Equinor begins production from Utgard field in North Sea

first_img Image: Illustration of the Utgard field development Photo: courtesy of Equinor ASA. Equinor and its partners have started production from the Utgard field — located along the UK-Norway median line, in the North Sea — several months ahead of schedule.Originally slated to be brought on stream by the end of 2019, the Norwegian Petroleum Directorate (NPD) gave its consent to the partners to begin production from the offshore field last month.The gas and condensate field has been developed with an investment of 2.6bn Norwegian krone (£230m), which is 25% below the estimate of NOK3.5bn (£310m) given to the Norwegian authorities in 2016.Utgard gas and condensate field was discovered in 1982. In 2016, Equinor bought the UK portion of the discovery in order to complete the field development.It has been developed as a subsea tieback to the Sleipner field, which is operated by Equinor. The field comprises two wells from a subsea template tied back through a pipeline and an umbilical to the Sleipner field.The subsea template has been installed on the Norwegian part of the border, with one well on each side of the UK-Norway median line.Equinor UK and Ireland offshore senior vice president Arne Gürtner said: “Through Utgard, we are maximising economic recovery from the North Sea, and unlocking high-value, low-carbon intensity barrels in line with our strategy. We will continue to seek cross-border opportunities to add value on both sides of the border.”According to Equinor, the recoverable resources from Utgard are estimated at nearly 40 million barrels of oil equivalent (boe), while daily production on plateau is expected to be about 43,000boe.Equinor and its partners will remotely operate the Utgard field from the Sleipner field. At the Sleipner platform, the well stream from Utgard will be processed before dry gas is sent out to the market via the Gassled pipeline system, while liquids are transported through an existing pipeline to Kårstø where they will be exported to Europe.The Utgard field will also use the CO2 purification and storage facility at Sleipner.Stakeholders of the Utgard fieldEquinor has been operating Utgard with a total of 76.44% stake held by it and its UK subsidiary. The Norwegian oil and gas major is partnered by Lotos Exploration and Production Norge (17.36%) and KUFPEC Norway (6.20%) in the offshore gas and condensate field. Spread over the Norwegian-UK maritime border, the Utgard field has been developed with a total investment of £310m through a subsea tieback to the Sleipner fieldlast_img read more

Karoon Energy contracts Stena Forth Drillship for Marina-1 in Peru

first_imgStena Forth will drill Marina-1 exploration well, located in Block Z-38, and the drilling is planned to start early in the first quarter of 2020 Image: Stena Drilling Stena Forth Dynamically Positioned Drillship. Photo: Courtesy of Karoon Energy. Karoon Energy has executed binding agreements with Stena Drilling and Tullow Oil to contract the Stena Forth drillship for its Marina-1 exploration well in Peru.Under the contract, Stena Forth will drill Marina-1 exploration well, located in Block Z-38, which is 40% owned and operated by Karoon. The drilling is planned to start early in the first quarter of 2020.Karoon Energy managing director Robert Hosking said: “The contracting of the “Stena Forth” for the exploration of the Marina Prospect is an exciting opportunity for Karoon. Karoon has been working for some time to assess the prospectivity of the block, attract a farmout partner and prepare for drilling.“The drilling of Marina-1 is a critical milestone for assessing the prospectivity of the deeper waters off northern Peru, and, on success, could de-risk several further exploration targets within Block Z-38, and Karoon’s 100% owned Area 73 Technical Evaluation Area, potentially providing important future production for Peru.”Karoon, Tullow Oil, Pitkin Petroleum jointly own Block Z-38The company said that the Marina exploration Prospect is a large fault bounded structure with prospective reservoirs at multiple levels, ranging from 900m subsea down to 2900m subsea.The prospect is expected to hold an estimated at 256 million barrels of Gross Prospective Resources.Marina-1 would be the first well drilled in Z-38 and serves as an important calibration point for the petroleum geology of the block.In addition, the information from the well can be used for evaluating other prospects and leads in Z-38, with more than a billion barrels in gross prospective resources, and in the technical evaluation area.Karoon said that its wholly owned subsidiary KEI Sucursal del Peru holds a 40% operating equity interest in the Blocks, along with Tullow Oil holding 35% and Pitkin Petroleum holding 25% equity interest.Hosking added: “The “Stena Forth” Drillship is a recently delivered harsh water drillship with capabilities to drill in far deeper water depths and much harsher sea states than those found in Northern Peru, Karoon is happy to have secured the use of such a high quality vessel for this well.“The company takes its responsibility to the local people and environment very seriously and has very experienced operational people who are committed to the highest levels of operational safety drilling the Marina-1 well.”last_img read more

