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July 'at-a-glance' energy news review

30/07/2021

In the first of a regular monthy recap on global energy news, KeyFacts Energy provide an 'at-a-glance' update for July.

If there is an update that you would like to review in more detail use our search link from the main menu to identify by key word or company name.

E&P

  • Exxon Mobil announced estimated second-quarter 2021 earnings of $4.7 billion, or $1.10 per share assuming dilution, compared with a loss of $1.1 billion in the second quarter of 2020. 
  • Chevron reported earnings of $3.1 billion ($1.60 per share - diluted) for second quarter 2021, compared with a loss of $8.3 billion ($(4.44) per share - diluted) in second quarter 2020. 
  • TotalEnergies and Apache Corporation have encountered oil in the Sapakara South-1 well on Block 58 off the coast of Suriname. This announcement follows previous discoveries at Maka Central, Sapakara West, Kwaskwasi and Keskesi.
  • Pharos Energy announced the completion of its 3D seismic programme on the western part of Block 125 in the Phu Khanh Basin, offshore Vietnam; and the completion of the refinancing of its Reserve Based Lending Facility (“RBL”) secured against the Group’s producing assets in Vietnam.
  • Sound Energy provide an update in relation to the Company’s micro liquified natural gas (“mLNG”) phase 1 development plan for the TE-5 Horst development at the Tendrara Production Concession. Highlights of the deal include, a ten year take or pay LNG sale and purchase agreement entered into with Afriquia Gaz, a £2 million equity placing with Afriquia Gaz cementing the strategic alignment with Sound Energy PLC leading to improved envisaged Afriquia Gaz loan note financing terms.
  • IOG plc announced the execution of a gas sales agreement ("GSA") with Gazprom Marketing & Trading Limited ("GM&T"). This follows a competitive offtake process involving more than 10 bidders over recent months.
  • Hurricane Energy reports that production operations at the Lancaster field have resumed following the Aoka Mizu FPSO's scheduled annual maintenance shutdown, which took place earlier this month. Production from the 205/21a-6 well is currently stabilising.
  • United Oil & Gas signed a non-binding Heads of Terms on an agreement to sell UK Central North Sea Licences P2480 and P2519 to Quattro Energy Limited for a headline consideration of up to £3.2 million.
  • Southern Energy Corp, a North American gas-weighted producer focused on growth, has confirmed its intention to seek a dual listing of its common shares on the London Stock Exchange's AIM market in addition to its existing listing on the TSX Venture Exchange.
  • The Oil and Gas Authority (OGA) has today fined bp £50,000 and served it with a Sanction Notice for breaching a licence condition by failing to report the progress and results of two extended well tests.
  • Wentworth has announced the appointment of Ms. Juliet Rugeiyamu Kairuki as an Independent Non-Executive Director, with immediate effect. With over fifteen years of experience in strategic leadership, institutional development, governance, project execution and stakeholder management, Ms Kairuki’s practice ranges from banking, financial market infrastructure, public private partnerships and investment.
  • Neptune Energy announced the award of a subsea inspection contract for its operated Cygnus gas field in the UK southern North Sea to leading Geo-data specialist, Fugro. Fugro will use advanced inspection technologies, enabling data processing to be carried out onshore, reducing time and costs.
  • Harbour Energy today announces that during final commissioning and testing of the HGS Tolmount platform issues were identified in certain offshore electrical systems. These issues are now being investigated and rectification plans are being developed. As a result, Tolmount first gas will be delayed beyond the end of July and is now likely to be around year-end. With expected plateau rates of 20-25 kboepd net to Harbour, Tolmount was expected to contribute just over 10 kboepd to Harbour’s 2021 production.
  • One of the North-east’s best-known journalists, and The Press and Journal reporter widely acclaimed for being the first to bring news of the North Sea oil boom, Ted Strachan, has died at the age of 91.
  • IOG provided an update on the Elgood well 48/22c-7, our first Phase 1 development well. Test rates were ahead of expectations, with a maximum rate of 57.8 mmscf/d of gas and 959 bbl/d condensate through a 80/64th inch choke, constrained by surface facilities on the Noble Hans Deul jack-up rig.
  • Orcadian Energy has filed an addendum to the Pilot field Concept Select Report (“CSR”) with the Oil and Gas Authority (“OGA”). This followed the execution of an agreed work programme which included polymer core flood tests and work to reduce the carbon dioxide emissions from the project. The selected concept has now been revised to include a significant improvement in process heat management and power generation efficiency. To further improve emissions performance Orcadian has also chosen to include a floating wind turbine in the development concept.
  • NEO Energy has completed its acquisition of independent oil and gas company Zennor Petroleum. The completion further solidifies NEO’s position among the largest oil and gas producers in the UKCS and delivers an asset portfolio with significant scope for organic growth. The experienced Zennor team will now join NEO, increasing overall headcount to over 180 staff.
  • Serica Energy announced successful flow test results from the Columbus development well. The well was drilled to a measured depth of 17,600ft with a horizontal section of over a mile in length in the Forties Sandstone formation. The completion equipment has been successfully installed into the well and a flow test has now been performed. A stabilised flow rate of 38.0mmscf/d of gas and 1,560bbls/d of condensate has been achieved through a 56/64ths inch choke.
  • The Oil and Gas Authority’s 2021 Decommissioning Cost Estimate report reveals a fall of over £13bn from the baseline £59.7bn to £46bn, marking steady progress towards the £39bn by end-2022 target called for in the 2017 report.
  • Hurricane Energy announced the completion of operations to plug and abandon the 205/26b-14 ("Lincoln-14") well on the P1368 (South) licence in the Greater Warwick Area, which Hurricane operates on behalf of the GWA joint venture (Hurricane 50%, Spirit Energy Resources Limited 50%).
  • Finder Energy has completed its acquisition of the highly prospective UK North Sea Goose licence, P2317, from Azinor Catalyst.
  • In line with the change of corporate strategy shift away from fossil fuels and towards lower carbon energy systems, Summit E&P CEO, John Austin, announced revised responsibilities for the Company's management team, to give proper focus on the new energy opportunities.

