Total signs $1.1 billion deal to help develop ultra-deep Nigerian waters

Total signs $1.1 billion deal to help develop ultra-deep Nigerian waters
by Daniel J. Graeber
Hamilton, Bermuda (UPI) Jun 3, 2013

Scottish engineering company Wood Group inks BP deal in Azerbaijan
Aberdeen, Scotland (UPI) Jun 3, 2013 - Scottish subsea engineering company Wood Group Kenny said Tuesday it landed a $60.2 million contract from BP to develop gas reserves off the coast of Azerbaijan.

The engineering group has worked with BP on developing the offshore Shah Deniz gas field since 2008. The contract announced Tuesday outlines engineering and project management services for the second phase of the gas field.

"We have worked with BP Azerbaijan for a number of years and the award of this contract enables us to extend and reinforce that long-standing relationship," Wood Group Kenny CEO Steve Wayman said in a statement.

There was no statement from BP on the engineering contract.

In May, BP regional President Gordon Birrel said most of the contracts for a natural gas pipeline from Shah Deniz to Europe have now been awarded.

Pipeline construction is slated for January and should be completed by 2017. First gas from Phase II of the Shah Deniz gas field is expected by late 2018.

Offshore drilling company Seadrill Ltd. said it signed a $1.1 billion deal with French energy company Total to help develop reserves in the deep waters off the Nigerian coast.

"This contract provides an opportunity to deepen our relationship with a key customer and strategically increase our rig fleet in Nigeria," Per Wullf, Seadrill's chief executive officer, said in a statement Monday.

The five-year contract for Seadrill, which is registered in Bermuda, calls for a drillship for the West Jupiter field in the deep waters offshore Nigeria. The rig will be able to work in waters as deep as 10,000 feet and will be delivered to Total by August.

There was no statement on the deal from Total.

The French energy company in April said first-quarter production of 2.1 million barrels of oil equivalent per day was 6 percent lower year-on-year. It attributed the decline to "portfolio changes" and security issues in Libya and Nigeria.

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IEA report says right policies needed as much as right investments
Paris (UPI) Jun 3, 2013
It will require $48 trillion in investments through 2035 to meet the world's growing energy needs, the International Energy Agency said Tuesday from Paris. IEA Executive Director Maria van der Hoeven said in a statement the reliability and sustainability of future energy supplies depends on a high level of investment. "But this won't materialize unless there are credible policy f ... read more

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