Latest news with #AlteraInfrastructure
CBC
18-02-2025
- Business
- CBC
Production curtailed at Hibernia, Hebron due to weather, shuttle tanker shortage
ExxonMobil Canada has reduced oil production at the Hibernia and Hebron platforms in offshore Newfoundland and Labrador, blaming a shortage of shuttle tankers and harsh weather for the interruption. The company is not offering any further details. It's the latest fallout from a Jan. 22 incident in Placentia Bay when the 300-metre long shuttle tanker Altera Thule — filled with crude oil — slammed into the wharf at the Whiffen Head transshipment terminal, significantly damaging one of the two jetties that allow ships to load and offload their bulk cargos. Now, there's a perfect storm of challenging weather conditions, fewer shuttle tankers, a transshipment terminal that's operating at half-capacity, and three producing oilfields with onboard storage capacity that is quickly filling up. The Thule is one of four tankers owned by U.K.-based Altera Infrastructure that shuttles crude from the offshore on behalf of Basin Wide Transportation and Transshipment System (BWTTS), a joint venture of oil companies with ownership interests in the offshore. The crude is stored in large tanks until it can be collected by a second tanker and shipped to the market for refining. The Thule has a gash in its bow well above the waterline, described by a spokesperson for the shuttle tanker fleet as "minor," and is still anchored in Placentia Bay with its full load of crude. "The vessel will commence repairs at anchorage after is has offloaded its present cargo," Pat Adamson, on behalf of Altera, wrote in an email. He did not say how long the Thule will be out of service and where it will go for repairs, but said there are no plans to bring in a replacement vessel "at this time." The Thule is scheduled to offload at the Whiffen Head terminal later today, if the weather allows, said Paul Durdle, president of Newfoundland Transshipment Limited. As for the cause of the collision, Adamson said the investigation is ongoing. ExxonMobil offering few details ExxonMobil is the lead owner and operates the Hebron project, and is lead owner of the Hibernia field, which is operated by a joint venture called Hibernia Management and Development Company Limited. When asked about the extent of the effect on production in the two fields, ExxonMobil Canada spokesperson Shelley Sullivan wrote in a statement that "it is not our practice to discuss specifics of operations at our facilities." There were nearly 7.5 million barrels of oil produced at the Hibernia, Hebron and the Suncor-operated Terra Nova fields in the Jeanne d'Arc Basin in December, or an average of nearly 250,000 barrels per day. Suncor has not yet commented on the status of operations aboard the Terra Nova FPSO, which has been producing in the offshore since 2002. The Cenovus Energy operated SeaRose FPSO, meanwhile, has not produced oil in the White Rose field since early 2024, and is "mobilizing to field," according to a report last week on the offshore regulator's website. Terminal shut down for 22 days The incident at Whiffen Head forced operations at the transshipment terminal to be suspended for 22 days while the wharf and related infrastructure was inspected, which disrupted a critical link in the movement of crude oil from the offshore. As a Plan B, ship-to-ship transfers are underway in Placentia Bay involving shuttle and second leg tankers, but this can only be safety done in favourable weather conditions, which has been rare in recent days. Five ship-to-ship transfers have taken place, and a sixth is underway, said Durdle. On Thursday, one of the two jetties — which was undamaged during the collision — reopened to shuttle and second leg tankers, but it's becoming clear that a bottleneck has formed. Just one second leg tanker has loaded a cargo of crude since Thursday, and no shuttle tankers have offloaded at the terminal since the Jan. 22 incident. Last year, there were 90 cargos offloaded at the Whiffen Head terminal by shuttle tankers, delivering more than 76 million barrels of crude. "Safety is the primary consideration for all activities. All tanker operations — whether at the terminal, ship-to-ship and at the offshore fields — take place under strict conditions, including weather limits," said McConnell.