Santos takes FID on Van Gogh Infill phase two project in Australia

first_img Santos unveils final investment decision for Van Gogh Infill phase two project in Australia. (Credit: Pixabay/C Morrison) Australian energy company Santos has taken a final investment decision on the Van Gogh Infill phase two project in Australia.The project will enable increased production from the field, access additional reserves and reduce unit production costsThe work on the phase two project will include the drilling and completing of three new horizontal, dual-lateral production wells and subsea tieback into the current infrastructure.The Van Gogh field is one of three subsea oil field development projects in the Exmouth Basin, offshore Western Australia. The fields tie into the Ningaloo Vision, the Floating Production, Storage and Offloading vessel (FPSO).Santos owns 52.5% stake in the projectSantos has selected Valaris MS1 mobile offshore drilling unit for the project and the drilling estimated to begin early next year.Santos managing director and CEO Kevin Gallagher said: “It’s little more than a year since the start-up of Phase One, so I’m delighted to see FID being advanced on Phase Two in such a short timeframe.”“Phase One proved to be a very successful project, with higher reserves delivered for lower cost, the value of which was enhanced by a strong premium to Brent realised for this crude.”The Van Gogh field has been producing since 2010, while the nearby Coniston and Novara fields tied back to the FPSO in 2015 and 2016, respectively.The Van Gogh-Coniston-Novara project is operated by Santos, which owns 52.5% in the project, while the remaining stake is owned by INPEX.In January last year, Santos produced first oil from the Van Gogh infill project in the offshore Exmouth Basin in Western Australia.The project, which commences in 2018, involved drilling of two subsea wells and connecting them into existing offshore infrastructure. The project will enable increased production from the field, access additional reserves and reduce unit production costslast_img read more

Noble to acquire rival offshore drilling contractor Pacific Drilling

first_imgAs per the terms, Pacific Drilling’s shareholders will get a stake of nearly 24.9% in Noble Offshore drilling contractors Noble and Pacific Drilling announce all-stock merger. (Credit: wasi1370 from Pixabay) UK-based Noble has agreed to acquire rival offshore drilling contractor Pacific Drilling, based in Luxembourg, in an all-stock deal.As per the terms of the deal, Pacific Drilling’s shareholders will get 16.6 million shares of Noble, which translates to a stake of around 24.9% in the latter at closing.Post-acquisition, Noble will have a fleet of 24 rigs, which include 11 drillships, one semisubmersible, and 12 jackups. The company will also have pro forma backlog of around $1.7bn, which will be divided across a range of customers and regions of operation.The company claimed that the combined fleet will be among the youngest and most technologically advanced fleets in the sector.Pacific Drilling CEO Bernie Wolford said: “Bringing together the Pacific Drilling and Noble fleets creates a stronger and more stable combined company with the scale to provide solutions for our clients on a global basis.“This combination will advance the ongoing recovery in the industry and will allow Pacific Drilling equity holders to fully participate in that recovery.”Noble anticipates the deal to help the company achieve at least $30m annual pre-tax cost synergies.Apart from that, the offshore drilling contractor will look to expeditiously dispose of the Pacific Bora and Pacific Mistral drillships, which are among the seven drillships owned currently by Pacific Drilling.Noble president and CEO Robert Eifler said: “The acquisition of Pacific Drilling will enhance our position in the ultra-deepwater market through the addition of its technologically-advanced ultra-deepwater drillships, which are highly complementary to Noble’s existing fleet.“By bringing these modern drillships into the Noble fleet, we will be able to better serve the needs of our customers globally and to participate in a wider range of drillship tender activity.”Eifler added that the acquisition enables the re-entry of Noble into the West African and Mexican regions, besides bolstering its footprint in the US Gulf of Mexico.Subject to customary closing conditions, the deal is anticipated to be closed next month.last_img read more

