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McDermott Awarded Contract for EPFC Work

McDermott International, Inc. announced it has been awarded a contract by a major oil and gas operator for six crude oil storage tanks in Texas. The storage tanks will be part of an energy infrastructure project linking the Permian Basin in West Texas to the Texas Gulf Coast.

The scope of the project, which will be executed by CB&I Storage Solutions, includes the engineering, procurement, fabrication and construction (EPFC) of six floating roof crude oil tanks—four with a 500,000-barrel capacity each and two with a 250,000-barrel capacity each. Engineering, procurement and fabrication will be performed at the company’s Houston Fairbanks office and fabrication facility.  

“We have a strong track record of providing world-class storage solutions for major energy infrastructure projects all over the world,” said Cesar Canals, Senior Vice President of CB&I Storage Solutions. “This new award is a testament to our service offerings and capabilities, including our vast experience in engineering, fabricating and constructing complex, large-scale storage tanks.”

The award will be reflected in McDermott’s fourth quarter 2019 backlog.

The contract range for this award is between USD $1 million and $50 million.

Source: http://www.mcdermott-investors.com/

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Sapura Energy bagged five new contracts valued at RM1.3 billion for its engineering and construction as well as drilling segments

Among the new wins is the submarine rescue service contract for the Royal Australian Navy, which is a first undertaking for the group. Sapura Energy also marked a new entry into Egypt for works in the Gulf of Suez, along with other wins across Malaysia and Indonesia.

The contract wins demonstrate Sapura Energy’s continued pursuit to deepen its presence in existing core markets, break into new markets and expand its scope of services.

The growing orderbook is expected to increase asset utilisation for the group and contribute to improving its financial performance. The group now has 10 key operating centres to execute work strategically around the globe.

Marking a new footprint in Egypt, Sapura Offshore Sdn Bhd has been awarded a subcontract by Pan Marine Petroleum Services Company. The scope of work comprises the installation of six new subsea pipelines in the Gulf of Suez for the Gulf of Suez Petroleum Company, a joint venture between BP plc and Egyptian General Petroleum Corporation, the National Oil Company of Egypt.

Works will be carried out in various locations in the Morgan field, with an expected total pipelay of 57 kilometres.

For its drilling segment, Sapura Drilling Asia Sdn Bhd has secured two new contracts. The first contract is from ExxonMobil Exploration and Production Malaysia Inc for the provision of its tender assist drilling rig, Sapura T-9.

The scope comprises the provision of barge tender assisted drilling rig services for a period of three years at the Tabu field, offshore Peninsular Malaysia.

Sapura Drilling has also been awarded a contract extension by Petronas Carigali Sdn Bhd for the provision of semi tender assisted drilling rig, Sapura Berani (pix). The contract entails the drilling of nine wells at the Sumandak, Erb West and Dulang facilities, offshore Sabah and Peninsular Malaysia.

In Indonesia, Sapura Offshore, in a joint venture with PT Timas Suplindo, has won a contract from ENI East Sepinggan Limited, a subsidiary of multi-national oil company ENI S.p.A. The contract is for engineering, procurement, construction and installation works of two 16-inch diameter offshore rigid pipelines from the Jangkrik facility to a future manifold near Merakes drilling centres.

Works will be carried out at water depths of between 70 metres to 1,400 metres. The total length of the pipeline system is 95 kilometres.

The scope of work includes design, fabrication and offshore installation of foreseen structures, deep water pipeline end terminations and in-line tee systems for the East Sepinggan Block, East Kalimantan in Indonesia.

Undertaking its first contract for The Royal Australian Navy, Total Marine Technology Pty Ltd (TMT), a subsidiary of the group, has been awarded key roles in the submarine rescue service contract by Phoenix International (Australia) Pty Ltd.

TMT has been selected to design and fabricate a remotely operated vehicle, including to design and supply the external propulsion and non-life support-related electrical and control systems as well as the Submarine Rescue Bell.

The rescue system will be accepted into operational service in 2022 and will be one of four air transportable systems in the world.

The “primary mission” of the system is to deliver rescue capability to The Royal Australian Navy’s submarine fleet. The system will also be capable of supporting other submarine operating nations by means of the NATO (North Atlantic Treaty Organisation) standard escape hatch.

Source: https://sapuraenergy.com/

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Rosneft Prepares to Lead Massive $157 Billion Arctic Oil Project

Rosneft is preparing to lead an Arctic oil field development project that will cost an estimated $157 billion (10 trillion rubles).

Reuters quoted Russia’s Deputy Energy Minister Pavel Sorokin as announcing the price tag of the Vostok Oil project to media last week, adding that the Kremlin had already agreed on a tax relief package that would help with the Artic oil and gas push.

The Vostok Oil project will include already producing fields as well as untapped ones, and Rosneft will develop them along with partner Independent Petroleum Company. The tax relief for this project alone could reach some $940 million (60 billion rubles) annually, the chief of the tax department of Russia’s Finance Ministry said.

The tax relief package for the energy industry has been the subject of heated debate in political circles because at the same time that the Kremlin is lending its generous support for oil and gas, it is hiking other taxes, on citizens, and extending the retirement age as part of a delayed and highly unpopular retirement system reform.
Alexei Sazanov, the head of the tax department at Russia’s finance ministry, told reporters at the same event on Friday that tax benefits for Vostok Oil could cost up to 60 billion roubles per year. The comments by Sorokin and Sazanov were embargoed until early on Monday.

Russia’s budget surplus, projected at 1.7% of gross domestic product this year, is expected to shrink to 0.2% in 2022, partly due to the various supports offered to the energy sector, a cornerstone of budget revenue.

Source: https://www.rosneft.com/