The Marine XII license covering 571 km2 is located on the continental shelf of the Republic of Congo 20 km from the shore with the sea depth of 20 - 90 m.
Drilling & production
As part of the agreement, Sonangol, Angola’s state oil company, will receive a 10% equity interest.
The company said the floating production system, located in the first producing field in the Norphlet area, will produce around 175 000 boe/d of oil and gas.
More Drilling & production news
The company has been awarded a contract by Lundin Norway to deliver early well construction, via its Well Start solution, on three additional wells in the Edvard Grieg field.
As oil prices approach US$70/bbl, Rystad Energy expects that a short-lived price rally through the first half of 2020 will then lose momentum and be replaced by a need for additional production cuts by Russia and the cartel of oil producing countries, OPEC.
The company has completed construction of the seventh well at production platform number two of Vladimir Filanovsky field.
EIA’s Annual Energy Outlook 2019 (AEO2019) Reference case projects that U.S. tight oil production will continue to increase through 2030, ultimately reaching more than 10 million bpd in the early 2030s.
The new facility will be used for large scale fabrication of offshore platforms and onshore/offshore modules.