Enerplus to acquire Hess’ Williston Basin assets for $312m

first_img The assets will give a working interest production of 6,000boed for Enerplus. (Credit: Hess Corporation) Canadian oil and gas firm Enerplus has agreed to acquire Hess’ assets in the Williston Basin, US for $312m in cash.The assets involved in the deal are Hess’ non-core interests in the Little Knife and Murphy Creek acreage in the Bakken Formation in North Dakota.The acreage in the deal spans nearly 78,700 net acres. Located in the southernmost part of Hess’ position in the Bakken, the acreage is not connected to Hess Midstream infrastructure.The average net production from the acreage for Hess was 4,500 barrels of oil equivalent per day (boed) in the first quarter of 2021.Hess CEO John Hess said: “The Bakken is a core asset in our company’s portfolio.“Sale of the Little Knife and Murphy Creek acreage – the majority of which we were not planning to drill before 2026 – brings material value forward and further strengthens our cash and liquidity position.”For Enerplus, the acquisition provides it largely contiguous net acres in Dunn County, strategically near the company’s core position in the Bakken Formation.The assets provide a working interest production of 6,000boed, of which 76% is tight oil, 14% is natural gas, and 10% is natural gas liquids.Included in the assets to be acquired are 110 net tier one undrilled locations, of which 77% are operated.Following the acquisition, Enerplus will extend its development drilling by another two or three years. The company projects to have nearly 10 years of drilling inventory under mid-single digit annual liquids production growth rates.Apart from the tier one locations, the transaction includes 120 net operated undrilled sites, which are economically based on the present crude oil prices, said Enerplus.Enerplus president and CEO Ian Dundas said: “These assets are a strong strategic and operational fit for Enerplus, further extending our high-return Bakken drilling inventory.“The addition of this tier one resource into our development plan is expected to generate strong financial returns and enhance our free cash flow growth.”The deal, which is subject to customary closing conditions, is anticipated to close next month. Through the deal, the company will add nearly 78,700 net acres of acreage in the Bakken Formation in North Dakota last_img read more

Mansion Tax would be bad for property, warns agent

first_imgHome » News » Housing Market » Mansion Tax would be bad for property, warns agent previous nextRegulation & LawMansion Tax would be bad for property, warns agentThe majority of agents believe Labour’s proposed mansion tax will have an adverse impact on the housing market.PROPERTYdrum1st May 20150614 Views With just over a week until the General Election, London based estate agents Sandfords has joined a chorus of other industry experts and warn of the possible ‘disastrous consequences’ for the residential property market if Labour is elected into power.The estate agency firm is particularly concerned about the party’s plans to introduce a mansion tax on all homes worth more than £2 million, and the potential impact that the levy could have on the housing market in London as well as other parts of the country._“In the immediate run up to the Election we are seeing a lot of influential individuals, economists and agents shouting about the reality of a Labour Government and the effects their proposed mansion tax will have on the whole property market, and not just in London,” said Tim Fairweather, a Director at Sandfords.“We have voiced our fears of Labour’s taxing policy on numerous occasions ever since its proposal but it’s now increasingly apparent that it will provoke far reaching problems that will have an effect on millions of everyday people,” he added.Although Labour insist that they want to help aspirational homeowners gain a foot on the housing ladder, Fairweather claims that the party are merely “bashing the rich” with their proposals for housing.“Labour seem to be under an illusion that their proposal would not involve the lower end of the market.” Fairweather continued. “It’s quite clear that the introduction of a mansion tax would shake up the entire property market and its undoubtedly not going to be exclusive to the capital either. There is uncertainty over the clarification of property values and this will cause no end of problems with pricing in and around the £2 million bracket. Prices will fall at the top end of the market which will ricochet into the mid-market hitting the exact people that Labour proposes to support. Below the threshold we will naturally see increased competition which in turn will result in prices being driven up, pricing out a whole group of buyers wanting to move up the property ladder.”He added, “The market currently is subdued but by no means completely dampened. Transactions are going through and demand is evident. Following the Election, if Labour are successful and do enforce the mansion tax, there will be consequences; a flattened market in not only areas where there are ‘mansions’, which many are in fact just large family homes, like London and the South East but also further afield.”Fairweather’s comments are unlikely to go down well with senior Labour politicians.Earlier this year, the party slammed Knight Frank for sending out material to households highlighting what the property firm described as the “threat” of a mansion tax before the Election.Sadiq Khan, the Shadow Justice Secretary, accused the firm of “scaremongering” arguing that it was an attempt by the estate agents to sway the outcome of the election.The Knight Frank letter did not tell voters which party to vote for ahead of the election but did warn of the potential implications that the levy on high-value homes could have._The letter sent out in Wandsworth, which is a marginal seat, read, “Ahead of the General Election on 7th May, you will no doubt be considering the implications of the result on your investments and assets.“For those with a stake in the upper end of the housing market, the threat of a potential Mansion Tax is one obvious area of focus. We felt you would be interested in this particular issue and the attached insights from our Global Head of Research Liam Bailey (right).”Khan responded to the letter by saying, “Estate agents are one of few professions trusted less than politicians, and I am shocked that Knight Frank think it is acceptable to scaremonger like this.”A recent survey by the National Association of Estate Agents (NAEA) found that 57 per cent of its member agents believe that Labour’s proposed mansion tax will have an adverse impact on the housing market, while 45 per cent of its members see the Conservatives’ flagship housing policy of developing 200,000 new homes as potentially having the most positive impact on the residential property market._Mark Hayward of the NAEA commented, “Demand is still vastly outweighing supply in this country, so it is clear something needs to be done to aid this growing problem. Whoever wins it is vital that building more affordable homes is top of their agenda.”homeowners mansion tax affordable homes property ladder residential property market May 1, 2015The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more

