E&P Highlights: Sep. 2, 2024

From the Aphrodite Field receiving an updated development plan to Equinor’s Rosebank Field facing a potential stoppage, below is a compilation of the latest headlines in the E&P space.

Activity headlines

Valeura Ramps Up Production Offshore Thailand

Valeura Energy has successfully ramped up oil production at its Nong Yao C development offshore Gulf of Thailand, the company announced Aug. 27.

The greater Nong Yao complex, located in License G11/48, is now operating at its full processing capacity, averaging 13,400 bbl/d of oil. The production, when combined with the recently restarted Wassana Field, has led to average production of 26,200 bbl/d of oil in a week’s time, the company said.

Valeura's work program for the remainder of the year includes drilling infill development wells at both the Jasmine and Manora fields in order to offset declines and to bolster its plan to maintain production at approximately 25,000 bbl/d for the next four months.

Chevron-led Consortium to Updated Aphrodite Field Plan

Following the Cypriot government's issuance of a three-month deadline to adhere to agreed terms, the Chevron-led consortium responsible for the Aphrodite gas field off the coast of Cyprus is set to present an updated development plan, NewMed Energy, a partner in the field, said Aug. 26.

Discovered in 2011, the Aphrodite gas field is Cyprus' first offshore find and is estimated to contain around 3.5 Tcf of gas. The field's development has been under discussion since 2019, when Chevron sought to revise a previously agreed upon development plan after acquiring the license from Noble Energy.

The urgency follows an Aug. 25 notice of breach from Cyprus' Minister of Energy, mandating the commencement of the FEED process within three months. Should the consortium fail to initiate the FEED, Cyprus could terminate the contract.

Earlier this month, BP and ADNOC entered talks with the Cypriot Energy Ministry, exploring potential investments in the country's natural gas sector.

Chevron operates the field with a 35% stake. BG Cyprus, supported by Shell, also holds 35%, with NewMed Energy holding the remaining 30% stake.

Contracts and company news

Sercel to Supply 30,000 Sercel WiNG Land Nodes to DMT

Sercel, Viridien's sensing and monitoring business line, has sold and delivered a total of 30,000 Sercel WiNG land seismic nodes to engineering services company DMT GmbH & Co. KG, the company said on Aug. 29.

DMT will deploy the WiNG nodes on a campaign of large-scale seismic surveys planned in urban areas to target energy resources, including geothermal.

The Sercel WiNG node features the QuietSeis sensor, an ultra-sensitive broadband digital microelectromechanical system, delivering optimal data quality for subsurface imaging, the company said. The WiNG node's Pathfinder transmission management technology allows the crew to view and monitor the entire acquisition spread in real time, ensuring comprehensive and efficient quality control of operations.

TGS, ComboCurve Partner on Asset Evaluation Tech for Dealmakers

TGS has entered into a strategic partnership with ComboCurve with the end goal of enabling E&Ps to significantly enhance end-to-end deal evaluations, TGS said.

The partnership will enable E&Ps to access TGS' licensed production, completions and cost data using ComboCurve’s platform. The platform offers fully automated data integration that requires minimal technical infrastructure, TGS said on Aug. 28.

The partnership combines CombCurve’s advanced forecasting and economic models with TGS’ production data. Combining the two will eliminate time-consuming downloads and formatting, TGS said. After integration, ComboCurve users can easily access the latest licensed TGS data, making it immediately available for analysis.

Oceaneering Secures Multiple Contracts in UK North Sea

Oceaneering has secured multiple North Sea vessel contracts, the company said on Aug. 29. The contracts are for a range of offshore services, including decommissioning, inspection, subsea preparation and installation support services in the U.K. North Sea.

The contracts amount to combined duration of an estimated 65 days, with options to extend. Oceaneering did not disclose the identities of the operators or financial values of the contracts.

Operations began in August and will be conducted by the multi-service support vessel Island Frontier. Oceaneering extended the charter of Island Frontier until December 2025, ensuring the vessel's capacity to fulfill the contracts.

ADNOC Deploys AI to Enhance Equipment Performance, Maintenance

ADNOC has deployed its AI-enabled process optimization technology, Neuron 5, to advance its operational capabilities, the company said on Aug. 27. The technology, initially deployed at ADNOC’s Northeast Bab Field and Taweelah gas compression plant, is set to be expanded to all ADNOC facilities.

Neuron 5 operates autonomously, monitoring the performance of critical equipment to facilitate process optimization and preventative maintenance. The technology employs advanced AI models and deep learning algorithms to anticipate maintenance needs and evaluate equipment performance using data from sensors. This reduces operational downtime and increases efficiency while diminishing the need for manual inspections.

The pilot phase of Neuron 5 has shown promising results, said ADNOC, with a 20% increase in planned maintenance intervals and a halving of unplanned shutdowns.

Neuron 5's launch follows ADNOC's deployment of RoboWell, an AI-driven autonomous well-control system, at its NASR Field.

Reuters contributed to this article.