Category Archives: Offshore

Cynthia Stead| Columnist

In May of 2000, Brian Braginton-Smith, local genius, gave a talk at the New England Aquarium about his idea to build 100 offshore turbines to create a wind farm.Only a year later, he met with the local paper to explain how a small piece of federal waters in the midst of state waters called Horseshoe Shoals was an ideal site for a wind farm.

Cape Wind, as it was then called, made a public presentation at a joint hearing with Cape Cod Commission and state environmental officials; the plan had then changed to construct170 turbines that would cost between $500 million and $700 million.What happened in the interim was the interest of a gentleman named Jim Gordon, with access to companies and funders to make it a financially feasible project.

We all know what happened after that. Then-U.S. Sen. Edward Kennedyand Walter Cronkite wholater withdrew his opposition spoke out against the project, and it became toxic for any Democrat to speak out in favor of an ecologically brilliant solution to electricity generation in Nantucket Sound, what one scientist called the Saudi Arabia of wind.This triggered literally decades of public hearings in every imaginable venue, and God help me, I was at most of them.

There was a lot of back and forth about feasibility. Massachusetts and the now-closed General Electric plant in Lynnpassed on manufacturing turbine blades.But Gordon proudly later announced that Siemens would do the manufacturing in Rhode Island, making a friend of Gov. Donald Carcieri.

I wrote several columns insupport of Cape Wind and offshore wind farms over the years.One summed it up this way:I stated that I was a climate change agnostic; while human activity is a factor, climate changes and ice ages happened long before the invention of the internal combustion engine.

Back in 2007, I wrote, My reason to support the wind farm is our debilitating and dangerous dependence on foreign oil as a matter of national security and economic freedom.

In 2009 I wrote: Burning oil is fouling our air, our politics and our economy. As I write this, oil is $93 a barrel, Turkey is preparing to attack Iraq, while Iran is building a nuclear bomb to attack Tel Aviv.Childhood asthma is a national epidemic.The United States needs to achieve energy independence to maintain its ultimate independence.

Literally,decades of debate and litigation followed the Cape Wind proposal. Towns sued Cape Wind, but the federal government did approve the permit for the project.Congress debated bills that would allow governors to veto such a project, however, Gov. Deval Patrick, a Democrat, supported the project.

In 2008, the Minerals Management Service issued a report that Cape Wind would adversely affect 28 historic and cultural sites, but in 2009 it issued another saying the impact would be minimal.

In 2009, the two most powerful opponents of the project, Kennedy and billionaire Richard Egan, both died.

By 2011, the federal permit was approved, and the projectwas going forward.But by 2014, with financing in place and a contract with NStar, now Eversource,to buy the electricity, the deal just ran out of steam.While winning battles, the war was lost and Cape Wind surrendered its lease in 2017.

But now, we have a week-long series on the virtues of wind power, and a new wind farm sited off Nantucket. The economic, manufacturing and environmental potential of wind is rediscovered, and good jobs at good wages will be lost unless we act soon.So what changed?Maybe the ownership standing.

Coordinating the current push is the Massachusetts Clean Energy Center, MassCEC. It is a state publicly-funded agency dedicated to clean energy technology installations, financing for early state companies, and technology development, and investing in training programs to build a clean energy workforce. It is a quasi-public agency funded by a system benefit charge that costs users around 29 cents per month.

But Cape Wind was a private company.Gordon and the others had lined up commercial financing, and if the project wassuccessful, they would all become rich.

Now, 20 years later subsidiaries held by European companies that love the environment are viewed as benign as Massachusetts builds its offshore wind industry with the same promiseof jobs and economic development.

I still support wind energy as the most viable natural resource to power our area.And the dreaded private sector will be kept at bay once more while we enjoy it.

Cynthia Stead can be reached atcestead@gmail.com.

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Cape Wind should have fueled state's offshore wind industry 20 years ago - Cape Cod Times

Borssele 1 & 2 were fully commissioned in Novmber 2020 (Orsted)

PublishedOct 28, 2021 7:12 PM by The Maritime Executive

A year after commissioning the largest offshore wind farm in the Netherlands, and the second-largest operating offshore wind farm in the world, rsted is reporting that a fire damaged one of the wind turbines. The turbine malfunctioned the company reports causing the fire. A total of three turbines are now offline out of a total of 94 with the remainder of the farm continuing to operate.

