Equinor and partners tally Echino South find in the North Sea

Equinor and partners ExxonMobil, Idemitsu and Neptune have discovered oil and gas in exploration well Echino South. Equinor is awarding a contract for constructing and installing the subsea production system. In the aftermath of Hurricane Dorian there are reports of widespread devastation across the Bahamas. Recoverable resources are estimated at 6-16 million standard cubic meters of oil equivalent. Equinor signed contracts totalling around NOK 3.3 billion for the Hywind Tampen. From 2022 the Johan Sverdrup field will supply the Gina Krog. Equinor reports adjusted earnings of USD 2.59 billion and USD 1.08 billion after tax in the third quarter of 2019.

Equinor has been awarded exploration acreage in the Northern Carnarvon Basin offshore Western Australia. Equinor has entered into an agreement to sell a 25% ownership interest in the Arkona offshore wind farm. Equinor and its partner SSE were awarded contracts to develop. This demonstrates the opportunities that still exist for value creation and revenue from this industry. The production system consists of five templates and a total of 18 X-mas trees with associated components. The new exploration permit, WA-542-P, has been awarded to Equinor as operator and 100% owner. It will be the world’s biggest offshore wind farm development with a total installed capacity of 3.6 GW.

Nick Ashton, Equinor’s senior vice president says “We are making one of this year’s biggest discoveries in the most mature area of the Norwegian continental shelf.

Plans call for the Johan Sverdrup field to start up in November this year. Equinor will clean up the spills from the South Riding Point oil terminal. The contracts have been awarded to Kværner AS, Siemens Gamesa Renewable Energy AS, JDR Cable System Ltd and Subsea 7 AS. The area’s licence partners have recently agreed on maximizing the utilization of power. IFRS net operating income was negative USD 0.47 billion. Adding considerably to the resources in this part of the North Sea, the discovery will probably be tied back to existing infrastructure. AG for a total amount of approximately EUR 500 million. The well will be permanently plugged and abandoned after sidetrack 35/11-23 A has been drilled.

Further knowledge of the area and new data investments have increased our confidence in the exploration opportunities. Resources are being mobilized as quickly as possible to safeguard people. Financial results impacted by lower prices and deferral of gas production to capture higher value. WA-542-P is located west of the recent Dorado oil discovery. High activity level with five new projects on stream since second quarter. The well was drilled by the Deepsea Atlantic drilling rig, which will drill production wells on the Askeladd North field.

This is an important milestone for the Johan Sverdrup development. At the time of arrival of the hurricane, Equinor had 54 personnel on Grand Bahama. All are confirmed safe and accounted for. By utilizing existing infrastructure, these resources may be recovered at good profitability. Strong progress in building industrial scale within renewable energy. Currently Equinor holds a 50% interest in the wind farm located in the German part of the Baltic Sea. Exploration well 35/11-23, Echino South, was drilled 3.2 kilometers south-west of the Fram field. The projects are expected to produce enough energy to power the equivalent of 4.5 million UK homes.

By utilizing existing infrastructure, the resources may be recovered at good profitability and with low CO² intensity. Employee relief is being provided, including water and food. The block covers 4815 square kilometres and lies about 100 kilometers from the Australian coast. The Dogger Bank wind farm will consist of three projects, Creyke Beck A, Creyke Beck B and Teesside A. It gives a good starting point for accelerating the collaboration on safety, efficiency improvement. The clearing prices for the projects are GBP 39.650 per MWh for Creyke Beck A and GBP 41.611 per MWh. The signing of five major contracts is a key milestone in realizing the Hywind Tampen pioneer project.

Exploration well 35/11-23, Echino South, was drilled 3.2 kilometers south-west of the Fram field. The South Riding Point oil terminal has sustained damage from the hurricane. Clean-up operation at South Riding Point in the Bahamas following Hurricane Dorian. The primary exploration target was to prove petroleum in the upper Jurassic reservoir of the Oxfordian age. An interesting new liquids play has emerged in this part of Australia’s northwest shelf. The auction results reflect the continued cost reductions and technological developments. The beginning of the installation campaign for the topsides for both the processing platform.

The secondary exploration target in the well was to prove petroleum rocks of the middle Jurassic period Hydrocarbons. The size of the spill is not yet clear. It introduction of a USD 5 billion share buy-back programme over three years. A sidetrack (well 35/11-23 A) is being drilled to delineate the discovery in the Sognefjord formation. The work program for the block includes geological and geophysical studies, reprocessing of seismic data. The licensees in production license 090 are Equinor Energy AS (45%), ExxonMobil Exploration. The divestment demonstrates Equinor’s ability to realise value from the development of offshore wind projects.

Ashton says “After more than 50 years of geological surveys on the NCS, we are still learning something new”.

Company engaged with Production Norway AS (25%), Idemitsu Petroleum Norge AS (15%) and Neptune Energy Norge AS (15%). There are no indications of continued oil leakage from the tanks. Active portfolio management through the project life cycle is an important part of our offshore wind strategy. The contracts offer a fixed price for the first 15 years of operation, providing the projects. Security personnel is on site at the terminal working to secure the area and identify potential hazards. The successful bids for the world’s largest offshore wind development represent a game-changer. The well was not formation tested, however, extensive amounts of data have been acquired.

The contracts prove that the oil and gas industry is also competitive for renewables projects. Since the beginning of third quarter, company have started production from Trestakk, Mariner. Well 35/11-23 was drilled to a vertical depth of 2947 meters below sea level. Water depth is 350 meters. The five new fields are expected to deliver on average more than 200,000 high value barrels. Offshore wind assets with prudent operators such as RWE Renewables are attractive to institutional investors. The projects provide economies of scale and synergies, making us an even stronger competitive force. The platforms in the first phase of the development will be in place at the field 160 kilometres. The production license 064 after it has completed the sidetrack.

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