DOCSLIB.ORG

IHS Petrodata Offshore Field Development Monthly

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
IHS Petrodata Offshore Field Development Monthly IHS ENERGY IHS Petrodata Offshore Field Development Monthly January 2015 | Vol. 6, No. 1 ihs.com 2014 IN REFLECTION Heather Gardner Managing Editor Rebecca Gorring Sophie Howden Contributing Editors Jane Steele Data Analysis David Adams Lisa Smart Desk Editors IHS Energy | Offshore Field Development Monthly Contents 2014 in reflection 3 Market Spotlight – West Africa 5 Discoveries 5 Significant recent discoveries 7 Early Planning and Development Scenarios 7 New Tenders and Awarded Contracts 8 Significant recent requirements 9 Recently awarded significant contracts 10 Construction Vessels 11 Selection of vessels to be delivered in the next six months 12 Sale and Purchase last six months 13 Floating Platforms 14 Under construction FPSOs to be delivered in next 12 months 15 Worldwide Support Vessel Utilisation by Region 15 Calendar of Industry Events 15 IHSTM ENERGY Copyright notice and legal disclaimer © 2015 IHS. No portion of this report may be reproduced, reused, or otherwise distributed in any form without prior written consent, with the exception of any internal client distribution as may be permitted in the license agreement between client and IHS. Content reproduced or redistributed with IHS permission must display IHS legal notices and attributions of authorship. The information contained herein is from sources considered reliable but its accuracy and completeness are not warranted, nor are the opinions and analyses which are based upon it, and to the extent permitted by law, IHS shall not be liable for any errors or omissions or any loss, damage or expense incurred by reliance on information or any statement contained herein. For more information, please contact IHS at [email protected], +1 800 IHS CARE (from North American locations), or +44 (0) 1344 328 300 (from outside North America). All products, company names or other marks appearing in this publication are the trademarks and property of IHS or their respective owners. IHS Energy | Offshore Field Development Monthly 2014 in reflection Heather Gardner As 2014 has now drawn to a close, Offshore Field Development Monthly takes time to reflect on the year’s project start-ups to gain perspective on how the industry has sized up compared to 2013 and what the year ahead may bring. As predicted, 2014 turned out to be a rather cautious, dismal year for the offshore industry. Amid rising development costs and the recent fall in oil prices, a handful of project delays were announced as operators sought out ways to cut costs. Year-over-year, worldwide production start-ups declined almost 23%. Despite the decline in the number of new start-ups in 2014, a few of the projects that did come online represented portfolio flagships, including China’s first deepwater development and three major developments in the US Gulf of Mexico. Notable 2014 production starts Project Region Country Development type Month Mars B North America USA, GoM FPS & SS February Liwan Southeast Asia China Fixed & SS March Clov West Africa Angola FPS & SS June Fram H-North Northwest Europe Norway SS September Svalin C (ex-Grane C) Northwest Europe Norway SS September Iracema South America Brazil FPS & SS October Golden Eagle Area Development Northwest Europe United Kingdom Fixed & SS November Sapinhoa South America Brazil FPS & SS November Tubular Bells North America USA, GoM FPS & SS November Jack/St. Malo North America USA, GoM FPS & SS December Panyu Southeast Asia China Fixed & SS December West Hub West Africa Angola FPS & SS December Asia-Pacific and North America brought the majority of new projects online, comprising 36% and 19% respectively of worldwide projects for the year. In March, Husky Energy and CNOOC commenced first production at their massive, deepwater Liwan gas project in the South China Sea. The project consists of the Liwan (LW) 3-1, Liuhua (LH) 34-2 and LH 29-1 fields, which share a subsea production system, subsea pipeline transportation and onshore gas processing infrastructure. Water depths at the development range from 1,200 to 1,500 m (3,936 to 4,920 ft). Discovered in 2006, Liwan represents China’s largest natural offshore gas field and is estimated to contain four to six trillion cubic feet (Tcf) of gas. Since March, the operators have also brought online production at Liuhua (LH) 34-2 gas field, the second field in the Liwan gas project. Over in the US Gulf of Mexico, Shell commenced production at its Mars B field in early February, a whopping six months ahead of schedule. The operator has since been working to increase production at the Mississippi Canyon field, with the goal of reaching its peak production rate of 100,000 barrels of oil equivalent per day (boe/d) by 2016. The field was developed using the Olympus TLP and features 24 well slots. It will ultimately draw production from 8 blocks: Mississippi Canyon Blocks 