Page 22: of Offshore Engineer Magazine (Jul/Aug 2019)

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REGIONAL REPORT Northwest Europe

The UK says the Petrogas focus is mature, producing assets. HitecVi-

Norwegian private equity investor HiTec Vision, in joint sion, which has a stake in Norwegian Vår Energi with Eni, al- venture with Petrogas, is buying French major Total’s stakes ready owns UK offshore stakes via shares in Verus Petroleum.

in 10 UK North Sea ? elds for $635 million. The news is Meanwhile, Shell’s high-pressure, high-temperature nearly as signi? cant as the discovery of the UK’s largest gas (HPHT) Jackdaw wellhead platform project in the North ? nd in a decade at CNOOC’s and Total’s Glengorm, a 250 Sea is still on and drawing a who’s who of engineering

MMboe giant. heavyweights. Importantly, too, Equinor after the last licens-

As with ExxonMobil’s sale of Norwegian ? eld stakes (and ing round is newly established West of Shetland and in the

ConocoPhillips’s UK asset sale in April), Total’s reserves Moray Firth, while still looking for Mariner and Rosebank cache in the UK is considerable. The HiTec pact means Chi- (FPSO) suppliers.

nese operator CNOOC’s Golden Eagle ? eld, with its 13,000 Apart from the dozen “fast-tracked” subsea tiebacks in the bpd, has new Omani-Norwegian owners. Wood Mackenzie of? ng offshore Norway, there were 10 development plans suggests several decommissioning opportunities might also submitted in 2017 and 2018 (including Sverdrup). Names become life-extension and modi? cations projects under those like Troll Phase 3, Nova, Utgard, Dvalion, Byrding, Trestakk, new owners. Total, meanwhile, is seen continuing on at Elgin- Oda, Njord, Bauge, Eko? sk 2/4 VC add to a burgeoning num-

Franklin, Laggan-Tormore and Culzean. ber of Norway projects.

Petrogas, Wood Mackenzie points out, “is the upstream arm Oslo, too, is investing NOK 27 billion ($3 billion) in its of MB Holdings, a family-run Omani company specializing in direct ? eld stakes while also absorbing NOK 57 billion ($6.4 drilling and oil? eld services … alongside exploration and pro- billion) in partner expenses for a total of NOK 105.9 billion duction of oil and gas.” Wood Mackenzie’s Middle East expert ($11.9 billion), plus ownership in Equinor.

200,000 more barrels:

Johan Svedrup

Subsea Phase 2

Source: Equinor 22 OFFSHORE ENGINEER OEDIGITAL.COM