Renewable

  • As part of its strategic approach to long-term value creation, Buckeye Partners has taken another step by acquiring a solar development project in Hill County, Texas from leading renewable energy developer, Dallas-based Belltown Power Texas, LLC.
  • ReneSola signed a strategic partnership agreement with Emeren, a London, United Kingdom-based project developer specialized in the development of renewable energy power plants in Europe and other international markets, to co-develop ground-mounted solar projects in Italy, with a pipeline of several transactions scheduled for 2021.
  • Nexans has been awarded by Equinor a contract to supply power export cable for its innovative floating solar pilot offshore Frøya in Norway. The pilot project is scheduled to come online in December 2021 and will be the world’s first floating solar plant operating in rough offshore waters.
  • The UK Government’s annual energy bible has confirmed that renewable energy sources generated more electricity than fossil fuels for the first year ever in 2020, with wind playing the leading role. The Digest of UK Energy Statistics (DUKES) published by the Department for Business, Industry and Industrial Strategy, shows that renewables provided a record 43.1% of the UK’s electricity last year, up from 36.9% in 2019. The document notes that this was mainly due to increased wind generation. 
  • RWE, one of the world’s leading renewable energy companies, has signed an agreement with the Danish firm Systematic to deploy an innovative information management tool across its global fleet of offshore wind farms.
  • Holt Energy Advisors ("HEA") has acquired, via a subsidiary company, the "SME Certification Centre" for an undisclosed consideration of cash and shares in HEA.
  • Crown Estate Scotland confirmed that 74 applications have been received from developers looking for the rights to build projects across the 15 areas of seabed available for development through the Scottish Government’s Sectoral Marine Plan for Offshore Wind Energy.
  • bp has formed an exclusive consultancy agreement with Quaybridge, a leading UK-based renewables consultancy with global expertise in offshore wind.  The two will work together to advance bp’s global offshore wind portfolio as part of its zero-carbon growth strategy, and accelerate the building of in-house offshore wind knowledge for bp. 
  • bp has acquired UK-based digital energy business Open Energi. The company’s digital platform uses real-time data to optimise the performance of energy assets. It can generate savings and maximise revenues for customers by connecting to power markets and providing flexibility at times of low renewable generation and during price peaks. It also accumulates data and learns how best to further optimise the energy use of different assets over time. 
  • Green infrastructure developer Cerulean Winds has signed an agreement with px Group, the UK’s leading operator of large-scale industrial facilities, as it moves to progress its plans for an integrated 200-turbine floating wind and hydrogen development in the North Sea. 
  • The ScotWind partnership involving leading Scottish renewable energy developer SSE Renewables, Japanese conglomerate Marubeni Corporation and Danish fund management company Copenhagen Infrastructure Partners (CIP), through one of its CI funds, have jointly submitted competitive bids into Crown Estate Scotland’s ScotWind seabed leasing process.
  • Equinor confirmed it has bid for floating offshore wind in ScotWind, the competitive tender offshore wind seabed leasing round being undertaken by Crown Estate Scotland.
  • Scottish offshore wind developer, Red Rock Power Limited and Eni have formed a new 50/50 partnership as they prepare to make a joint bid with the support of transmission company, Transmission Investment in the forthcoming ScotWind offshore leasing round. 