762, 763, 764, 805, 806, 807, 850 and 851. © 2015 IHS 3 January 2015 IHS Energy | Offshore Field Development Monthly 2014 Project Starts In November, Hess announced that first production had commenced at its 6% Tubular Bells field, also in the 8% Mississippi Canyon area. Tubular Bells, discovered in 2003, was developed via 36% the Williams’ operated Gulfstar spar, 15% GS-1. Following a ramp-up period, the field is expected to have a net production of 25,000 boe/d. And just in December, over 10 years in 19% 5% the making, Chevron kicked off 4% production at its long-awaited Jack/St. 7% Malo project in the Walker Ridge area. St. Malo, discovered in 2003 and Jack, Asia-Pacific Indian Ocean Mediterranean/Black Sea discovered in 2004, were developed Middle East North America Northwest Europe South America West Africa jointly via a subsea production systems Source: IHS © 2015 IHS tying into the Jack/St. Malo semisubmersible unit, with further field expansion and tie-ins anticipated in the future. A peak production of 94,000 boe/d and 21 million cubic feet (MMcf) of gas per day is expected in the coming few years. What will 2015 look like? No doubt 2015’s forecast project start-ups (some 250+) are artificially inflated as developments anticipated to be brought online in 2014 were rolled into 2015. Coupled with the sharp decline in oil prices since September, 2015 can be expected to follow in the footsteps of 2014 and IHS anticipates that projects predicted to come online in 2015 will thin out and trickle into subsequent years. As we have seen in the past, falling oil prices lead to project delays, deferments and even cancellations. Already, the industry has seen the first Global project production starts of what may be more delays to come. Canadian operator Husky announced in 300 December that a Final Investment 250 Decision (FID) for its White Rose Extension project would be delayed a 200 year, while it works to identify cost efficiencies and explore alternative 150 development options. Likewise, operator Rockhopper in the Falkland 100 Islands has deferred project sanction for its Sea Lion project to mid-2016. The 50 Number of projects by type projectsNumber by of operator hopes to adopt a lower-cost development solution. 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Recent history has taught us that economic feasibility for deepwater Fixed FPS Subsea Other projects demand oil prices of between Source: IHS © 2015 IHS USD 80-100 a barrel. Brent crude oil is currently trading under USD 48 a barrel, a low not seen since 2009. Weak global economies and an oversupply of crude are to blame, and it may take some time for demand to overtake supply. © 2015 IHS 4 January 2015 IHS Energy | Offshore Field Development Monthly Market Spotlight – West Africa The momentum of West African field development activity is anticipated to be sustained in 2015, with operators targeting to award major contracts and adding projects to their drawing boards. Forthcoming final investment decisions In Cote d’Ivoire, the FID for Vioco’s Gazelle development is expected to be achieved during the first half of 2015 after having been rescheduled due to challenges with aligning the upstream and midstream phases. Offshore Angola, Cobalt has submitted the field development plan for its Cameia project and is targeting to award the major contracts for the FPSO development during the first quarter of 2015. Vaalco is also anticipated to move forward with the Venus FPSO development located in Block P off Equatorial Guinea with FID anticipated for this year. In Nigeria, FID will likely take place in 2015 for the Addax-operated Ofrima and Udele development as well as for Shell’s Nigerian Bonga Southwest project. In Gabon, Harvest Natural Resources will reach FID for the Ruche development, which is planned as a cluster development with subsea wells tied to an FPSO. Vaalco also targets a 2015 FID for the Ebouri central crude sweetening platform (CCSP) project during the second quarter. As for LNG projects, FID should be reached for the Cameroon FLNG and Ghana FSRU projects respectively during the first half and the second half of 2015. Meanwhile, in Equatorial Guinea, FID for the Block R FLNG project will be expected later in 2016 while front-end engineering and design (FEED) activities will commence in early 2015. Early development planning Field development planning in Ghanaian waters will remain active in 2015. Eni is to submit the plan of development for the Sankofa-Gye-Nyame project, to be developed by means of a mid-sized FPSO. Tullow Oil and Kosmos Energy, the respective operators of the Jubilee field and the Mahogany-Teak-Akasa (MTA) fields, are planning to submit the Greater Jubilee Area full field development plan to the Ghanaian authorities in 2015. In the meantime, Camac Energy will be completing the evaluation of the economic viability of the Shallow Water Tano block holding the Tano North, Tano West and Tano South discoveries to assess a potential development.