No employees were present when the fire broke out and no one was injured, rsted said in a brief statement about the incident. The energy company that developed the site approximately 15 miles off the Dutch coast reports that it is working with the wind turbine manufacturer Siemens Gamesa to investigate the cause of the failure.

The damaged wind turbine is being dismantled to possibly reuse some of its parts. They are also working on the two other turbines that were linked to the damaged unit to restore them to operations. An inspection shows that they did not suffer any damage during the incident and appear to be able to operate normally.

rsted completed the commissioning of the Borssele 1 & 2 offshore wind farm in November 2020. The wind farm has a capacity of 752 MW, using Siemens Gamesa 8 MW turbines. The turbines are on monopiles in a water depth ranging between 45 and 115 feet of water.

Fires from the failures of the turbines happen periodically most often due to machinery failure. A report in Windpower Engineering and Turbine said that they had been 379 fires reported over the last 20 years. Experts believe the actual number is higher with incidents going unreported due to fears that it would damage the reputation of the industry.

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Turbine Fire at The Netherlands' Largest Offshore Wind Farm - The Maritime Executive

OSLO, Norway, Oct. 29, 2021 /PRNewswire/ -- A vision of what a new manufacturing base in Scotland would need to build for the floating offshore wind revolution has been unveiled by Ocean Winds and Aker Offshore Wind that will be used to attract global investors to the country.

The immersive virtual reality design has been developed in conjunction with the National Manufacturing Institute Scotland at the University of Strathclyde as part of the early investment process required to develop the major new industry that will create thousands of local jobs.

An engagement event was held last night at the university with a range of international fabricators with an active interest in Scottish developments which would consider setting up here.

The approach taken ensures that international representatives will have time to design and prepare the base in time for bidding for work.

With the first steps in the journey of setting up a facility in Scotland underway, Ocean Winds and Aker Offshore Wind can move at speed to support the development of the Scottish supply chain because the companies have already identified which technology the 'WindFloat' they plan to use at floating offshore wind sites.

The companies are the majority owners of Principle Power Inc, which has developed the 'WindFloat' steel-based floating platforms - the world's most proven floating offshore wind technology - to harness this energy.

The model will be shared globally with fabricators looking to establish and choose the location of an internationally cost-competitive site in Scotland for the fabrication and assembly of floating platforms. And it will also be used locally with the Scottish and UK supply chain which stands to benefit from the creation of new jobs and opportunities.

As part of the current ScotWind leasing round, Ocean Winds and Aker Offshore Wind have submitted floating offshore bids across several sites in the Outer Moray Firth that, combined, could generate 6GW of energy.

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As detailed in the partners' supply chain manifesto published earlier this week, more than 5,000 jobs would be created through direct work and supply chain opportunities for each site, along with around 200 apprenticeships.

With an established ScotWind design and the expertise of the National Manufacturing Institute Scotland, Ocean Winds and Aker Offshore Wind can move earlier to start the floating offshore wind revolution.

This in turn enables early engagement with fabricators to help them get ready for the ScotWind roll-out and shape the design of the plant based on their fabrication delivery capability.

Around 80 per cent of the world's wind resources are in waters deeper than 60 metres and are unsuitable for fixed foundations. Floating offshore wind has become the latest advent in renewable energy technology and is set to deliver a green industrial revolution for Scotland with a 'just transition' from the oil and gas industry.

Ocean Winds and Aker Offshore Wind have made a commitment to 40 per cent minimum supply chain content in Scotland as part of a 60 per cent commitment from the UK, with early enabling investment of tens of millions of pounds in building supply chain capability within the first four years of winning a site.

"We are in the business of turning vision into reality," said Dan Finch, managing director of Ocean Winds UK. "The first step is to identify the vision. In the Moray Firth our vision was high-volume, low cost, low carbon power in water depths of 50m and more. We made that vision a reality. Now we want to take our turbines out of the Firth into the deep waters of the North Sea.

"Our vision is Scotland leading the world in the commercial scale deployment of floating offshore wind generation. Today, we have brought that vision to life so we can share it with the global supply chain who will turn it into a reality at a site in Scotland."