  • bp and EnBW submitted their bid for offshore wind acreage in the ScotWind leasing round. The consortium has applied for a lease area off the east coast of Scotland that could support offshore wind projects with 2.9 gigawatts (GW) generating capacity. But the bid seeks to go far beyond developing wind power and aims to accelerate Scotland’s entire energy transition – from producing clean power to using it in new industries. 
  • ScottishPower Renewables & Shell have signed a joint bidding agreement for the ScotWind Leasing round. 
  • Ocean Winds and Aker Offshore Wind have formed a new partnership for the development of offshore wind in Scotland using floating technology. Currently partnering in California, USA, and Korea, the companies will join forces to bid in the ScotWind leasing round, which is making new seabed leases available for the development of offshore wind in Scottish waters.  
  • ExxonMobil has signed a Memorandum of Understanding to participate in the recently announced Acorn carbon capture and storage project (CCS) in Scotland. The project plans to capture and store approximately 5-6 million tons of CO2 per year by 2030 from gas terminals at the St Fergus complex at Peterhead, Scotland, which includes ExxonMobil’s joint venture gas terminal. 
  • Ørsted announced a partnership with onshore wind community engagement pioneer Falck Renewables and floating wind expert BlueFloat Energy, to participate in the upcoming ScotWind leasing round.
  • Dogger Bank Wind Farm and Jan De Nul Group have signed the final contract for the transport and installation of 87 GE Haliade-X 14 MW offshore wind turbines. Dogger Bank C at up to 200 km off the Yorkshire coast is the third Dogger Bank Wind Farm package awarded to Jan De Nul. Following the signature of packages A and B, this will bring the total WTGs to be installed to an impressive 277 units.
  • Team Humber Marine Alliance and Grimsby Renewables Partnership have decided to move forward with plans to merge to create one of the UK’s leading renewables and maritime business development organisations.
  • bp and Energie Baden-Württemberg AG (EnBW)  confirmed the names of their planned new offshore wind projects in the Irish Sea – Morgan and Mona – and launched a dedicated supplier portal for the developments.
  • Wood, the global consulting and engineering company, has become a steering member of the Hydrogen Council, a group of leading companies working together to ensure hydrogen plays a key role in accelerating the energy transition and the journey towards a low-carbon future. 
  • RWE Renewables has joined the Offshore Renewable Energy (ORE) Catapult’s new Circular Economy for the Wind Sector joint industry programme (CEWS JIP).
  • Xodus has launched the Scottish Offshore Wind Supply Chain Survey to capture the capabilities of the Scottish supply chain.
  • More than 1,000 jobs will be created and safeguarded across the North-East of England and the Humber in a UK offshore wind production boom thanks to more than £180 million of private investment, Business & Energy Secretary Kwasi Kwarteng announced.
  • The United Downs geothermal project has reached a major milestone in its development, producing geothermal steam which will be captured to generate electricity, keeping it on track to deliver its first power to the grid during 2022.
  • Silixa announced the launch of Carina GeoTH, the permanently installed integrated fibre optic sensing-based solution that offers reliable and cost-effective long-term geothermal reservoir monitoring.
  • Eni UK and Uniper have signed a Memorandum of Understanding to jointly evaluate decarbonisation initiatives in North Wales. The collaboration, in line with the UK government's ten point plan for green industrial revolution, will investigate the technical and commercial feasibility to work together on future low carbon project initiatives in the region. 

