Update
Aramco to enter global LNG business by acquiring stake in MidOcean Energy Aramco has signed definitive agreements to acquire a strategic minority stake in MidOcean Energy for $500 million. MidOcean Energy is a liquefied natural gas (LNG) company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors. MidOcean Energy is currently in the process of acquiring interests in four Australian LNG projects, with a growth strategy to create a diversified global LNG business. The strategic partnership with MidOcean Energy marks Aramco’s first international investment in LNG. The agreement builds on the relationship between Aramco and EIG, which was part of a consortium that acquired a 49% stake in Aramco Oil Pipelines Company, a subsidiary of Aramco, in 2021. Completion of the transaction is subject to closing conditions which include regulatory approvals. Aramco also has the option to increase its shareholding and associated rights in MidOcean Energy in the future. “We are pleased to be strengthening our strategic partnership with EIG through this acquisition, which marks Aramco’s first international investment in LNG,” Amin H. Nasser, Aramco President & CEO, said: said. “We anticipate strong demand-led growth for LNG as the world continues on its energy transition journey, with gas being a vital fuel and feedstock in various industries. We believe that gas will be important in meeting the world’s rising need for secure, accessible and more sustainable energy.”
Production start for Statfjord Øst project With this project, Equinor and its partners expect to increase production by 26 million barrels of oil equivalents from Statfjord Øst. The project is completed with sound safety results and is expected to deliver within estimated cost, despite the inflation and weakened Norwegian krone. Production starts six months ahead of schedule. “This proves the importance of extending the life of mature fields and maximizing value creation from existing infrastructure on the Norwegian continental shelf (NCS). The project contributes to extending the life of Statfjord C to 2040. The profitability is high, and the value of increased production equals around NOK 20 billion at the current oil price. This is good use of resources which provide ripple effects for Norwegian suppliers,” says Camilla Salthe, Equinor’s senior vice president for Field Life eXtension (FLX). Two new wells have been drilled from existing subsea templates, and three additional wells are to be drilled. Statfjord Øst is tied to the Statfjord C platform, and the project includes a modification on Statfjord C and laying of a new pipeline for gas lift to the subsea wells. “This is a good example of how we work with mature fields. Equinor aims to be a leading operator of late-life fields on the NCS. That means that we need to find new ways of working to reduce costs. Together with our partners we have developed simpler and faster solutions while maintaining high quality,” says Ketil Rongved, Equinor’s vice president for FLX projects. The oil recovery rate from the field is expected to rise from 58 to 63 percent as a result from this project. Statfjord Øst startet producing in 1994. The field is located five kilometres from Statfjord C. The project was decided by the partnership in 2020 and approved by the Ministry of Petroleum and Energy in 2021.
Weatherford awarded offshore intervention services contract with Petrobras
Weatherford International has been awarded a five-year contract to provide Intervention Services for Petrobras in Brazil. Weatherford has performed Intervention Services in Brazil for more than 20 years in close cooperation with Petrobras to develop a comprehensive offering to address subsea intervention and commissioning. To further enhance this offering, Weatherford will provide its state-of-the-art digitalization solution, the Centro well construction optimization platform, which provides exceptional visibility and performance in operations. Girish Saligram, Weatherford President and CEO, commented, “We are very satisfied with the result of the bidding process with Petrobras. Our long history of collaboration to extend the productive life of Petrobras assets while reducing nonproductive time will be further enhanced through our cutting-edge digitalization offering. We look forward to a successful project and continuing our work together.”
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