Private equity investors Buckthorn Partners and One Equity Partners (OEP) have acquired Acteon Group, an international offshore energy infrastructure services businesses, in a move to develop the organisation’s capabilities in key markets.
The two entities have announced a significant injection of investment that will be used to improve Acteon’s standing with suppliers and customers. The company has been active since 1989 and now provides specialist engineering, services and technologies across all phases of the offshore lifecycle in 14 countries worldwide.
A key focus of this new occurrence will be placed on developing the organisation’s capabilities across survey, foundations, moorings, decommissioning, and consulting engineering services in support of the offshore renewable offshore oil and gas sectors.
“Acteon’s products and services are key to the energy transition in constructing, maintaining and supporting offshore energy infrastructure,” remarked Rob Willings, Partner at Buckthorn. “We are very pleased to acquire Acteon and its market-leading capability in managing offshore renewable, and offshore oil and gas infrastructure. Our ownership will bring stability to the business, and investment and expertise to grow and develop the company.”
Alongside the investment, the senior ranks of Acteon have been bolstered by the appointment of Brice Bouffard Chief Executive Officer. Brice brings a wealth of business experience highly relevant to Acteon and its key segments.
With the addition of Geothermal Exploration Permit 2049, Whitebark Energy Limited further expands it’s potential geothermal portfolio, which now stands at 4,464 sq kms
EPG2049 comprises of 1250 sub-blocks within the Cooper Basin, which is about 100km West of Windorah in South-West Queensland. This comes after the acquisition of EPG2037 in the South-East Queensland region which covers an area of approximately 589 sq kms and is roughly 25km from Brisbane.
EPG2049 makes up approximately 3,875 sq kms and was identified following a comprehensive review of a number of geological considerations and future market access availability in the region. It will also consider the commercial viability of the permit and look into its historical well data to further gauge the potentials of the asset.
Following an energy-to-market analysis, by the company, EPG2049 is likely to support not only geothermal development but also green hydrogen production. Initial indications from offset well data pointed to an elevated geothermal gradient in the area with considerable potential to produce long-term, dispatchable renewable energy and green hydrogen for the region.
In collaboration with its technology partner, the company has begun to identify a works programme for EPG2049 and EPG2037, including timelines and financing.
Whitebark General Manager, Adam Stepanoff said, “The acceptance of EPG2049 in conjunction with our recent acceptance of EPG2037s application, represents an exciting development in the company’s geothermal strategy. Along with our technology partners, Whitebark will be in a prime position to deliver geothermal energy and green hydrogen into the national highway network.”
Exploration and production company Energean will be taking control of the decommissioning of Tors and Wenlock fields in the Southern UK North Sea, which are now at the end of their economic production capability
As part of the project the company has put together a specialist team, including Andrew Shepherd as UK Decommissioning Manager to carry out the approved work plan.
Waldorf Production, who operated the two fields, has officially passed the baton to Energean who is also a majority owner in the fields, with 68% ownership of Tors and 80% of Wenlock. The company had acquired the stakes in 2020 from Edison Exploration & Production SpA.
Tors and Wenlock reached the end of production in 2020 and 2022 respectively.
The Colorado Energy Office (CEO) has opened its first competitive application for the state’s Geothermal Electricity Tax Credit Offering (GETCO), a programme to encourage elevated levels of geothermal production and investment.
Following the Governor’s ‘Heat Beneath Our Feet Initiative’ to explore more deployment opportunities for geothermal technology within the state, the new tax programme allows for eligible utilities, private businesses, local governments and public-private partnerships to apply for two different types of incentives. The two incentives include an investment tax credit (ITC) for exploring and developing geothermal resources, and a production tax credit (PTC) for producing geothermal electricity.
The ITC can cover up to 30-50% of eligible costs for selected projects not exceeding US$5mn. A total is US$35mn is available in ITCs through to 2032, while the PTCs provide a US$0.003 credit for every kwh of geothermal electricity produced, up to US$1mn per entity per year through to 2032. The first application cycle is open until 30 June, 2024.