KFH EXPANDS PRESENCE IN CENTRAL LONDON

first_imgKinleigh Folkard & Hayward (KFH) has expanded its network of branches covering London’s Zone 1, with the launch of new offices in Clerkenwell, EC1V and Earls Court, SW5.The Earls Court branch takes KFH’s Zone 1 coverage to ten branches and is the 55th branch in the wider London network.Located at 132-136 St John Street and 243 Old Brompton Road respectively, Clerkenwell and Earls Court are the latest sales and lettings branches to open during 2016, with the Catford and Fulham branches having launched earlier in the year.Lee Watts, Managing Director at Kinleigh Folkard & Hayward, says, “Following the launch of our South Kensington and Marylebone branches in 2015, our new Clerkenwell and Earls Court branches will cement our presence in Zone 1.“These openings will help us to deliver our exceptional standard of customer care and results to even more people in the prime property market.”Simon Boulton and Kate Bentley have been appointed sales and lettings managers of the new Clerkenwell branch, with Mark Davidson managing the new sales team and Letisah Grosvenor the lettings team in Earls Court.Kinleigh Folkard & Hayward KFH expansion London KFH August 22, 2016The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Agencies & People » KFH EXPANDS PRESENCE IN CENTRAL LONDON previous nextAgencies & PeopleKFH EXPANDS PRESENCE IN CENTRAL LONDONThe Negotiator22nd August 201601,732 Viewslast_img read more

Over 270 Guild agents sign up to be easyProperty licence holders

first_imgOver 270 estate agents belonging to The Guild of Property Professionals have signed up to become easyProperty licence holders out of a potential pool of 800, it has been revealed.Online-only agent easyProperty was bought by the Guild’s parent company GPEA last month, a deal that completed on 12th July.This will eventually create a new parent company, e-Prop Services, although back in June the deal was framed as a merger on the main Easy.com site where all the Easy brands established by founder Stelios Haji–Ioannou are listed.The drive to persuade to Guild members to sign up to be geographically-based licence holders for the easyProperty brand and service follows an 11-date race around the country by a roadshow outlining the proposition.GPEA claims 70% of those who turned up to the roadshows signed up via a ‘letter of intent’ to become easyProperty licence holders.easyProperty CEO Jon Cooke (pictured, left) says the business will be relaunched in September as a part B2B, part consumer orientated operation, rather than its current consumer facing only offering.News of the new sign-ups follows criticism of the easyPropery and GPEA deal last month by leading proptech consultant James Dearsley, who questioned the deal’s likely success.His criticisms were rebuffed by Jon Cooke at the time, who said some 500 territory requests had been received.“The response we’ve received has been overwhelming and we are really excited to have such a significant number of professional, independent agents on this journey with us,” says Jon.easyProperty merger“We aim to disrupt the disruptors by catering to changing consumer behaviours and what our research tells us is that vendors and landlords want the reassurance of a physical, professional agent coming to their property to provide a market appraisal but they also want to transact 24/7 online rather than within office hours.“Many also want to have more control of the lettings and sales process and our model caters to this demand.”As the new licence arrangements bed in Jon says easyProperty will be launching a new marketing and advertising campaign, website and ways of working.“We are travelling at a fast pace and are proud of the members who have put their faith in our new licence proposition,” says Jon.*Correction: The story previously stated that Ed Mead had been critical of the easyProperty merger, but he would like it known that he is supporter.  jon cooke The Guild of Property Professionals easyProperty July 26, 2017Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Agencies & People » Over 270 Guild agents sign up to be easyProperty licence holders previous nextAssociations & BodiesOver 270 Guild agents sign up to be easyProperty licence holdersOnline agent Jon Cooke says response has been overwhelming following month-long national roadshow.Nigel Lewis26th July 201701,180 Viewslast_img read more

