Highlights of the Week
- Business & Finance
Subsea World News has put together a recap of the most interesting articles from the previous week (May 22– May 28).
Schiehallion and the adjacent Loyal fields were first developed in the mid-1990s and have produced nearly 400 million barrels of oil since production started in 1998. With the fields’ redevelopment through the Quad 204 project, BP and co-venturers expect to unlock a further estimated 450 million barrels of resources, extending the life of the fields out to 2035 and beyond.
Positioned in 2,150-meter water depth, the P-66 can process up to 150,000 barrels of oil and 6 million cubic meters of natural gas per day.
Hess Corporation has signed a non-exclusive 10-year global agreement with Wood Group to provide engineering, project management, construction, commissioning, operations & maintenance, integrity management, subsea, and decommissioning services.
The two companies have worked together for more than 25 years on a wide range of projects worldwide.
Oceaneering has entered into an agreement, expected to extend into 2026, with an undisclosed international oil and gas company, to provide ROV services and equipment for projects located offshore of Newfoundland and Labrador, Canada.
Under the terms of the contract, Oceaneering is to provide two ROV systems onboard a multi-function platform support vessel supporting its customer’s operations. The scope of work contemplates subsea construction, inspection, maintenance and repair services on existing and future infrastructure, the company explained.
The company, backed by upstream oil and gas investment firm Petroleum Equity, has named GE Oil & Gas as the exclusive supplier of early engineering, project management, and procurement activities for the project.