Saipem has been awarded a subsea contract by Exxon Mobil subsidiary Esso Exploration and Production Guyana Ltd. (EEPGL) on Nov. 14 for the proposed Payara development project located in the Stabroek block offshore Guyana at a water depth of around 2,000 m. The contract scope includes subsea structures, risers and flowlines.
Saipem was awarded earlier subsea contracts for the first two phases of the Liza development in Guyana by EEPGL in 2017 and in 2018, respectively.
Subject to government approvals, project sanction by EEPGL and its partners Hess Guyana Exploration Ltd. and CNOOC Nexen Petroleum Guyana Ltd. and an authorization to proceed with the final phase, Saipem will perform the detailed EPCI of a large subsea production facility. This facility will include approximately 130 km of flowlines, rigid risers, associated terminations and jumpers together with the installation of manifolds, flexible risers, dynamic and static umbilicals and flying leads. Testing and pre-commissioning of the subsea field will follow installation.
Before the necessary government approvals and project sanction, the contract award will allow the start of limited activities, namely detailed engineering and procurement.
Saipem’s flagship vessels FDS2 and Constellation will perform the offshore operations using an optimized combination of different pipe-lay methods - J-Lay and Reel-lay.
“The award of this new contract strengthens Saipem’s presence in Guyana. The long-term basis of our cooperation with our clients is at the very foundation of our business model,” Stefano Cao, Saipem’s CEO, said.
Furthermore, Saipem has been awarded certain variation orders for additional works linked to ongoing offshore E&C projects in Saudi Arabia, Azerbaijan and in the North Sea.
The overall value of the above-mentioned contracts, together with the contract in Guyana, is worth approximately $880 million.
HVI Cat Canyon Inc. (HVICC) retained TenOaks Energy Advisors for the sale certain conventional oil properties located in the North Belridge Field of California's San Joaquin Valley.
Olifant Energy retained Meagher Energy Advisors for the sale of an Austin Chalk and Eagle Ford package of assets located in Louisiana's Vernon Parish.
Activist investor Elliott Management offered to buy oil and gas producer QEP Resources in an all-cash deal valued at $2.07 billion, saying that the company is "deeply undervalued."