Neptune Energy said March 19 it saved about $12 million and cut emissions at the Duva development project in the Norwegian North Sea by using a vessel to install four enhanced horizontal subsea trees instead of a rig.
The installation marked a first for Neptune, the operator.
The subsea trees were installed using the Solstad Offshore-operated Far Samson vessel. The development, an oil and gas subsea tieback to the Gjøa semisubmersible facility, is located on production license 636.
“By introducing the latest available technology combined with quality planning and teamwork, we completed the installation safely, successfully and ahead of schedule,” Thor Løvoll, Neptune Energy’s director of drilling and well in Norway, said in a news release. “Deploying the subsea trees from a vessel saved about 20 days of rig time, reducing costs, time and emissions.”
The reduced rig time is equivalent to about $12 million in savings for project partners Neptune Energy (30%), Idemitsu Petroleum Norge (30%), PGNiG Upstream Norway (30%) and Sval Energi (10%).
By using a vessel instead of a rig, emissions were also cut by more than 60% during the installation activities. This is compared to direct emissions from operating a drilling rig with associated support vessels and helicopter transport, according to Neptune.
The subsea trees were deployed on the template wellheads over an 18-hour period. Total installation and subsea system testing were completed within eight days, Neptune said. Companies involved included TechnipFMC, Ross Offshore, Solstad Offshore, Oceaneering, Fugro, IKM and Tigmek.
The Odfjell Drilling-operated Deepsea Yantai drilling rig will drill and complete the remaining sections of the Duva well program during first- and second-quarter 2021, Neptune said.
First production from Duva is expected in third-quarter 2021.
Recommended Reading
Exxon Slips After Flagging Weak 4Q Earnings on Refining Squeeze
2025-01-08 - Exxon Mobil shares fell nearly 2% in early trading on Jan. 8 after the top U.S. oil producer warned of a decline in refining profits in the fourth quarter and weak returns across its operations.
Phillips 66’s NGL Focus, Midstream Acquisitions Pay Off in 2024
2025-02-04 - Phillips 66 reported record volumes for 2024 as it advances a wellhead-to-market strategy within its midstream business.
Rising Phoenix Capital Launches $20MM Mineral Fund
2025-02-05 - Rising Phoenix Capital said the La Plata Peak Income Fund focuses on acquiring producing royalty interests that provide consistent cash flow without drilling risk.
Equinor Commences First Tranche of $5B Share Buyback
2025-02-07 - Equinor began the first tranche of a share repurchase of up to $5 billion.
Q&A: Petrie Partners Co-Founder Offers the Private Equity Perspective
2025-02-19 - Applying veteran wisdom to the oil and gas finance landscape, trends for 2025 begin to emerge.