Page 18 - EurOil Week 45

EurOil NEWS IN BRIEF EurOil

$165.6mn for the quarter ended September customers and the society to accelerate the
ConocoPhillips makes 30, 2019. transition to sustainable energy production.”
The decrease was attributable to a

“significant” gas find in decrease of $23.7mn from the vessels owned Seven Norwegian supply
by GasLog’s unit, GasLog Partners, mainly
Norway due to the expiration of the initial multi-year
time charters of the Methane Jane Elizabeth,
Oil and gas company ConocoPhillips said the Methane Alison Victoria, the Methane bases to provide services
on November 11 it had made a significant Rita Andrea, the Methane Shirley Elisabeth for Equinor
and potentially the largest gas condensate and the 18-month time charter of the
discovery offshore Norway this year. GasLog Sydney. Norwegian oil major Equinor has awarded
The discovery was made in the Norwegian Commenting on the third-quarter events, NorSea Group, Saga Fjordbase, and ASCO
Sea, in the production license 1009, 22 miles the company’s CEO Paul Wogan, said, contracts for services at supply bases in
northwest of the Heidrun Field and 150 “during the third quarter, we refinanced all Norway.
miles from the coast of Norway. the Group’s debt maturing in 2021 and took Equinor said on November 11 that the
ConocoPhillips operates the license with delivery of the GasLog Westminster. This contracts were awarded to assist with work
65% working interest. Poland’s PGNiG holds progress has continued in the fourth quarter on operated licences on the Norwegian
the remaining 35% working interest. and in October we completed the sale-and- continental shelf.
The discovery well, 6507/4-1 (Warka), was leaseback of the GasLog Hong Kong”. Peggy Krantz-Underland, Equinor’s
drilled by the Transocean’s Leiv Eiriksson He added that the company expects to chief procurement officer, said:
semi-submersible drilling rig in 1,312 feet take delivery of the GasLog Georgetown “Employing over 800 people, from Dusavik
(400 m) water depth to a total depth of later this month, the first of four vessels to in the South to Hammerfest in the North,
16,355 feet (4985 m). be delivered into multi-year charters with the bases create important activity in the
Preliminary estimates place the size of the Cheniere Energy.. local communities along the Norwegian
discovery between 50 and 190mn barrels of coast.
recoverable oil equivalent. Further appraisal “The new two-year contracts help
will be conducted to determine potential Aker Solutions to focus secure jobs and enable continuity for the
flow rates, the reservoir’s ultimate resource bases and the business clusters associated
recovery and plans for development, the more on energy transition with them”.
company said. The company stated that the three
“We have built a strong position on the post-merger suppliers had been delivering safe and
Norwegian shelf since the discovery of the efficient operations at the supply bases
Ekofisk Field in 1969 and we are a very Aker Solutions and Kvaerner have completed since 2015. The new contracts are awarded
active industry operator and partner across a merger whereby Aker Solutions has through an exercise of options included in
the North Sea and the Norwegian Sea,” said absorbed all the assets, rights and obligations the framework agreements established in
Matt Fox, executive vice president and chief of Kvaerner and Kvaerner has been dissolved. 2015.
operating officer. The two entities have joined forces to The contracts will start up on July 1
“This discovery, potentially the largest on create a new supplier of solutions to reduce 2021 and have a duration of two years. The
the Norwegian Continental shelf this year, climate gas emissions from oil and gas total value of the contracts is estimated at
bolsters our position in the Norwegian Sea installations, and for delivery of complete about NOK 1.4bn ($155.9mn). The scope
and the Heidrun area. The Warka discovery renewable energy production facilities. includes terminal and warehouse services.
and potential future opportunities represent The name of the merged company is Aker
very low cost of supply resource additions Solutions, listed under the at the Oslo Stock
that can extend our multi-decade success on Exchange. Chrysaor seeks carbon
the Norwegian Continental Shelf.” November 11 will also be the first day for
The Leiv Eiriksson drilling rig, will, upon the Aker Solutions share to be traded after storage in North Sea
completion of the Warka well will proceed completing the merger with Kvaerner.
to drill the exploration well 6507/5-10 S The combined company will employ North Sea oil and gas independent Chrysaor
(Slagugle) in production license 891, which approximately 15,000 employees in more has submitted a licence application for
is located 14 miles north-northeast of the than 20 countries. the purpose of storing CO2 in a depleted
Heidrun Field. ConocoPhillips Skandinavia Going forward, the company will have reservoir in the North Sea off the UK.
AS is operator of production license 891 with three segments: Renewables and Field Chrysaor said on November 10 it will, in
80% working interest and Pandion Energy Development; Electrification, Maintenance parallel, seek agreement for a storage lease
AS holds 20% working interest. and Modifications; and Subsea. with The Crown Estate for the storage of
Post-merger backlog for Aker Solutions CO2 in a depleted Southern North Sea gas
at the end of Q3 2020 stands at $4.22bn, of reservoir.
which subsea backlog is $1.21bn. These applications are in support of the
GasLog narrows its losses Aker Solutions CEO, Kjetel Digre, stated: V Net Zero Project, which aims to store and
“We see that our ability to deliver
transport CO2 from the Immingham cluster
in Q3 predictably with respect to quality, schedule on Humberside.
The capture, compression, and
and costs is equally important for low-carbon
The company reported a loss of $354,000 for projects and renewable energy developments. conditioning of the CO2 will be performed
the period. This compares to a $13.5mn loss “Over the past few years, we have started by the Humber Zero project, a coalition
reported in the corresponding quarter in to build up our business in these segments, of industry partners including Vitol and
2019. and we will continue to grow this activity Phillips 66.
Revenues were $156.7mn for the quarter further in the new organisation. Phillips 66, Uniper, and VPI Immingham
ended September 30 2020, down from “Our strategy as a supplier is to enable our in May 2020 entered into a memorandum-

P18 www. NEWSBASE .com Week 45 12•November•2020