"We want to capitalise on the extraordinary economic and environmental opportunity facing Scotland," said Sian Lloyd-Rees, Managing Director of Aker Offshore Wind UK. "We are committed to working with fabricators in Scotland and across the UK, supporting them with early investment and collaboration to get ready to deliver globally-competitive solutions for Scotwind."

"It is great to see the level of ambition from Ocean Winds and Aker Offshore Wind in the Scotwind leasing round," said Cian Conroy, Director of Business development, Northern Europe, with Principle Power Inc. "The commitment to scale coupled with the early selection of technology are key enablers for the future of floating offshore wind.

"Early engagement with ports and fabricators is key to enabling the establishment of robust supply chains. This will crucially tailor the delivery plans for these largescale infrastructure projects which are essential to decarbonise our energy mix."

NOTES TO EDITORS

The jobs and investment figures in this press release relate to aggregate figures of a scenario of 6GW awarded capacity over several sites.

For further information, please contact:

Maria Lanza Knudsen, media contact, +47 48 44 24 26, maria.knudsen@akeroffshorewind.com

Christian Yggeseth, investor contact, +47 915 10 000, christian.yggeseth@akerhorizons.com

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Aker Offshore Wind AS: Vision Unveiled to Attract Manufacturing Base to Scotland for Floating Offshore Wind Industry - Yahoo Finance

OSLO, Norway, Oct. 28, 2021 /PRNewswire/ -- A manifesto has been unveiled to deliver a green industrial revolution in Scotland with more than 5,000 new jobs, a major fabrication yard, and the equivalent of up to 15 billion investment in floating offshore wind.

As partners, Ocean Winds and Aker Offshore Wind have launched a ten-point planto create a skilled workforce and manufacturing opportunities through the supply chain for generations to come.

At the heart of the plan is the establishment of a major manufacturing plant in Scotland for the fabrication and assembly of giant steel floating structures, which would then be installed in the deep waters of the North Sea.

It would be the largest industrial innovation in Scotland since the dawn of the oil and gas sector, positioning Scotland as a global leader in clean energy.

Aker Offshore Wind and Ocean Winds are the majority owners of Principle Power Inc (PPI), which has developed the steel-based floating platforms called 'WindFloat' - the world's most proven floater technology - to harness this energy.

The WindFloat technology is currently deployed in two operational projects, with a total capacity of 75MW, and which utilise the largest wind turbines seen to date on floating platforms.

The proven design means the consortium is uniquely ready to deploy commercial-scale windfarms off Scotland's coasts, driving down the cost of energy and unlocking the resources of deeper waters.

The two partners are working with the National Manufacturing Institute of Scotland and the University of Strathclyde to develop a 3D immersive visualisation of the fabrication yard where the Windfloat platforms and turbines would be built, which would become an industrial powerhouse of international significance.

The design is set to be promoted across the world early enough to identify manufacturers and select the final location in Scotland for the yard, and fabricators interested in setting up in Scotland are also being invited into early discussions.

This is well ahead of the offshore wind project phase and will ensure that Scotland's fabricators would then be ready for the implementation of the 'Scotwind' leasing programme.

The joint ScotWind bids from Ocean Winds and Aker Offshore Wind could generate investment ofthe equivalent of up to 15 billion if the partnership is awarded up to three sites generating 6GW of wind energy in total.

Through direct work and supply chain opportunities, each proposal is estimated to generate more than 5,000 jobs and 200 apprenticeships in Scotland across all project stages, helping to deliver Scotland's 'just transition' from fossil fuels, as well as mobilising the oil and gas and engineering supply chain by providing major new opportunities.

There would also be extensive investment in Scotland's existing ports and harbours, as well as innovative new subsea technology, to deliver the companies' ambitions for up to 6GW of energy production through floating offshore wind in the Outer Moray Firth.

More than 30 Memorandums of Understanding (MoUs) are now in place across the supply chain in support of the bids and the early action needed.

There is a commitment to 60 percent local supply chain content from the UK, of which 40 percent minimum content will come from Scotland, with early enabling investment of tens of millions of pounds in building supply chain capability within the first four years of winning a site.

The new manifesto on how to deliver Scotland's green industrial revolution, forms the basis of the Ocean Winds and Aker Offshore Wind bids through the ScotWind leasing programme.

