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OIL AND GAS
Offshore Canada oil development gains momentum
by Daniel J. Graeber
Washington (UPI) Aug 29, 2017


French energy services company TechnipFMC said it would work with Canadian company Husky Energy to develop the reserves off the eastern Canadian coast.

TechnipFMC will supply and install some of the subsea components that will connect to the West White Rose floating, production, storage and offloading vessel. Husky will use that facility to tap into the field about 200 miles off the coast of Newfoundland and Labrador in shallow waters.

Husky in May announced its decision to move forward with the West White Rose development using the Sea Rose FPSO. The company said the project will cost about $2.2 billion to start production, which is expected in 2022 and have a peak rate of around 75,000 barrels per day.

The first discovery at White Rose was made in the 1980s and a series of discoveries at its periphery have improved development prospects. A development well at part of the field is scheduled for the fourth quarter, with a peak production rate of 4,500 bpd.

Husky reported a net loss of $93 million for three months ending June 30, against earnings of $71 million from the previous period. Capital expenditures to the end of June were higher, meanwhile, by 51 percent to $580 million, but in line with its guidance.

According to the Canadian Association of Petroleum Producers, there may be as much as 6 billion barrels of oil yet to be discovered off the eastern coast of Canada. Four years ago, however, the provincial government of Newfoundland said some of the reserve basins may be past their prime and it would require long-term commitments from the industry to help the area recover.

TechnipFMC formed as a result of a December merger between FMC, which specialized in subsea oil and gas operations, and Technip, a leader in submarine pipeline installation and broad-based oil and gas infrastructure development. No contractual terms for the Husky contract were disclosed.

OIL AND GAS
Profits up 40 percent for Chinese oil and gas company Sinopec
Washington (UPI) Aug 28, 2017
Chinese oil and gas company Sinopec said net profit for the first half of the year was up 40 percent in response to domestic demand and higher crude oil prices. The company, known formally as China Petroleum & Chemical, reported a net profit for the first six months of the year at $4.2 billion, up 40 percent from the same period last year. Net cash flow was down about three quarters of ... read more

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