Yahoo
27-01-2025
- Business
- Yahoo
Equinor Awards Pre-FEED Contracts for Bay du Nord FPSO in Canada
Equinor ASA EQNR, a Norwegian integrated energy firm, has taken a major step toward the development of its Bay du Nord oil project in Canada. The company has awarded pre-FEED (pre-Front End Engineering and Design) study contracts to two firms — BW Offshore and Altera Infrastructure — for a floating production storage and offloading (FPSO) vessel that will be deployed for the Bay du Nord oil project. The Bay du Nord discovery made by Equinor is anticipated to hold around 300 million barrels of high-quality, light oil. The project involves several offshore oil discoveries in the Flemish Pass basin. It is located approximately 500 kilometers toward the northeast of St. John's offshore Newfoundland and Labrador in Canada. Newfoundland and Labrador's offshore oil-producing regions are known to emit lower greenhouse gases than other regions in Canada's oil and gas industry. The Bay du Nord project is one of the first oil developments to have been approved by the Canadian government with a legally binding requirement of achieving net-zero emissions by 2050. The first discovery in Bay du Nord was made by Equinor in 2013. This was followed by several other discoveries in 2014, 2016 and 2020. Equinor mentioned that it plans to develop this oil discovery by deploying an FPSO that can be used suitably to tie-back nearby discoveries and new prospects. The Bay du Nord discovery is located in water depths of approximately 1,170 meters. The discoveries made later, namely Cappahayden and Cambriol, lie in water depths of 650 meters in an adjacent exploration license. These discoveries are viewed as potential tie-ins for the Bay du Nord project. Equinor and its partner BP stalled the project for three years (in 2023) following a rise in costs. This resulted in a setback that delayed the original timeline for the final investment decision on the project. EQNR has mentioned that it will utilize this postponement to optimize various aspects of the project and continue to refine the project plan toward development. The company shall continue to work closely with partners and stakeholders to optimize the project and improve its cost-efficiency and overall competitiveness. BW Offshore has mentioned that the pre-FEED study contract awarded by Equinor highlights their strong relationship, which was built through prior collaborations on harsh environment projects. The Bay du Nord FPSO for Equinor follows BW Offshore's successful track record of delivering vessels specifically designed for challenging and harsh environments. Altera Infrastructure also mentioned that the award of a pre-FEED study contract for the Bay du Nord FPSO aligns with its extensive experience in developing vessels suited for harsh environments as Bay du Nord faces harsh deepwater conditions. EQNR currently carries a Zacks Rank #1 (Strong Buy). Some other top-ranked stocks from the energy sector are Sunoco LP SUN, Matador Resources MTDR and Cheniere Energy, Inc. LNG. Sunoco currently sports a Zacks Rank #1, while Matador Resources and Cheniere Energy carry a Zacks Rank #2 (Buy) each. You can see the complete list of today's Zacks #1 Rank stocks here. Sunoco LP is one of the largest distributors of motor fuel in the United States. The partnership distributes fuel to independent dealers, commercial customers, convenience stores and distributors. Its current distribution yield is greater than that of the industry's composite stocks, providing unitholders with consistent returns. Matador Resources is a leading U.S.-based exploration and production firm. The company has consistently exceeded production expectations, demonstrating operational efficiency and robust growth. The company's production efficiency, combined with the favorable oil price environment, is expected to positively impact its bottom line. Cheniere Energy is involved in LNG-related businesses, which include LNG terminals and natural gas marketing. The company has achieved a milestone with the first production from the first LNG train of its Corpus Christi Stage 3 Liquefaction Project. The project, which includes seven midscale LNG trains, aims to expand the production capacity of the Corpus Christi Liquefaction facility. This expansion is expected to enhance Cheniere's position in the rapidly growing global LNG market, enabling it to meet the rising demand for LNG, both in the United States and internationally. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Sunoco LP (SUN) : Free Stock Analysis Report Cheniere Energy, Inc. (LNG) : Free Stock Analysis Report Matador Resources Company (MTDR) : Free Stock Analysis Report Equinor ASA (EQNR) : Free Stock Analysis Report To read this article on click here. Zacks Investment Research Sign in to access your portfolio
CBC
26-01-2025
- Business
- CBC
Equinor hires companies for work on stalled Bay du Nord oilfield off Newfoundland
Equinor announced in 2023 that it was putting the $16-billion project on hold Norwegian energy giant Equinor has contracted two companies to do preliminary work for the stalled Bay du Nord offshore oil project in Newfoundland and Labrador. BW Offshore, an international company headquartered in Norway, says Equinor hired it to do a preliminary design study for a production and storage vessel that could operate in the Bay du Nord oilfield off the coast of St. John's. The company says in a news release that the work will support Equinor's "strategic goals" for the Bay du Nord project. Altera Infrastructure, headquartered in the United Kingdom, also says it has been tapped for a preliminary design contract related to a production and storage vessel. The Canadian government approved the Bay du Nord development in 2022, though Equinor announced in 2023 that it was putting the $16-billion project on hold for up to three years as it figured out how to make it more cost effective. The company has not made a final decision on whether or not it will go ahead. The Bay du Nord oilfield is roughly 500 kilometres off the coast of St. John's, in waters about 1,170 metres deep, and it would be the first deep-water oil project in Newfoundland and Labrador's offshore region.