The combined 6GW bids across several sites would be by far the UK's biggest wind energy development and power millions of homes with renewable energy.

Floating offshore wind is the latest advent in renewable energy technology.

Around 80 percent of the world's wind resources are in waters deeper than 60 metres and are unsuitable for fixed foundations.

"Ocean Winds and Aker Offshore Wind are committed to delivering a green industrial revolution in Scotland with the jobs, manufacturing and supply chain to support generations to come," said Sian Lloyd-Rees, Managing Director of Aker Offshore Wind UK.

"With Scotland's long history in hydro, experience in onshore wind, and advances in marine renewables, our next frontier is the development of floating offshore wind, moving out to deeper waters and stronger, more consistent winds.

"It is time for innovation in the North Sea to lead the world once again - this time to a net zero future. In our new manifesto, we have set out our vision on the conditions to make the green industrial revolution a reality, and have outlined how our expertise, leadership and investment commitment can achieve this in Scotland."

"A decade ago, we had a vision for the Moray Firth the competitive, large-scale deployment of offshore wind generation at 50m water depths, by commercialising the jacket technology used in the two-turbine Beatrice Demonstrator project," said Dan Finch, Managing Director of Ocean Winds UK.

"We have successfully delivered that vision in Moray East cutting the cost of offshore wind generation by more than 50 per cent. Now we have a new goal. We want to take our turbines out into the deep waters of the North Sea, commercialising the WindFloat technology proven in demonstrator projects.

"We will create the opportunity for Scotland to lead in that next step of the renewables revolution the fabrication and assembly of steel floating foundations and the manifesto we have published today explains how, with early supply chain investment and intervention, we will turn that opportunity into a new Scottish industry with global potential."

ScotWind is the process currently being undertaken by Crown Estate Scotland, at the direction of the Scottish Government, to grant property rights for the seabed in Scottish waters for new commercial scale offshore wind projects.

Edinburgh-based Ocean Winds UK is the developer behind Scotland's largest windfarm, the 950MW Moray East windfarm, taking it from concept in 2009 to a power-producing reality in 2021, and globally it is the world's fourth largest wind energy company.

The Aker group of companies have had an extensive presence in Scotland since the 1980s and have been a driver of maritime and industrial development - building ships and designing, constructing and servicing offshore installations from Glasgow to Aberdeen, on Scottish isles, in ports and in the ocean.

In 2020, Aker established Aker Offshore Wind so its maritime and offshore experience and expertise could be fully applied to the transition to low-carbon energy.

NOTES TO EDITORS

"Floating Offshore Wind: delivering a Green Industrial Revolution for Scotland -a manifesto" can be accessed as anattachment.

The jobs and investment figures in this press release relate to aggregate figures of a scenario of 6GW awarded capacity.

For further information, please contact:

Maria Lanza Knudsen, media contact, +47 48 44 24 26, [emailprotected] Christian Yggeseth, investor contact, +47 915 10 000, [emailprotected]

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/aker-offshore-wind-as/r/manifesto-unveiled-for-scotland-s-green-industrial-revolution-with-more-than-5-000-new-jobs,c3440998

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Aker Offshore Wind Unveils Manifesto for Scotland's green industrial revolution with more than 5,000 new jobs - PRNewswire

27 October 2021 | Saf Malik

OneWeb has signed a Memorandum of Understanding (MoU) deal with Tampnet to outline a series of technology trials.

The agreement will see the continued development of OneWebs low latency, high-speed connectivity capabilities and will expand its customer base in the offshore sector.

The trials will test and evaluate network capabilities in offshore energy environments and will initially focus on delivering services to offshore wind farms, rigs and platforms in the North Sea and then the Gulf of Mexico.

Once the service is fully online in 2023, Tampnet customers will benefit from OneWebs high speed, low-latency flexible services that have the potential to continue transforming the efficiency of data use in offshore operations according to the company.

OneWebs Head of Maritime Carole Plessysaid: Connectivity services have a major role to play in de-risking offshore operations and improving efficiencies that lead to cost savings and a more positive environmental impact.

Working with Tampnet as a distribution and trial partner will enable us to accelerate bringing a new generation of much-needed connectivity to the offshore market to help them achieve their goals and build resilience for the future.