Service sector highlights

  • CGG has entered into an agreement with Topicus and Vela Software, for the sale of CGG’s GeoSoftware business.
  • Xodus is assessing the infrastructure and modifications required to enable electrification of Harbour Energy’s Central North Sea assets following the successful delivery of a power optimisation study examining the opportunities available to rationalise the generation systems on the Everest and Lomond assets. 
  • Forum Energy Technologies (FET) has secured an order from DOF Subsea to supply two of its improved 200HP Perry XLX-C work-class remotely operated vehicles (ROVs). 
  • Getech announced the appointment of Emma Parker-Wilson as a Non-Executive Director to the Board of Getech with immediate effect.
  • The University of Glasgow is part of a consortium of 13 institutions involved in a ground-breaking project to look at how best to engage citizens on sustainability and the climate emergency.
  • EDF Energy, has commissioned Bilfinger with inspection services for the Hinkley Point C nuclear power plant. Over the next five years, Bilfinger will use various non-destructive testing methods to ensure the integrity of the safety-critical systems of the power plant under construction in the south-west of England. The order, with a volume of more than EUR 20 million, is booked in tranches in the Engineering & Maintenance Europe segment.
  • Maersk Training has appointed a new UK head of commercial to drive its growth and increase its safety offering for the energy industry. Based in Aberdeen, Paul Hudson will oversee sales, commercial and marketing activities for the company. He will work with UK managing director, Leonardo Machado, to expand the business as Maersk Training aims to be the preferred training and solution partner across the oil and gas, maritime and renewables sectors. 
  • THREE60 Energy Group, a leading independent energy service company offering complete asset life cycle solutions, has launched a new sustainability advisory service, which will be led by recently appointed specialists Guro Tveit, HSEQ & Sustainability Manager and Anette Svendsen, Discipline Lead Sustainability.
  • ICR Integrity has been awarded a three-year contract with Shell UK, with extension options, for the provision of Technowrap™ engineered composite repairs, as well as Quickflange™ weldless connectors, for all its UKCS assets. 
  • Allseas Pioneering Spirit  has safely delivered another payload of a busy 2021 lift campaign, the new module for CNOOC International’s Buzzard Phase II development in the North Sea’s Outer Moray Firth, east of Scotland.
  • Global integrated logistics and materials management company, ASCO, has announced the award of three major contracts, which will be serviced via its Southern North Sea (SNS) base in Great Yarmouth.
  • Petrofac has been awarded a three-year contract extension from Neptune Energy valued in the region of US$14 million.
  • Maersk Training will deliver “fit for purpose” and industry-leading immersive simulation and crew resource management training for Diamond Offshore crews worldwide under a new global training management and service (TMS) agreement.  
  • Petrofac has been awarded a two-and-a-half-year brownfield project with Ithaca Energy, valued in the region of US$17million.
  • Ryder Geotechnical, a specialist in offshore geotechnical design and analysis services, has applied its extensive experience in offshore geotechnics to develop Hadrian Cloud Services. Hadrian is a professional analytical and visualisation tool that allows users to easily interact and interrogate geotechnical data from the data acquisition stage through to detailed design.

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