Colorado Energy Office’s Executive Director, Will Toor, stated, “This incentive encourages geothermal electricity development across Colorado, advancing innovative technologies that will create jobs in just transition communities and help achieve a 100% clean energy economy here and around the world.”
Colorado utilities are currently on track to reduce emissions from the power sector by more than 80% by 2030 though a mix of clean energy sources. A recent study commissioned by CEO found that the lower cost pathway to achieve 100% clean electricity in Colorado by 2040 will be to rely on geothermal energy, alongside wind, solar, storage and clean hydrogen.
“While wind and solar energy can meet the majority of our electricity needs, geothermal energy is essential for delivering reliable and affordable clean electricity, regardless of the weather,” Toor continued.
Colorado Governor Jared Polis said, “Geothermal energy means lower costs on Coloradans’ energy bills and cleaner air. By breaking down barriers to this clean renewable energy resource, Colorado can move closer to our goal of 100% renewable energy while saving people money on energy, improving reliability, and protecting our air quality.”
The MV Patriot has become the latest addition to the Rovco specialist fleet, joining the company’s existing two site characterisation vessels.
The leading provider of tech-powered offshore wind solutions that is valued at nearly UK£200mn, has chartered the new vessel as part of its mission to accelerate the offshore energy industries clean energy transition through deep-technology solutions. It is committed to combining AI, robotics and simultaneous location and mapping (SLAM) technologies. This motivation is being driven by the growth of the offshore wind sector as well as the ever-expanding decommissioning needs of the oil and gas industry.
The 74 m MV Patriot is expected to scale-up the company’s subsea capabilities. It boasts an active heave crane and 682 sq m deck capacity to support Rovco’s construction and maintenance expertise. At the same time, it also consolidates the company’s site clearance ability, including debris and boulder removal and unexploded ordinance navigation.
The vessel’s DP2 station keeping capability will reportedly provide a stable platform for launch and recovery in marginal weather, allowing Reovco to schedule wider working windows across surveys and remotely operated vehicle (ROV) inspection. Indeed, the MV Patriot will be permanently installed with best-in-class ROVs while the WROV on-board will be fitted with SubSLAM technology to enable live inspections and precise 3D reconstructions. Full site data capture offshore will be enabled by the MV Patriot and this, in tandem with ship-to-shore communications will facilitate real-time decision making.
“We’re delighted to be adding the highly versatile and capable MV Patriot to our fleet,” commented Director of O&M Marc Coull. “This provides a further platform for our leading technology in areas such as visual pilot assist, autonomous general visual inspection, as well as ensuring that auto-eventing and reporting can be utilised more widely.”
The vessel will be delivered to Rovco for a period of three years with the option to extend by a further two.
Silverwell Technology, a global developer of digitally intelligent gas lift production optimisation systems and services, has celebrated a step forward in permeating the African market after securing a contract from a major operator offshore Nigeria.
The contract will see Silverwell bring its digitally intelligent artificial lift (DIAL) gas lift production optimisation system to the country. This system integrated in-well monitoring and control of gas-lift well performance with surface analytics and automation to continually optimise production, remotely and without well intervention. This is expected to bring significant benefits to the operator with DIAL reportedly enhancing the net present value (NPV) of each well by up to US$50mn over their lifetime.
According to Silverwell, DIAL is used by operators around the world for onshore and offshore applications. Currently, it is being installed in shallow water oil wells in the Gulf of Guinea and is operated from an unmanned production platform.
“The key driver for the operator was the OPEX saving related to well intervention and the associated logistical cost. The DIAL system also enables the ability to ensure continuous and remote well monitoring and production optimization,” remarked Stephen Faux, General Manager of Operations for the Eastern Hemisphere. “Conventional gas lift systems would require identification of the optimisation issue, data analysis, vessel mobilisation, and ceasing production to perform well intervention to change the gas lift valve(s).
