- North Sea Recovery Lifts UK Employment
Employment in the UK offshore oil and gas sector is rising again, according to Oil & Gas UK’s 2019 Workforce Report.
The association expects companies across the sector to employ around 269,000 jobs this year, 10,000 more than in 2018.
And due to increased production in the basin, and more efficient working practices, the overall figure of barrels-per-worker has risen by 5% since last year, the report found. The current figure is also 57% percent higher than that of 2014.
Among the reports other findings are that digitalization, internationalization and the transition to a net-zero emissions future will require significant re-skilling for existing personnel and the addition of up to 10,000 new roles in these areas –some of which do not at present exist.
These are relatively new disciplines that could attract a higher proportion of women than traditional roles in the industry.
Dr Alix Thom, Workforce Engagement and Skills Manager OGUK said: “While parts of the supply chain continue to be under real pressure with tight margins, overall our report findings indicate that the health of our industry continues to improve.
2-CNOOC Set to Co-Fund Deepwater Guinea-Bissau Well
FAR has approved Svenska Petroleum Exploration GB’s request for a farm-out to CNOOC offshore Guinea-Bissau.
Svenska plans to transfer 55.55% of its share of the Sinapa and Esperanca petroleum licenses to CNOOC and retain operatorship with a 23.03% interest. FAR holds the remaining 21.42% in each of the concessions.
Under the arrangement, the Chinese major will fund 55.55% of all expenditures incurred under the joint venture participation and joint operating agreements. Its participating interest will drop to 50% in each of the licenses in the event of a commercial discovery.
Completion of the transaction remains subject to approval from the government of the Republic of Guinea-Bissau.
The partners are preparing to drill the country’s first ever deepwater exploration well in 1Q 2020 on the Greater Atum prospect.
According to FAR, prior offshore exploration focused initially on shallow waters – less than 200 m (656 ft) – and targeted salt diapiric-related features.
Drilling to date has proven good quality reservoir sands across multiple intervals with widespread oil and gas shows. There have been two light oil discoveries on the Sinapa permit, with the Sinapa discovery thought to hold around 13.4 MMbbl recoverable.
3-Australia Offers 64 Areas in Latest Bid Round
The Australian government has launched the 2019 offshore petroleum acreage release.
Available for bid are 64 areas across the Bonaparte, Browse, Northern Carnarvon, Otway, and Gippsland basins. It is the largest release since 2000. More than 120,000 sq km (46,332 sq mi) of acreage is on offer for one round of work program bidding.
Bidding closes on March 5, 2020.
All areas in this year’s acreage release are based on industry nominations and were subject to a comprehensive public consultation process.
This will be the first release of acreage under a new streamlined system which delivers an annual investment cycle that is said to simplify bidding, offers greater transparency, and responds faster to the market demand.
4-Equinor Strengthens Alliance With YPF Offshore Argentina
Equinor and Argentina’s YPF have agreed to jointly explore the CAN 100 offshore block in the North Argentinian basin.
The preliminary agreement sets out terms and conditions for YPF’s transfer of 50% of its share in the block.
“We have a strong relationship with Equinor based on mutual trust built on the development of exploration and unconventional projects,” said YPF CEO Daniel González.
“This new agreement…allows us to learn from their undisputed experience in offshore projects worldwide.”
CAN 100, covering 15,000 sq km (5,791 sq mi), is the largest block in the North Argentinian basin. The first four-year exploratory period started in May, when YPF acquired a 100% interest.
The two companies were already partners in blocks CAN 102 and 114 in the same basin, awarded in April under Argentina’s latest bid round.
Equinor also submitted winning bids for five blocks as operator and another to be operated by Total.
5-Neptune Acquiring Interests Offshore Indonesia
Neptune Energy has agreed to acquire interests from Eni in the Kutei basin production sharing contracts (PSC) offshore Indonesia.
Neptune will acquire a 20% working interest in the East Sepinggan PSC and a 30% working interest in the East Ganal PSC.
The East Sepinggan PSC includes the fasttracked Merakes development and the recent Merakes East discovery. Merakes is being developed as a subsea tieback to the Eni-operated Jangkrik FPU in the Maura Bakau PSC, in which Neptune has a 33.3% working interest.
The East Ganal PSC provides longer-term exploration prospects in the Kutei basin, Neptune said.
The transaction is subject to customary regulatory approvals, with completion expected in 4Q 2019.