Since 2007, the minimum commercial field size (MCFS) for deepwater standalone oil developments has varied between 130 and 650 MMboe, according to consultant Westwood, depending mainly on the exploration play. Joe Killen, analyst, Global Exploration & Production, said the oil price did not have significant impact on the MCFS because costs and development designs have adjusted to lower prices.

 Talos Energy Inc. has entered into two separate agreements with BP plc and Exxon Mobil Corp. regarding new exploration opportunities in the US Gulf of Mexico. The company will work with BP to drill and evaluate the Puma West prospect on the Talos-owned Green Canyon block 821. Talos will retain a 25% working interest, with BP, as operator, holding the remaining working interest.

Oil prices dropped about 2%, logging a second straight day of losses after U.S. crude inventories unexpectedly rose and on worries that demand could fall after U.S. President Donald Trump’s comments about trade talks with China.

 

 

 

 

The Mark V Monument Project was created to honor military divers from all branches of the military. Now with the monument complete, the project has started a new mission.

 

Don't miss this annual diving conference, Oct.18-20 in Astoria, Oregon.

The Irish Offshore Operators’ Association (IOOA) has responded to clarification from Ireland’s government on its proposals for future offshore exploration. Although the government announced at the United Nations Climate Action Summit that it plans to discontinue opening Ireland’s waters to exploration at some point, this only applies to future processes and not to concessions awarded under the country’s 2015 Licence Round. 

ECOsubsea, the Norwegian provider of hull cleaning technology, has secured contracts to clean in North European ports of Antwerp and Zeebrugge. The cleaning system has now been approved for use in the two North European ports following around 500 vessel cleanings in Southampton and Norway and its proven ability to meet strict environmental requirements, the company explained.

A new well abandonment tool developed by Aberdeen-headquartered Deep Casing Tools has gone from concept to offshore trial with Equinor in just nine months. Deep Casing Tools’ first prototype Casing Cement Breaker was trialed in a well on Equinor’s Huldra field in the Norwegian North Sea, as part of a plugging and abandonment program (P&A), just weeks after the Norwegian operator’s staff were introduced to the tool by drilling services company Archer.

Ocean Power Technologies has signed two new contracts with Enel Green Power Chile (EGP), a subsidiary of Enel Chile, part of the Enel Group, for the sale of a PB3 PowerBuoy and the development and supply of an integrated Open Sea Lab. The combined value of the contracts exceeds US$1.9 million, and represents OPT’s first deployment off the coast of Chile.

A new method of pressure testing suspended mudline wells from a vessel, prior to P&A activity, developed by Unity, is set to deliver improved safety and cost savings following a successful project for Spirit Energy.