The satellite companys latest partnership comes just as it announced a $200 million deal to reach one billion people in the Middle East and Africa.

OneWeb says it is seeing an increasing demand for fast, flexible and affordable connectivity solutions from LEO satellites and amongst offshore companies. The company adds that its service offering compliments Tampnets business offerings and the partnership will enable Tampnet to expand its footprint with its customers.

Trygve Hagevik, Tampnet CCO,said: For twenty years, Tampnet has been at the forefront of innovation to improve and deliver reliable, low-latency, high-speed digital connectivity within the offshore and maritime industries, using technologies such as subsea fibre, microwave and LTE.

LEO services as a technology complements the Tampnet business model, particularly in terms of faster geographic expansion, LTE backhaul, and useable backup solutions for existing clients.

"Partnering with a pioneer such as OneWeb reflects our ambitions towards responding to our customers requests and supporting the transformational impact that LEO technology can make towards increasing our footprint and our customers operational performance.

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OneWeb and Tampnet to collaborate on offshore tech trials - Capacity Media

A potentially game-changing bill for the US offshore aquaculture industry has been reintroduced in the US Senate -- the third attempt by lawmakers to establish a new framework allowing the industry to get off the ground.

The bill, known as the Advancing the Quality and Understanding of American Aquaculture (AQUAA) Act of 2021, plans to establish national standards for sustainable offshore aquaculture, and would designate the National Oceanic and Atmospheric Administration (NOAA) as the lead federal agency for marine aquaculture.

The legislation would also direct NOAA to harmonize the permitting system for offshore aquaculture for farms in federal waters, and direct the agency to lead a research and development grant program to spur innovation throughout the industry. The lawmakers have allocated $60 million (51 million) for the bill by fiscal year 2023 if it is approved.

Senator Roger Wicker, a Republican from Mississippi, introduced the bill with co-sponsors Marco Rubio of Florida, also Republican, and Brian Schatz of Hawaii, a Democrat.

In January, US seafood companies, including Red Lobster, Pacific Seafoods, High Liner, Cargill, Seattle Fish Company and Fortune International, who are part of the seafood advocacy group Stronger America Through Seafood (SATS), wrote to President Joe Biden urging his administration to continue the pro-aquaculture activities of his predecessor.

Last year's version of the AQUAA bill was hailed as a substantial improvement over a 2018 version, including more information on how the federal government could establish aquaculture opportunity areas, which were part of then-President Donald Trump's executive order on promoting American seafood competitiveness and economic growth.

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The areas would "prefer species that are native or historically naturalized to the region," according to the bill, versus using non-native finfish species.

The introduction of the 2020 version of the bill came a month after NOAA Fisheries announced federal waters off southern California and in the Gulf of Mexico would be the country's first two regions to host the so-called aquaculture opportunity areas: regions identified as starting points for the development of the US offshore aquaculture sector.

Concurrent with last year's bill from Rubio, Wicker and Schatz, Congressmen Collin Peterson and Steven Palazzo introduced companion bills in the US House of Representatives.

For the AQUAA law to go into effect, bills in the Senate and the House would need to be harmonized, pass approval in both chambers, and be signed by US President Joe Biden.

The effort to develop an offshore aquaculture sector has gained increasing support over the past several years, though there remain detractors that claim the industry would harm the environment and the economic viability of the US fisheries industry.

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US offshore aquaculture bill supported by Cargill, others reintroduced in Congress - IntraFish

BP and EnBW, who won lease rights for two offshore wind sites inthe UK Round 4 leasing at the beginning of this year, have deployed two metocean buoys and will soon deploy two floating LiDARs as part of a metocean and wind measurement campaign at the two sites.

The metocean buoys will stay at their locations until October 2022, while the floating LiDARs, which are set to be deployed around 15 November, will be collecting data for two years.

According to the details available in the projects Notice to Mariners, the developers will use FugrosSEAWATCH Wind LiDAR buoys for the campaign.

The Morgan and Mona project sites, previously known as Yellow North and Yellow South, are located off the Irish Sea coasts of North West England and North Wales and will accommodate two wind farms with a total installed capacity of up to 3 GW.

