Mediafax: OMV Petrom to Invest in Suplacu Redevelopment by 2015

BUCHAREST - Romania's leading oil company OMV Petrom will invest around 200 million euros ($255.9 million) up to 2015 in redevelopment works at its Suplacu field in the northwestern locality of Barcau, the company said in a statement Friday, news agency Mediafax reports.

The works aim to unlock additional hydrocarbon reserves in the region, Petrom said.

"We operate very mature fields and over the last years we have been able to reduce the production decline rate to roughly 1% per year. Field redevelopment projects are and will be essential to keep production stable," said Mariana Gheorghe, chief executive of Petrom.

She said Petrom currently supplies approximately 40% of the oil and gas demand in Romania.

Suplacu is a mature oil field, which has been in production for over 50 years. Its daily production is 10% of the total oil production of OMV Petrom in Romania.

The redevelopment works will comprise the drilling of an additional 105 wells, the implementation of state-of-the-art technology to increase hydrocarbon recovery rates, as well as the construction of a new water treatment plant and upgrades to the company's gas combustion and air compression systems.

Petrom plans to redevelop six to eight oil fields by 2015, including the Suplacu project. Total investment in the projects, which are slated to unlock additional 70 million barrels of oil equivalent, is estimated at EUR400 million.

The company's average reserve recovery rate for its 238 fields operated locally stands at 25% for oil and around 49% for gas, the company said.

Petrom is majority owned by Austria's OMV, with a 51% stake. Romania's Economy Ministry and investment fund Fondul Proprietatea hold 20.63% and 20.11% in Petrom, respectively, while the remaining shares are traded on the Bucharest bourse.

Copyright (c) 2012 Dow Jones & Company, Inc.

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Aker Wins Contract for Schiehallion Redevelopment

Norwegian oilfield services firm Aker Solutions reported Wednesday that it has secured an approximately $105 million contract with BP to help redevelop one of the UK's largest oilfields.

Aker said its Aberdeen, Scotland operation will manufacture and supply all subsea controls equipment for the Quad 204 project. This is the redevelopment of the Schiehallion and Loyal fields, which are located approximately 100 miles west of the Shetland Islands.

The Schiehallion and Loyal fields are estimated to contain a further 450 million barrels of recoverable oil and the total redevelopment is budgeted to cost some $4.5 billion. Due to the water depth in the area, Schiehallion is entirely reliant on subsea production technology and oil from the field is collected on a floating production, storage and offloading vessel (FPSO).

Alan Brunnen, the head of Aker's subsea business, commented in a statement:

"West of Shetland is an exciting area for oil and gas and we are delighted to continue our successful relationship with BP by playing such a significant role in the continuing development of this project."

The scope of Aker's work includes subsea controls equipment for subsea trees, manifolds and subsea safety isolation valves, as well as controls distribution assemblies. The work will be managed, designed and built by Aker’s subsea controls center of excellence in Aberdeen, with the first deliveries made in the first half of 2014.

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Aker Wins Contract for Schiehallion Redevelopment

Norwegian oilfield services firm Aker Solutions reported Wednesday that it has secured an approximately $105 million contract with BP to help redevelop one of the UK's largest oilfields.

Aker said its Aberdeen, Scotland operation will manufacture and supply all subsea controls equipment for the Quad 204 project. This is the redevelopment of the Schiehallion and Loyal fields, which are located approximately 100 miles west of the Shetland Islands.

The Schiehallion and Loyal fields are estimated to contain a further 450 million barrels of recoverable oil and the total redevelopment is budgeted to cost some $4.5 billion. Due to the water depth in the area, Schiehallion is entirely reliant on subsea production technology and oil from the field is collected on a floating production, storage and offloading vessel (FPSO).

Alan Brunnen, the head of Aker's subsea business, commented in a statement:

"West of Shetland is an exciting area for oil and gas and we are delighted to continue our successful relationship with BP by playing such a significant role in the continuing development of this project."

The scope of Aker's work includes subsea controls equipment for subsea trees, manifolds and subsea safety isolation valves, as well as controls distribution assemblies. The work will be managed, designed and built by Aker’s subsea controls center of excellence in Aberdeen, with the first deliveries made in the first half of 2014.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

Aker Wins Contract for Schiehallion Redevelopment

Norwegian oilfield services firm Aker Solutions reported Wednesday that it has secured an approximately $105 million contract with BP to help redevelop one of the UK's largest oilfields.

Aker said its Aberdeen, Scotland operation will manufacture and supply all subsea controls equipment for the Quad 204 project. This is the redevelopment of the Schiehallion and Loyal fields, which are located approximately 100 miles west of the Shetland Islands.

The Schiehallion and Loyal fields are estimated to contain a further 450 million barrels of recoverable oil and the total redevelopment is budgeted to cost some $4.5 billion. Due to the water depth in the area, Schiehallion is entirely reliant on subsea production technology and oil from the field is collected on a floating production, storage and offloading vessel (FPSO).

Alan Brunnen, the head of Aker's subsea business, commented in a statement:

"West of Shetland is an exciting area for oil and gas and we are delighted to continue our successful relationship with BP by playing such a significant role in the continuing development of this project."

The scope of Aker's work includes subsea controls equipment for subsea trees, manifolds and subsea safety isolation valves, as well as controls distribution assemblies. The work will be managed, designed and built by Aker’s subsea controls center of excellence in Aberdeen, with the first deliveries made in the first half of 2014.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here