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Britain set for major investment bonanza
 Britain’s offshore sector is set to see hundreds of billions of new investment according to an inward investment report produced for Norwegian suppliers.
Text by Arild Gilja
According to Intsok, Norway’s oil and gas internationalisation group, the UK sector will see a major development drive in 20011 after 14 projects worth NOK 80 Billion (US $13.75 Bn) were given the green light by the UK’s Department of Energy and Climate Change, last year heralding a surge in field development activity.
“We are going to see strong growth in the UK up to 2014,” Einar Holmefjord, Intsok regional director of the Bergen Chamber of Commerce declared in an industry briefing this week.
That total of 14 projects equals the tally for the previous four years and there is even more to come, Intsok members were told.
Up to 30 projects fall due for approval in the UK sector this year, according to Intsok data. Between now and 2014, there are between 10 and 14 new fixed platform projects due, another 10 to 12 using floating production systems, and another 30 subsea developments, in addition to significant brownfield work involving modifications to existing installations.
“The UK will be the world's fourth largest offshore market [in] the next four years and the third largest export market for the Norwegian offshore industry,” Holmefjord predicted.
Statoil’s UK operated Mariner and Bressay heavy oil developments will be two of the biggest projects in the UK sector: Statoil now operates both Mariner with 62% and Bressay with 81.625% after taking over from Chevron, which failed to give the fields development priority over competing projects.
Intsok’s data suggests both fields will require substantial platforms, with topsides between 20,000 and 24,000 tonnes putting them among the largest built in the UK for years, and with production rates of 50,000 to 60,000 b/d of oil, similar in rank to the Britannia development.
Development of Mariner is thought likely to require up to 60 drilling slots and Bressay another 40, indicating the scale of development thought necessary to tap both fields.
Conceptual studies area already completed on both, Intsok delegates were told, after Aker Solutions delivered one for Mariner late autumn last year, and WorleyParsons another for Bressay.
According Holmefjord, a FEED contract is to be awarded early this spring for Mariner, while Bressay is due to be awarded this summer. Mariner is said to be about six months in advance of Bressay.
Holmefjord also indicated Statoil is likely to decide next month whether these projects are to be financed and actually implemented.
If the answer is yes, then the first contracts for long lead items on both projects are likely to come in the summer and autumn this year. “So this is just around the corner,” said Holmefjord.Advertisement
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Aker group grows value Norwegian industrial group Aker ASA says it value rose 16% in the first quarter to NOK 22.5 billion (US $3.74 bn) as its investments – mainly in oil and gas operations rose in value.
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