Buy a bit of a house with Bitcoin

first_imgUnlocking the money held in the value of your home is not new, schemes abound across the UK, but here’s something completely different: buying a bit of  house with Bitcoin.The appropriately named TrustMe says that it is a blockchain-enabled property exchange and land registry. This means, they say, that “UK property can become a globally tradable asset on a peer-to-peer platform which utilises blockchain technology.  TrustMe, a blockchain applications company, is aiming to revolutionise the global real estate market by allowing the fractional trading of individual properties using ‘asset backed certificates’ on linked, Bitcoin denominated, global property exchanges.”TrustMe’s white paper, released today, details the launch of the TrustMe Property Exchange Limited and Blockchain Land Registry Limited, which will enable homeowners to trade shares (‘property certificates’) in their property on an open market as a new type of tradeable asset-class. Clients on the property exchanges will be able to purchase up to 49 per cent of the value of a property or residential home with Bitcoin or fiat currency, whilst the 51 per cent owner-occupier continues to live in and manage the property.Homeowners will be able to trade shares in their property on an open market as a new type of tradeable asset-class.”The first exchange will be rolled-out in London in October, with parallel TrustMe Property Exchanges launching shortly in Toronto and New York. TrustMe is due to announce other cities over the next 3 months and will establish regulatory compliance in each region it operates in.London is their first choice for the location of the initial exchange, as it is host to a buoyant £2 trillion property market and has well established property laws, rights and processes. The capital is already a popular location for many international investors seeking to acquire property, however, TrustMe™ also wants to ‘democratise’ ownership by removing the capital threshold that had previously restricted the owning of property to a privileged few. It wants to open-up the asset class using Bitcoin denominated, blockchain enabled, global property exchanges to make property investment an attainable global investment choice for the many, not just the few.Antony Abell, Co-Founder & Managing Director of TrustMe says, “The London property market, which has, for many people, long been prohibitively expensive, needs to be democratised. The TrustMe Property Exchanges will allow existing homeowners to unlock the value of their own house or properties and to use these assets as a form of stored liquid wealth, similar to a 30-90 day bank account, by trading as much or as little of their asset as they wish in an efficient, transparent and auditable manner.Abell continued: “It has only been the recent advent of the public blockchain that has enabled the trust that people need to be able to allow the most valuable assets that most will ever have in their lives to be leveraged in this way.”http://www.u-trustme.com/whitepapers.html antony abell bitcoin blockchain property blockchain-enabled property exchange buying property with bitcoin TrustMe August 23, 2017Sheila ManchesterWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Buy a bit of a house with Bitcoin previous nextProducts & ServicesBuy a bit of a house with BitcoinFirm sets up to trade UK property as globally-traded asset using Bitcoin.Sheila Manchester23rd August 201702,089 Viewslast_img read more

Auction success for Hunters

first_imgHome » News » Agencies & People » Auction success for Hunters previous nextAgencies & PeopleAuction success for HuntersThe Negotiator18th June 20180466 Views Hunters held a successful property auction at York Sport Club in April. The sale was well attended and seven of the nine lots were sold in the room. Highlights of the evening included a garage which was guided at £15-£20,000 and sold for £43,000.The former branch of Lloyds TSB Bank on Haxby Road was also offered for sale. The sale included the bank premises together with a two bedroom apartment above. There was plenty of competitive bidding, starting with a guide price of £160-£180,000, this property attained £304,000 in the auction room, which is a phenomenal result for the owner, who said, ‘’Hunters were exceptional from start to finish with this auction. Their advice was excellent and they kept us up to date on every step of the process. They were efficient and professional and I couldn’t recommend them enough.”The last lot offered was a desirable semi-detached former lock keepers cottage. The house overlooks Naburn Lock and was much in demand by prospective buyers. The property and surrounding area have a history of flooding problems, however this did not deter bidders. The property, pictured above, offered with a guide price of £100-£120,000, sold at £168,000.Hunters property auction auction auction lot June 18, 2018The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more