Load more

Recommended publications
  • ARMADA-Cover to Page 50.Pdf
    ANNUAL REPORT 2016 SAFE We care for the safety of each other and lead by example. We aim to take a pro-active approach in protecting the environment, maintaining our assets and safeguarding information. UNITED We place a high importance on working as one team and want to pursue and achieve results together. We seek the participation of others in resolving problems, encourage mutual respect and always welcome feedback. RESPONSIBLE We take responsibility in always delivering on our promises and we commit ourselves personally in adding value to our stakeholders. We want to conduct our business with good governance and a strong moral compass. EXCELLENT We are driven by our ambition to continuously improve. We seek to learn from others, challenge others constructively and have the discipline to make the extra effort every time. MANAGEMENT DISCUSSION AND ANALYSIS PAGE 40 CHAIRMAN’S MESSAGE PAGE 37 SUSTAINABILITY STATEMENT PAGE 46 TABLE OF CONTENTS WHO WE ARE 7 Corporate Profile 8 Global Presence 10 Corporate Information 12 Group Corporate Structure 14 Group Organisation Structure 15 Vision, Mission and Core Values 16 Event Highlights 2016 19 Awards & Recognition OUR LEADERSHIP 20 Board of Directors 22 Board of Directors’ Profiles 30 Management Team OUR STRATEGIC PERFORMANCE 34 Corporate Strategy 35 Five-Year Financial Performance 36 Share Performance 37 Chairman’s Message 40 Management Discussion and Analysis CREATING SUSTAINABLE VALUE 46 Sustainability Statement HOW WE’RE GOVERNED 51 Corporate Governance Statement 69 Statement on Risk Management
    [Show full text]
  • Company Overview Valuation Data Source
    Valuation Data Source company overview No. Company No. Company No. Company "Bank "Saint-Petersburg" Public 60 AbClon Inc. 117 Activision Blizzard, Inc. 1 Joint-Stock Company Abdullah Al-Othaim Markets 118 Actron Technology Corporation 61 2 1&1 Drillisch AG Company 119 Actuant Corporation 3 1-800-FLOWERS.COM, Inc. Abdulmohsen Al-Hokair Group for 120 Acuity Brands, Inc. 62 4 11 bit studios S.A. Tourism and Development Company 121 Acushnet Holdings Corp. 5 1st Constitution Bancorp 63 Abengoa, S.A. 122 Ad-Sol Nissin Corporation 6 1st Source Corporation 64 Abeona Therapeutics Inc. 123 Adairs Limited 7 21Vianet Group, Inc. 65 Abercrombie & Fitch Co. 124 ADAMA Ltd. 8 22nd Century Group, Inc. 66 Ability Enterprise Co., Ltd. 125 Adamas Pharmaceuticals, Inc. Ability Opto-Electronics Technology 126 Adamis Pharmaceuticals Corporation 9 2U, Inc. 67 Co.,Ltd. 127 Adani Enterprises Limited 10 3-D Matrix, Ltd. 68 Abiomed, Inc. 128 Adani Gas Limited 11 361 Degrees International Limited 69 ABIST Co.,Ltd. 129 Adani Green Energy Limited 12 3D Systems Corporation 70 ABL Bio Inc. Adani Ports and Special Economic 13 3i Group plc 130 71 Able C&C Co., Ltd. Zone Limited 14 3M Company 131 Adani Power Limited 72 ABM Industries Incorporated 15 3M India Limited 132 Adani Transmissions Limited 73 ABN AMRO Bank N.V. 16 3S KOREA Co., Ltd. 133 Adaptimmune Therapeutics plc 74 Aboitiz Equity Ventures, Inc. 17 3SBio Inc. 134 Adastria Co., Ltd. 75 Aboitiz Power Corporation 18 500.com Limited 135 ADATA Technology Co., Ltd. 76 Abraxas Petroleum Corporation 19 51 Credit Card Inc.
    [Show full text]
  • Speakers Profile
    29 & 30 SEPTEMBER 2015 MAX Atria @ Singapore EXPO, Singapore SPEAKERS PROFILE www.fpsoworldcongress.com SPEAKERS PROFILE CONGRESS ADVISORY BOARD To ensure that this year’s FPSO agenda and themes are tailor-made to address the evolving challenges and changes in the market, the 16th Annual FPSO World Congress agenda has been purposefully built with guidance and direction from our Advisory Board Duncan Peace, Managing Director Crondall Energy Duncan has spent the majority of his 30+ years’ experience in the oil and gas business working on the design, construction, installation and operation of floating production and storage units. A Naval Architect with a Masters Degree in Offshore Engineering, and a Masters Degree in Business Administration, he initially gained project experience with major contracting organisations such as Brown and Root and John Brown, before joining FPSO contractor Navion in Norway during the late 90’s as Commercial VP. Following the sale of Navion’s FPSO business, Duncan returned to the UK to found Crondall Energy, and has lead the growth of the Company from start-up to its current position as a market leading multi- discipline floater consultancy. Duncan is an acknowledged global expert in the FPSO market, and continues to combine his leadership role with strategic consulting activities with major oil companies, contractors and banks. Dave Hartell, Senior Development Manager, Sea Lion Premier Oil Dave has more than thirty-nine (39) years of onshore and offshore oil and gas developments experience including facilities engineering, construction, installation, project management, and production operations. His developments experience has ranged from onshore remote locations to offshore deepwater locations.
