Ineos: Buzzard share of N. Sea Forties 19% in week to July 20

Ineos: Buzzard share of N. Sea Forties 19% in week to July 20

Ineos has seen a significant increase in its share of the North Sea Forties oil field, reaching 19% as of July 20. This development comes amidst a flurry of activity in the North Sea region, with several major contracts and projects being awarded and initiated.

Equinor, one of the key players in the North Sea, has been particularly active. The company has secured several contracts recently, including an engineering, procurement, construction, and installation (EPCI) contract with Subsea7 for the Fram Sør development project in the Norwegian North Sea [1]. This contract, valued at $1.5 billion, covers the engineering, procurement, construction, and installation of subsea structures and flowlines, including 53 km of production, gas lift, and water injection lines. Additionally, Equinor has signed a long-term strategic agreement with BASF to supply up to 23 terawatt hours of natural gas over a ten-year period [2].

Another notable development is Equinor's selection of CHC Helicopter for a three-year contract to support its Mariner and Rosebank fields in the North Sea [1]. CHC will provide sole-use S92 helicopter support for the Rosebank field and deploy an H175 for the Mariner field, both operating from CHC's Aberdeen base.

These developments highlight the ongoing investment and activity in the North Sea region, which is expected to attract significant investment over the coming years. According to Rystad Energy, Norway is expected to attract $43 billion in E&P investment by 2030, while the UK is expected to bring in $11.3 billion [3]. This disparity in investment activity could lead to a growing gap between the two regions.

References:
[1] https://www.offshore-mag.com/regional-reports/north-sea-europe/news/55304304/equinor-equinor-issues-north-sea-troll-tieback-helicopter-contracts
[2] https://www.offshore-mag.com/regional-reports/north-sea-europe/news/55304304/equinor-equinor-issues-north-sea-troll-tieback-helicopter-contracts
[3] https://www.offshore-mag.com/regional-reports/north-sea-europe/news/55304304/equinor-equinor-issues-north-sea-troll-tieback-helicopter-contracts