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16 Dec 2022
OFS weekly project news wrap
Saipem (SPM:BIT), 0 | Saipem S.p.A. (SPM:MIL), 0 | Vallourec (VK:EPA), 0 | Vallourec SA (VK:PAR), 0 | CGG (CGG:EPA), 0 | Viridien (VIRI:PAR), 0 | SBM Offshore NV (SBMO:AMS), 0 | TechnipFMC PLC (FTI:NYSE), 0 | TechnipFMC plc (FTI:NYS), 0 | SUBSEA 7 (SUBC:STO), 0 | Subsea 7 S.A. (SUBC:OSL), 0 | Petrofac Limited (PFC:LON), 3.8 | Gaztransport & Technigaz (GTT:EPA), 0 | Gaztransport & Technigaz SA (GTT:PAR), 0 | AKER SOLUTIONS (AKSO:STO), 0 | Aker Solutions ASA (AKSO:OSL), 0 | Technip Energies NV (TE:PAR), 0

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OFS weekly project news wrap
Saipem (SPM:BIT), 0 | Saipem S.p.A. (SPM:MIL), 0 | Vallourec (VK:EPA), 0 | Vallourec SA (VK:PAR), 0 | CGG (CGG:EPA), 0 | Viridien (VIRI:PAR), 0 | SBM Offshore NV (SBMO:AMS), 0 | TechnipFMC PLC (FTI:NYSE), 0 | TechnipFMC plc (FTI:NYS), 0 | SUBSEA 7 (SUBC:STO), 0 | Subsea 7 S.A. (SUBC:OSL), 0 | Petrofac Limited (PFC:LON), 3.8 | Gaztransport & Technigaz (GTT:EPA), 0 | Gaztransport & Technigaz SA (GTT:PAR), 0 | AKER SOLUTIONS (AKSO:STO), 0 | Aker Solutions ASA (AKSO:OSL), 0 | Technip Energies NV (TE:PAR), 0
- Published:
16 Dec 2022 -
Author:
Thomson Daniel DT -
Pages:
9 -
Major FIDs announced in Norway, key awards to alliance members AKSO and SUBC
Aker BP and its partners this morning submitted plans to the Norwegian government representing total oil and gas investment of more than $20bn, including FIDs at Yggdrasil (formerly NOAKA), Valhall PWP-Fenris, Skarv Satellite Project and Utsira High. Aker Solutions and Subsea 7 are major beneficiaries through various alliance agreements, highlighting expected order intake of cNOK50bn and c$1.6bn respectively in 4Q22 related to these projects (more detail overleaf). Following these investment decisions and the sanction earlier this week by Wintershall of a smaller tieback project, we count 9 FIDs on the NCS this year and 30 overall in our Offshore Project Tracker, roughly in line with the annual average of 32 over 2017-21. Sanctioned OandG production volumes remain lower than average however, as many projects relate to smaller tie-back work.
Project news round-up: SPM awarded Uaru SURF scope, $11bn Petchems FID announced
In other project news, Saipem announced this week that it had been awarded c$1.2bn in offshore EandC contracts, including for ExxonMobil''s Uaru development offshore Guyana. OMV Petrom took a step closer to developing the long-delayed Neptun Deep gas project in the Black Sea (mid-''23 FID targeted), while Equinor''s plan to re-issue tender documents to contractors for the Bay du Nord FPSO hull FEED studies early next year suggest FID after 2Q24. In the Middle East, TotalEnergies and Aramco announced FID had been taken on the $11bn Amiral Petchems complex (relevant for Technip Energies), while up to six contractors have submitted bids to Adnoc for a key 5-year framework agreement (SPM, PFC relevant). In Bahrain, we would expect PFC to show interest in a new c$300m tender related to gas compression works on the Awali field.
Global capex tracker: NOCs and Independents spending to outpace Majors again
We provide rolling coverage of announced 2023 capex budgets...