BP and EnBWs leases have been awarded with a 60-year lease life, with the joint venture set to make four annual payments of GBP 231 million on each lease throughoption feesbefore the projects reach the final investment decision.

The Crown Estate is currently undertaking a Plan-Level Habitats Regulations Assessment (HRA) of the Round 4 leasing plan and, subject to the outcome of the HRA, agreements for leases are scheduled to be signed by Spring 2022.

BP and EnBW initiated wildlife surveys earlier this year and geophysical, geotechnical and environmental (benthic) surveys, to help characterise conditions of the lease areas, started in June.

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BP, EnBW to Deploy Floating LiDARs at 3 GW Offshore Wind Project Sites - Offshore WIND

The West Aquarius semi-submersible began drilling ExxonMobil's Hampden prospect in exploration licence 1165A in May 2020 but suspended operations after about a week for undisclosed reasons. (Submitted )

In another signal that Newfoundland and Labrador's oil and gas industry continues to reboundfrom a pandemic-induced slump, there's news this week that a new player, one with worldwide influence in the liquefied natural gas industry, has entered the offshore oil sector.

State-owned Qatar Energy announced in a media release Sunday that it hassigned an agreement withExxonMobil Canada, the leading player in the province's offshore industry,to acquire a 40 per cent ownership of exploration licence 1165A off Canada's East Coast.

The licence, site of the Hampden prospect,is locatedapproximately 450 km east of St. John's, in the highly touted Flemish Pass Basin, inwater depths of approximately 1,100metres.

ExxonMobilCanada Ltd. will continue to hold a 60 per cent majority stake.

"We are pleased to conclude this agreement, which represents our first entry into offshore Canada, in an established producing basin with the leading producer in the area,"Saad Sherida Al-Kaabi, president and CEO of Qatar Energy, stated in a news release.

Al-Kaabi, who is also Qatar's minister of state for energy affairs, added,"This builds on our strong partnership with ExxonMobil and is an importantaddition to our growing international exploration portfolio."

In May 2020, the West Aquarius rig began drilling for ExxonMobil at the Hampden prospect, but operations were suspended after a week, without explanation.

ExxonMobilhas been on the hunt for a semi-submersible rig to complete the exploration well known in the industry as a wildcat next spring and summer.

Forindustry insiders, the arrival of Qatar Energy is a notable development for a sector that slumped badly during the COVID-19 pandemic, with major projects stalled or cancelled, and some questioning whether the industry would survive over the long term.The transition away from fossil fuels is also gaining traction in order to combat climate change,and the pandemichas forced oil companies to slash exploration spending by roughly 30 per cent.

"We know we do have something that Qatar Energy is interested in," Jim Keating, CEO at the Oil and Gas Corporation of Newfoundland and Labrador, told CBC News on Monday.

Located in the oil-rich Middle East, Qatar is the world's largest supplier of liquefied natural gas, or LNG, and is undertaking a strategy to boost production significantly over the next five years to meet the growing market for LNG.

Until just a few weeks ago, Qatar Energy was known as Qatar Petroleum. The company has rebrandedas part of a strategy to focus on environmentally friendly technology such as capturing and storing carbon dioxide, its chief executive told Reuters earlier this month.

"It's more of a reflection of what we're actually doing that wasn't reflected by the name that we had," said al-Kaabi.

Keating said companies like Qatar Energy are in search of what's been labelled "advantaged oil," which can be produced at low costand with minimal carbon emissions.

The fact Qatar Energy is turning its attention to the Flemish Pass Basin is further proof that oil off Newfoundland and Labrador's shores has a place in a low-carbon future where net zero emissions are being pursued across the globe.

Even with ambitious emission reduction targets, Keating said,there will be a need for 950 billion barrels of oil over the next three decades, and 30 per cent of that oil has yet to be discovered.

High-cost oil with high production emissions will not be appealing to producers because it's no longer competitive, or wanted, in a low-carbon society, he added.

"They want low-cost barrels and they want barrels that have low emissions, and I think Newfoundland and Labrador offers that opportunity to companies like Qatar Energy," he said.

A partnership between oil and gas giants likeExxonMobil and Qater Energy "shows there is some significant capabilities and financial weight in our offshore," Keating added.

