Ecopetrol acquires 30% stake in Gato do Mato discovery in Brazil's Santos Basin
Under the agreement, Shell will reduce its stake in the discovery from 80% to 50% and continue as operator, while Total will retain the remaining 20%.
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Under the agreement, Shell will reduce its stake in the discovery from 80% to 50% and continue as operator, while Total will retain the remaining 20%.
The acquisition includes the the Jumping Pound, Caroline and Waterton gas plants, 29 000 boe/d of production, a partial ownership of the Shantz sulfur plant and 1700 km of pipelines.
The completed project totals over 8500 km of survey data.
Project management and detailed engineering has commenced at Subsea 7’s office in Aberdeen, with offshore activities scheduled for 2020 and 2021.
According to Rystad Energy, BP has seen the most resource growth from mergers and acquisitions (M&A) across all supply segments, adding nearly 6.5 billion boe. Conversely, Shell has shed almost 11 billion boe since 2015 (excluding the effect of Shell’s 2015 acquisition of BG Group).
Brazil’s recent pre-salt rounds have attracted majors, with BP, ExxonMobil, Royal Dutch Shell, and Statoil all now operators.
The OOC Oil & Gas Blockchain Consortium, whose members include Chevron Corp., ConocoPhillips, Exxon Mobil Corp., Equinor and Royal Dutch Shell, has awarded a contract to Data Gumbo to pilot blockchain technology for water handling services.
The Net Zero Solution Centre will aim to accelerate the development and deployment of technologies to decarbonise offshore operations and develop the UK Continental Shelf as the first net zero oil and gas basin globally.
Equinor’s interest in the Caesar Tonga oilfield is now 46%.
The project is expected to start production in late 2021 and produce up to 35 000 boe/d at peak rates.
The total cash consideration was US$965 million.
The assets currently produce approximately 28 623 boe/d, consisting of approximately 118.9 million ft3/d of natural gas, 5646 bpd of NGLs and 3161 bpd of condensate and light oil.