SLB OneSubsea was awarded an EPCI contract by OKEA to develop the Bestla Project (formerly known as Brasse) in the North Sea, offshore Norway. (Source: Shutterstock)
SLB OneSubsea, a joint venture that includes SLB and Subsea7, have been awarded a “sizeable” contract for integrated engineering, procurement, construction and installation (EPCI) by OKEA.
The contract will see the partnership develop the Bestla Project (formerly known as Brasse) in the North Sea, offshore Norway, to accelerate the subsea tieback delivery to aging platforms for profitable and sustainable marginal field development.
The field is estimated to contain 24 MMboe, of which two-thirds is oil, and the remaining one-third is gas and natural gas liquids. First oil is targeted for fourth-quarter 2026.
The two-well project, with a 13-km tieback to the Brage Platform, is the latest to be signed under the frame agreement signed with OKEA in 2017 and furthers SLB OneSubsea and Subsea7’s partnership under its Subsea Integration Alliance.
Early engagement and collaborative field development planning, combined with North Sea compliant configurable equipment, will be critical for enabling profitable and sustainable marginal field development, according to a May 7 SLB press release. The companies will deliver the subsea production system, which will include two subsea trees, a two-slot template, an umbilical and a control system.
Subsea7 will install the subsea production system and design and install the flowline systems, spools and protection measures, including rock installation.
“We enjoy a long, productive relationship with OKEA, building upon the successful execution of the Hasselmus development, the first project under our Alliance frame agreement, which was delivered on time and on budget in October 2023,” said Mads Hjelmeland, CEO of SLB OneSubsea. “Reaching this point has been driven by outstanding collaboration across all partners. Our ongoing partnership has enabled us to work together to simplify the field layout and secure long lead items and vessel capacity, which will bring the new wells online quickly and efficiently.”
Bestla was discovered in 2016, but the Subsea Integration Alliance efforts represent the first commercially viable field development plan submitted for the Brasse development.
Recommended Reading
Utica Oil’s Infinity IPO Values its Play at $48,000 per Boe/d
2025-01-30 - Private-equity-backed Infinity Natural Resources’ IPO pricing on Jan. 30 gives a first look into market valuation for Ohio’s new tight-oil Utica play. Public trading is to begin the morning of Jan. 31.
EnLink Investors Vote in Favor of ONEOK Buyout
2025-01-30 - Holders of EnLink units voted in favor of ONEOK’s $4.3 billion acquisition of the stock, ONEOK announced Jan. 30.
Viper to Buy Diamondback Mineral, Royalty Interests in $4.45B Drop-Down
2025-01-30 - Working to reduce debt after a $26 billion acquisition of Endeavor Energy Resources, Diamondback will drop down $4.45 billion in mineral and royalty interests to its subsidiary Viper Energy.
Hess Corp. Bucks E&P Trend, Grows Bakken Production by 7%
2025-01-29 - Hess Corp. “continues to make the most of its independent status,” delivering earnings driven by higher crude production and lower operating costs, an analyst said.
Oil, Gas and M&A: Banks ‘Hungry’ to Put Capital to Work
2025-01-29 - U.S. energy bankers see capital, generalist investors and even an appetite for IPOs returning to the upstream space.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.