ExxonMobil led the way in developing Newfoundland and Labrador's offshore, and operates both the Hibernia and Hebron oil fields. It's been broadening its attention to the Flemish Pass Basin, a frontier area where other majors discoveries have been made, including Equinor's Bay du Nord discovery.

Observers have described the Hampden well asone of the world's most attractive offshore prospects.

"They [Qatar Energy] have seen the geology. They would agree with our folks here at OilCo that it has a great deal of prospectivity," said Keating.

Keating is confident that if planned exploration in the offshore occurs in the coming years, there will be significant, commercially viable discoveries, leading to more producing fields.

"Our prospectivity is second to none," he said.

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Qatar Energy partners with ExxonMobil to explore offshore Newfoundland - CBC.ca

DUBLIN--(BUSINESS WIRE)--The "Offshore Drilling Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The market for offshore drilling market is expected to grow at a CAGR of approximately around 1% during the forecast period of 2021 - 2026.

Companies Mentioned

Key Market Trends

Deep-Water and Ultra-Deep Water Segment to Dominate the Market

Middle-East and Africa to Witness a Significant Growth

Key Topics Covered:

1 INTRODUCTION

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY

4 MARKET OVERVIEW

4.1 Introduction

4.2 Market Size and Demand Forecast in USD billion, until 2026

4.3 Historic and Demand Forecast of Offshore Drilling Rigs in numbers, until 2020

4.4 Historic and Demand Forecast of Offshore CAPEX in USD billion, by Region, till 2026

4.5 Key Projects Information

4.5.1 Existing Projects

4.5.2 Planned and Upcoming Projects

4.6 Recent Trends and Developments

4.7 Government Policies and Regulations

4.8 Market Dynamics

4.8.1 Drivers

4.8.2 Restraints

4.9 Supply Chain Analysis

4.10 Porter's Five Forces Analysis

5 MARKET SEGMENTATION

5.1 Type

5.2 Depth

5.3 Geography

6 COMPETITIVE LANDSCAPE

6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

6.2 Strategies Adopted by Leading Players

6.3 Company Profiles

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/pgxpe9

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Insights on the Offshore Drilling Global Market to 2026 - Featuring Maersk Drilling, Saipem and Transocean Among Others - ResearchAndMarkets.com -...

October 29, 2021

Credit: Maersk Drilling

Norwegian oil and gas company Aker BP has made a minor oil discovery at the Mugnetind exploration well in the North Sea, offshore Norway.

According to Longboat Energy, Aker BP's partner in the offshore license PL906 where the well is located, the exploration well 7/11-14 S encountered hydrocarbons in the Upper Jurassic Ula Formation but the volumes found are not enough for a standalone development.

"The Ula formation was reached at a vertical depth of 3,985 meters below sea level and consisted of a 28-meter gross section with 14 meters of net sandstone of moderate to good quality. The reservoir section in Mugnetind is thinner than predicted as we encountered a thick coal layer immediately under the reservoir. Mugnetind was drilled on a seismic anomaly, which predrill had been identified as either hydrocarbon-filled reservoir or coal," Longboat said.

Prior to the drilling operation taking place, the partners in the project had expected to hit gross mean prospective resources of 24 mmboe with further potential upside estimated at 47 mmboe on a gross basis at the Mugnetind. However, this estimate has now been reduced significantly.

"Based on the operators preliminary estimates the Mugnetind discovery contains recoverable resources between 5 and 11 MMboe, which is not considered to be commercial in isolation," Longboat, formed by ex-Faroe Petroleum management, said.

Aker BP used Maersk Drilling's Maersk Integrator jack-up drilling rig to drill the Mugnetind well.

Helge Hammer, Chief Executive of Longboat, said:While we are disappointed that Mugnetind has come in below pre-drill expectations, we will continue to review opportunities in the area and the potential for finding a commercial development solution. Nevertheless, having discovered hydrocarbons in all of our first three wells is a fantastic achievement by our technical team.

Following our material discovery atEgyptian Vultureearlier this week, the company is looking forward to the continuing fully funded well program with Ginny/Hermine expected later in 2021 and the Kveikje and Cambozola wells spudding in the spring of 2022.

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Aker BP's Mugnetind Offshore Well Falls Short of Expectations - Offshore Engineer