Brazil: Petrobras signs Sepia and Atapu surplus Agreement
12 Apr 2021
Petrobras has signed an Agreement with the Federal Government, which establishes the stakes in each contract and the amount of compensation to Petrobras in the event of a bid for the
Transfer of Rights´ surplus volumes in the fields of Sépia and Atapu.
The Transfer of Rights Agreement, signed in 2010 between Petrobras and the Federal Government, included the exercise of exploration and production activities in the areas of Sépia and Atapu, with production volumes limited to 500 million barrels of oil equivalent (boe) in Sépia and 550 million boe in Atapu.
Enverus, the leading energy SaaS and data analytics company, has released its summary of 1Q21 U.S. upstream M&A activity. The report shows $3.4 billion in deal value was transacted during the quarter - an 88% decline from 4Q20. This is the third year in a row U.S. activity has started slow.
Saudi Arabia: Public Investment Fund (PIF) reaches major milestone in landmark Solar PV project
12 Apr 2021
Sudair Solar PV project is set to become one of the world’s largest Solar PV plants by capacity and Saudi Arabia’s largest. The project is considered a key achievement towards PIF’s commitment to develop 70% of Saudi Arabia’s renewable energy by 2030
With an investment value of approximately SAR 3.4 billion
and 1,500MW, Sudair Solar PV project
will be capable of powering 185,000 homes and offsetting nearly 2.9 million tons of emissions per year
ACWA Power – in which PIF holds a 50% stake – leads the consortium to develop the project alongside PIF portfolio company
Norway: Equinor given consent to use Heimdal beyond its original planned lifetime
12 Apr 2021
What does producing life extension involve?
New technology and operating methods as well as measures to improve oil and gas recovery mean that licensees often want to keep existing facilities working past their retirement date.
In many cases, continuing to use facilities beyond their design life makes socio-economic sense. But permitting such extensions at the expense of safety is not acceptable.
Heimdal
Heimdal is a field in the central part of the North Sea. The water depth in the area is 120 metres. Heimdal was discovered in 1972, and the plan for development and operation (PDO) was approved in 1981. The field was developed with an integrated drilling, production and accommodation facility with a steel jacket (HMP1). Production started in 1985. Heimdal is now mainly used as a gas processing centre for other tied-in fields.
Worley has been awarded a maintenance and integrity contract for services to support Petroleum Development Oman (PDO)’s strategic oil and gas production assets in the South Oman concession region.