Staying The Same is Not Good Enough - OPITO
Global safety standards body, OPITO, says safety in the oil and gas industry is still not good enough despite a five year improvement in the Middle-east. At its fifth annual safety and competence conference (OSCC 2014) in Abu Dhabi today (4 November 2014), OPITO called for more effective leadership to prevent fatal accidents, lost time incidents and near-misses. David Doig, group chief executive of OPITO, said: “The latest figures from the association of oil and gas producers (OGP) reveal that there were 88 fatalities in the industry across the world in 2012 with LTIs (lost-time incidents) increasing by 12%. This is simply not good enough. There are a number of common causal factors, one of which is inadequate standards.
Subsea Construction Services Contract for 'Aker Wayfarer'
Aker Solutions subsidiary Aker Oilfield Services signs a contract to provide subsea construction services offshore Brazil. An undisclosed customer will utilise Aker Oilfield Services' subsea construction vessel Aker Wayfarer for a period of 230 days. Start-up of operations is likely to be in May/June 2013, with mobilisation and de-mobilisation taking place in north-east UK. Aker Wayfarer has previously been on a year-long campaign offshore Brazil during 2011 and 2012. "To secure another long-term campaign offshore Brazil is a compliment to the capabilities of Aker Wayfarer and her crew.
Statoil: Transaction to Realize Value and Secure Growth
Statoil ASA (OSE: STL, NYSE: STO) has signed an agreement to exit the Brage licences, farm down in Gjøa and Vega and acquire a 15 % stake in the Edvard Grieg licence near the Johan Sverdrup field in the North Sea. This transaction with the German oil and gas company Wintershall gives Statoil net proceeds of USD 1.45 billion, and begins a strategic partnership between Statoil and Wintershall. The consideration to be paid by Wintershall includes a contingent consideration of USD 100 million relating to the production on Vega. "This transaction realizes significant value for our shareholders, demonstrates the value of our NCS portfolio, and further enhances the financial flexibility of Statoil.
Any Future for North Sea Oil & Gas?
Mark Goodall of Aker Solutions believes there is a future for N.Sea oil & gas despite the present focus on wind and nuclear energy power. Goodall explained that the low hanging fruit may have gone but there are still several significant new field developments coming on stream with others still in the planning and pre-development phases. We are also seeing the redevelopment of some existing fields with new investment in facilities upgrades to extend the viable operating field life. The North Sea is classified as a mature oil and gas region, which has passed peak production, however, as technology improves, operating companies are able to extract a far higher percentage of hydrocarbon from the reservoirs than was ever thought possible in the early years.
