Oil Development Project News

U.S. oil major ExxonMobil has reached a final investment decision on a $9 billion offshore oil development project in Guyana, following the approval by the government.To remind, Reuters last Friday reported that Guyana was close to reaching a deal with Exxon to green-light the project "after the company committed to stricter environmental restrictions on gas flaring and wastewater."The project, called Payara, will target an estimated resource base of about 600 million oil-equivalent barrels.

Singapore's Keppel Offshore & Marine said its wholly-owned subsidiary Keppel Shipyard has secured a contract worth about S$30 million (US$21.8 million) for the modification and upgrading of a production barge for SJ Production Barge Ltd, a wholly-owned subsidiary of compatriot upstream oil and gas company KrisEnergy.Keppel Shipyard's scope of work includes installation of a power generation module, electrical house, new accommodation units and other refurbishment works. The work is expected to conclude around the third quarter of 2019.Chor How Jat, Managing Director (Conversions & Repairs) of Keppel O&M and Managing Director of Keppel Shipyard…

Cancelled order part of Statoil's Bressay project. South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd on Friday said a 1.58 trillion won ($1.41 billion) order placed in 2013 for a fixed oil production platform has been cancelled. The shipbuilder said in a regulatory filing that the cancellation would have no effect on its balance sheet as no costs had been incurred. A company spokesman also said the order had not been factored into any earnings forecasts. Daewoo Shipbuilding said a European company placed the order and had cancelled due to deterioration in its global operating environment. The cancelled order was an option in a contract signed with Norway's Statoil ASA as part of the Bressay oil development project on Britain's continental shelf…

Petroleos Mexicanos (PEMEX) and Norcontrol IT entered into a three-year maintenance contract that covers the offshore VTMIS system at the Bay of Campeche oilfield located in the Gulf of Mexico off the Yucatan Peninsula. The Bay of Campeche is the largest oilfield in Mexico and the world's largest offshore oil development project. The VTMIS system installed by Norcontrol IT consists of two control centers and seven radar sites, all of which are covered by the maintenance contract. A large capacity, flexible and reliable VTMIS system is required at the Bay of Campeche for several reasons. The coverage area contains between 200-300 vessels per day, all of which have to be monitored to protect the pipelines: Especially important as the bay is only 40-50 m deep in most areas.

SK Corp. bought a 25 percent stake in an offshore oil development project in Vietnam to better tap the fast-growing energy demand in Southeast Asia. According to the Korea Herald newspaper, SK took over the shares in the 15-1/05 oil field from Vietnam Oil and Gas Corp., or Petrovietnam, the Southeast Asian country's state-run oil monopoly. The purchase is SK's second energy investment in Vietnam. The Korea's largest refinery currently holds a 9 percent stake in the neighboring 15-1 reserve, which has secured about 300m barrels of crude oil and over 3 trillion cubic feet of gas. SK also plans to set up a branch in Hanoi in a further effort to expand its overseas exploration businesses.