic Sea. and handed back to vessel owner Teekay ambition at a strategy update on June 15, but
Corporation in 2022,” BP said.. has not said whether they will include Scope
3.
BP suspends Foinaven Equinor urges shareholders dependent on society and hence outside the
“Several of the ambitions are, however,
operations control of the company – and should therefore
not be translated into firm targets,” Equinor
UK oil major BP has suspended to oppose activist’s added.
production from the Foinaven fields west emissions proposal The company aims to reduce absolute
of Shetland in the UK, as the long-serving emissions in Norway by 40% by 2030 and by
FPSO Petrojarl Foinaven through which Equinor urged its shareholders on April 19 70% by 2040, but those goals do not include
the fields are producing oil is nearing the to reject a proposal by an activist group to set the company’s international business or Scope
end of its 25-year design life, and will be intermediate targets for reducing emissions 3 emissions.
removed from site. from the use of its energy products. Equinor also said it would propose
The Foinaven area comprises the The majority state-owned company has shareholders hold an advisory vote on its
Foinaven and Foinaven East fields, located pledged to boost investment in renewables energy transition plan in 2022, updating it
160 km west of Shetland in water depths of and has set a long-term goal to cut greenhouse every three years.
up to 600 m. The FPSO was commissioned gas emissions to net zero by 2050, including
in 1996 and has been on location in the from the use of its products by customers,
Foinaven area since 1997. known as Scope 3 emissions. Aker BP adds well to
The Foinaven field was discovered in “The board of directors is of the opinion
1990 and sanctioned for development that the company’s climate strategy is Maersk campaign
in 1994. It was the first deepwater supporting a sustainable and balanced
development on the UKCS and the first transition to a low carbon society. Danish offshore drilling company Maersk
west of Shetland. First oil from the field Consequently, the board of directors Drilling has won a one-well contract
was in November 1997. recommends the general meeting to vote extension for its Maersk Integrator jack-up
According to BP, to date, 390mn against this proposal,” Equinor said. drilling rig with Aker BP in Norway.
barrels of oil have been recovered from Dutch activist group Follow This has tabled The contract is expected to start in
the Foinaven area. In 2020 average a resolution for Equinor’s annual general December 2021, in direct continuation
gross production from Foinaven was meeting in May calling on shareholders to from the rig’s current scope for Aker BP.
approximately 12,000 barrels equivalent vote in favour of setting short, medium and The one-well contract has an estimated
per day. long-term targets for emissions cuts consistent duration of 36 days.
BP on April 15 informed its employees with the Paris climate agreement. “The firm contract value is
that it had stopped production as While the resolution includes all approximately $9.6mn, excluding
preparations begin to remove the Petrojarl emissions, including those from Equinor’s integrated services provided and potential
Foinaven from operation. own operations, the company has already performance bonuses. The contract
According to BP, work had been set intermediate targets for Scope 1 and 2 includes an option for additional work,”
underway to consider options to extend emissions and Follow This mainly wants new, Maersk Drilling said.
the life of the vessel out to 2025. That BP intermediate targets for Scope 3. Maersk Integrator is contracted under
had thought of keeping the FPSO at the “The elephant in the room is Scope 3 the terms of the frame agreement that
field for longer, proves the fact that it in emissions which account for about 80% of Maersk Drilling and Aker BP entered into
March 2020 awarded a ten-year contract total oil and gas emissions,” said Mark van in 2017 as part of the Aker BP Jack-up
for the FPSO to Teekay Corporation. Baal, a founder of the group. “Ignoring those Alliance which also includes Halliburton.
However, BP said Thursday, it has now is like a tobacco company saying its workers Contracts under the alliance are based
been concluded that, due to its age and the will quit smoking, but it will continue selling on market-rate terms with incentive
demands of operating west of Shetland, cigarettes.” arrangement for all parties, based on actual
even with material further investment the The world’s biggest oil and gas companies delivery and performance, the drilling
Petrojarl Foinaven is not the right vehicle have set varying targets to reduce greenhouse contractor said.
to recover the remaining resources from gas emissions. Europe’s oil majors have According to Maersk Drilling, the ultra-
the Foinaven fields. included Scope 3 emissions in their goals harsh environment jack-up rig recently
“The Foinaven field is currently though the big U.S. oil companies have completed a series of upgrades to convert
shutdown in preparation for a planned excluded them. it to a hybrid, low-emission rig.
turnaround to deliver maintenance and The vote on the Follow This resolution is “In the first month of operations

Week 16 22•April•2021 www. NEWSBASE .com P15