    [Show full text]
  • Annual Report 2014
    BUMI ARMADA BERHAD FOCUSED GROWTH ACROSS THE GLOBE 2014 ANNUAL REPORT ANNUAL REPORT 2014 BUMI ARMADA BERHAD (370398-X) Level 21, Menara Perak 24, Jalan Perak, 50450 Kuala Lumpur, Malaysia Tel +603 2171 5799 Fax +603 2163 5799 www.bumiarmada.com FOCUSED GROWTH ACROSS THE GLOBE The year 2014 was a challenging one for the oil and gas industry across the globe. Amidst a tough market environment, we took the necessary steps to realign our operations to better fit the dynamics of the markets we operate in while maintaining our profitability, productivity and efficiency. Today, as a leaner, financially stable organisation with strong cash balances and a solid order book, Bumi Armada is in a strong position to ride out the industry downturn. Going forward, we will set our sights on focused growth throughout our markets across the globe. OUR VISION To be the trusted offshore and marine energy services provider in every corner of the world. OUR MISSION To provide effective integrated floating solutions in a safe, sustainable, reliable and environmentally-friendly manner therefore fuelling the growth of our host nations and communities. BUMI ARMADA BERHAD 4 ANNUAL REPORT 2014 CORPORATE PROFILE ABOUT BUMI meet growing demand from global offshore oil and gas players to process BUSINESS ARMADA BERHAD hydrocarbons from reservoirs located SERVICES in increasingly remote, deeper and UNITS harsher waters. Bumi Armada Berhad is a Malaysia- based fully integrated offshore Every one of Bumi Armada’s FPSOs is solutions provider that operates across OSV designed and developed to meet the the globe. We offer our clients a suite specific requirements of individual of inter-related services, ensuring all clients and oilfields.
    [Show full text]
  • Malaysia Bumi Armada
    PP16832/01/2013 (031128) Malaysia Initiating Coverage 6 March 2012 Buy (new) Bumi Armada The Armada strikes back Share price: RM4.13 Target price: RM4.88 Initiating coverage with a Buy and RM4.88 target price. Bumi Armada (BA) offers a niche exposure to the Floating Production, Wong Chew Hann, CA Storage and Offloading (FPSO) market. As one of the fastest growing [email protected] FPSO operators in the world, it has set its sights on being the Top 4 (603) 2297 8688 player in terms of FPSO fleet size by 2013. It is also poised to gain traction in Malaysia’s O&G sector, as it leverages on PETRONAS’ Chong Ooi Ming capex programme. BA, which is steadfastly building up franchise [email protected] (603) 2297 8676 values, is a steady growth stock with a 3-year net profit CAGR of 25%. Bigger, bolder, better. BA is today a giant compared to its previous self. The restructured entity is now a powerhouse with a global presence, covering 4 core operations – FPSO, Offshore Supply Vessel (OSV), Transportation & Installation (T&I) and Offshore Field Services Stock Information (OFS). It commands an armada of 53 vessels: 5 FPSOs, 46 OSVs, 1 Description: Integrated Oilfield services provider with 4 pipelay barge and SURF vessel operating across the the world. core operations: FPSOs, OSVs, T&I vessels and offshore field services. In an entrenched position to ride global E&P programmes. We see Ticker: BAB MK innumerable opportunities for BA to capitalize on the: (i) 125 potential Shares Issued (m): 2,928.5 FPSO projects worldwide, (ii) requirement for new, highly technical Market Cap (RM m): 12,094.5 3-mth Avg Daily Volume (m): 3.73 OSVs to support global deepwater programmes, (iii) services for the KLCI: 1,589.22 subsea umbilicals, risers and flowlines (SURF), inspection, repair and Free float (%): 29.6 maintenance (IRM) markets, and (iv) increasing number of offshore Major Shareholders: % development projects in Malaysia (marginal field and Enhanced Oil Objektif Bersatu Sdn Bhd 42.4 Recovery (EOR) development) and the Caspian region.
    [Show full text]