UK Government Sparks Millions of Pounds of Investment

UK Government Sparks Millions of Pounds of Investment

The government has today approved a Talisman project that will extend the life of North Sea oil fields and unleash millions of pounds of extra investment for the UK economy.

The £1.6 billion MonArb Area Redevelopment Project will mean the production of a further 100 million barrels of oil equivalent from the existing Montrose, Arbroath, Brechin, Arkwright, Carnoustie and Wood fields. The project also includes consent for the new Cayley and Shaw fields.

The project will create or sustain more than 2,000 UK jobs within the fabrication, construction, installation, subsea engineering and drilling sectors. The first major contract for a UK company, worth more than £50 million, has been awarded to Newcastle-based Offshore Group Newcastle Limited (OGN Group), for the engineering, procurement and fabrication of the jacket, the drilling rig’s base.

 Energy Minister John Hayes said:

“This significant £1.6 billion investment from Talisman marks the start of a new wave of interest in North Sea oil. Together with industry, we are creating a fertile ground for new investment that is in the best interests of the UK.

 “The North Sea has been a bedrock of the UK economy, creating jobs, investment and energy security for nearly 50 years. We must do all we can to prolong the economic life of our oil rich seas and make the most of this precious resource.”

The announcement of the Brown Field Allowance (BFA) by the Treasury was key to unlocking the project. The BFA shields a portion of income in qualifying fields from the Supplementary Charge.

 Economic Secretary Sajid Javid said:

 “Today’s news is further evidence that the Government’s efforts to stimulate investment in the North Sea are paying dividends.

 “By creating tax allowances that allow us to get the most of this vital national resource, we are supporting skilled job creation – including more than 2,000 new posts as a result of the Talisman project. This is good news not just for the North East of Scotland, but the whole of the UK.”

The development comes following work with Talisman as part of the Department of Energy and Climate Change’s (DECC) stewardship process to ensure the full economic development of existing oil fields. DECC also worked closely with Talisman to secure the new investment in Cayley and Shaw by allowing short licence extensions, with deadlines to achieve clearly-specified targets.

Press Release, October 25, 2012; Image: decc

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FPSO Europe Congress

 

Pursuing Cost-Optimization & Project Excellence across Europe’s FPSO Value Chain!

Launched to great success in 2015, the FPSO Europe Congress is set to return on 24-25 February 2016 in London for yet another exciting gathering of Europe’s leading oil operators, FPSO contractors, EPCs, shipyards and solution providers to discuss the most topical and critical FPSO developments in the North Sea, Latin America, Brazil and West Africa market.

 

Why Attend the 2nd Annual FPSO Europe Congress?

  • Discover how FPSO leaders are embracing the new realities of a low oil price environment – what are the strategies to adopt in pursuit of viable economical FPSO projects?
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  • Review, refine and optimize your existing FPSO operations – how can we enhance oil recovery and extend FPSO asset lifetime?
  • Learn from FPSO experts on the ins-and-outs of delivering successful FSPO projects in North Sea, West Africa, Latin America and Brazil – how can we comply with local content and form effective native partnerships?
  • Engage and form sustainable partnerships with European-based oil companies and FPSO contractors that are leading offshore E&P and FPSO projects in the region

 

2016 FPSO Distinguished Speakers Include:

  • Curtis Lohr, Stones Project Manager, Shell
  • David Hartell, Senior Development Manager, Premier Oil
  • Terry Hughes, Project Director, Tullow Oil
  • Sid Sircar, Facilities Delivery Manager – Catcher Development, Premier Oil
  • Michael Wyllie, Group Technology Director, SBM Offshore
  • Chris Brett, President, Teekay Offshore
  • Puneet Sharma, Vice President, MODEC
  • Eirik Barclay, CEO, Yinson Production

 

The FPSO Europe Congress 2016 is proud to bring you an updated program offering fresh perspectives, creative solutions and critical market intelligence fundamental to FPSO business sustainability as we discuss just HOW and WHAT you can do in pursuit of a viable, efficient and safe FPSO strategy.

For more information please visit the website at http://goo.gl/uvYsrk or email rani.kuppusamy@fpsonetwork.com

 

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Design, construction and installation

Optimising offshore substructures is one of the key challenges for reducing LCOE. Foundation designers have produced a variety of different solutions: monopiles, GBS, jackets, suction buckets and floating foundations. Looking at U.K. projects – different soils, water depths,fabrication timelines and installation challengescreate many questions for the industry to solve. We’re entering uncharted territory; projects arelarger, farther and more complex than ever completed.

Now is the time to have a close look at lessons learnt and define the room for improvement for the U.K. wind industry.

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