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C O M M E N T David Paganie • Houston
European operators advance redevelopment, wind projects
The UK’s offshore oil and gas production is rising, with 49 new
fields coming onstream since the start of 2012. Total UK production
is estimated to increase from about 1. 68 MMboe/d in 2016 to just
over 1. 8 MMboe/d in 2018, continuing the year-on-year increase that
started in 2013, according to Dave Moseley with Westwood Global
Energy Group (WGEG). Production efficiencies and field redevelopments have played a role, but it is the new development projects
that have made the greatest contribution, he says. New fields either
recently placed onstream or close to start-up include the heavy oil
projects of Kraken (127 MMbbl) and Mariner (250 MMbbl) in the
East Shetland basin; the HP/HT Culzean field (275 MMboe); and
large, more conventional developments such as Catcher (around 100
MMboe), Cygnus (932 bcf, or 155 MMboe) and the west of Shetland
Quad 204 redevelopment (about 450 MMboe).
Meanwhile, the number of unsanctioned but potentially commer-
cial discoveries has decreased, according to Moseley. The WGEG
estimates that there are close to 8. 4 Bboe of resources remaining in
491 unsanctioned discoveries across the UK Continental Shelf, but
only 30 (just over 1 Bboe in total) appear to be potentially commercial.
See page 18 for Dave Moseley’s complete UK offshore oil and
BP brought its Quad 204 project into production this past May,
completing a large-scale redevelopment of the Schiehallion Area,
writes Sarah Parker Musarra, Special Correspondent, Of fshore.
Comprising the field of the same name and the adjacent Loyal field,
the pair have pumped around 400 MMbbl of oil since being originally
brought into production in 1998. The operator and its partners, Shell
and Siccar Point Energy, expect to produce an additional 450 MMbbl
of resources from the brownfield redevelopment, extending the life
of the fields into 2035 and beyond.
Musarra spoke with Andrew Train, Quad 204 Subsea Project GM,
BP, for exclusive insight. See page 26 for her full report.
Privately-held operator INEOS Group recently added to its late-life
portfolio of assets in Northwest Europe with an agreement to acquire
Copenhagen-based DONG Energy’s North Sea area oil and gas busi-
ness for up to $1.3 billion. The portfolio comprises about 570 MMboe
of proven and potential oil and gas reser ves, with production of about
100,000 boe/d last year. The assets include interests in two of the
region’s major offshore gas/condensate field developments, Ormen
Lange in the Norwegian Sea and Laggan-Tormore west of Shetland.
Jeremy Beckman, Editor-Europe, Offshore, spoke with Geir
Tuft, CEO of the newly established INEOS Oil & Gas division, about
the company’s plans for its growing North Sea business.
See Beckman’s full interview on page 20.
Meanwhile, offshore wind projects are enabling select oil and gas
companies to secure work while their core market recovers. The most
immediate opportunities for these companies lie offshore Northwest
Europe, according to co-authors Bryan Livingston, Capital Alliance
Corp., and Stefan Goethals, KBC Securities. At least eleven projects
are currently under construction offshore UK, Belgium, Germany, and
Holland, the authors estimate. And, several European governments
have recently backed an industry pledge to install 60 gigawatts (GW)
of new offshore wind power by 2030, five times the current capacity.
As part of its commitment to furthering offshore wind, the UK has
a total of 26 GW of wind capacity projects in construction, in planning,
or under development. In 2018, Denmark’s DONG Energy will begin
installing its 1.2-GW Hornsea Project One off the Yorkshire Coast.
This project, and the planned 1.8-GW Hornsea Project Two, will far
surpass the generating capacity of the world’s current record holder,
a 630-megawatt (MW) wind farm array located off the coast of Kent.
See page 50 for the Capital Alliance Corp. and KBC Securities
outlook for offshore wind power.