“This process, from start to finish, can take several months and incurs significant financial impact. With DIAL, all data is delivered in real time to the engineer’s desk allowing them to perform analysis, identify uplift opportunities, and make changes to the configuration without visiting the platform. Petroleum engineers can improve production uplift in minutes.”
Silverwell noted that with the system cutting well lifecycle costs by eliminating well intervention, avoiding deferred production and substantially reducing logistics expenditure, it could bring significant benefits to West Africa. And, in doing so, the company expects this contract to lead to further adoption of DIAL in West Africa and across the continent.
Darrell Johnson, Silverwell CEO, said, “Entering the African market and successfully delivering our first project there is a major milestone for Silverwell, as recognition of DIAL’s benefits to operators continues to gather momentum globally.
“Opening up this latest frontier for our industry-leading technology provides a platform for further expansion in West Africa and the wider continent. We see significant potential for DIAL in Africa and elsewhere. From North America to the Middle East, Asia Pacific, and now Africa, demand for a proven method to reduce operational expenditure while maximizing asset productivity is growing. We’re excited for the next steps in DIAL’s journey toward adoption by operators in every region.”
Contact has released a statement stating that its Tauhara project is likely to be online by winter this year, with an initial capacity of at least 152MW.
This comes as the company notes steady progress of the commissioning works at the Tauhara geothermal plant, post successful completion of remedial work to the steam separation plant.
Power station commissioning activities are all in place to start before it is synched to the system by early May. This will be followed by 30-day reliability run required to support commercial operations.
The company has acknowledged the project team's tireless contribution to deliver the Tauhara commissioning timeline and do justice to the project's worldclass standards. It considers the Tauhara geothermal project a part of Contact26, the company’s strategy to lead the decarbonisation of New Zealand.
Well integrity solutions provider Unity has onboarded Ian Retalic as the new Wells Manager, as part of the company's robust 2024 growth plan.
In his new role, Retalic will be tackling senior client relations and international growth, looking into strategies to expand the reach of Unity's well integrity, intervention and plug and abandonment solutions to a global scale.
Untill now, Retalic has been associated with Altus Intervention as the Business Development Manager for eight years, where he served the company’s global provision of well intervention and technology services. His 35 years of experience include strong technical, commercial and leadership skills that are the results of an impressive line-up of positions as Senior Well Services Supervisor for the Brent Field at Shell; Senior Well Operations Engineer and Wells Project Manager for Baker Hughes; Drilling Supervisor and board level Director of Business Development, Marketing and Sales at Leading Edge Advantage and Global Product Line Manager at Lloyd’s Register.
Retalic said, “Unity has positioned itself as a leader in its field with a valuable and unique industry offering. I’m excited to be playing my part in its ambitious growth plans and to be helping operators to benefit from the company’s progressive well integrity, intervention and decommissioning solutions.”
Welcoming the new team member, Stuart Slater, Technical Sales Director at Unity, said, “Ian’s senior level expertise is a great asset and his industry knowledge and practical approach are already proving to be an excellent synergy. I’m sure he will hit the ground running and I’m looking forward to working with Ian as we invest in the strategic growth of our Wells, Decom and Innovation business streams across new geographic and energy sector markets.”
Retalic's appointment to the sales team at Unity follows that of wells and decom specialist Dillan Perras, who joined the board in January.
DOF has been awarded a substantial Subsea Engineering Procurement Removal and Disposal (EPRD) Contract from A/S Norske Shell in the Atlantic region, with more than 100 combined days utilisation of the vessels Skandi Hera and Maersk Installer.
Under the contract, the company will deliver an integrated solution of project management, engineering, design, analysis and survey. Services will range from the recovery and recycling of umbilicals, risers, rigid spools and manifolds to other subsea structures and infrastructure, at the Knarr and Gaupe fields. Preparatory work is on before offshore execution begins in Q2 and Q3 2025.
Mons S. Aase, CEO DOF Group ASA, said, "The award continues to demonstrate DOF’s inhouse capability of offering turnkey solutions to our existing and new customers, building on our established capability offering in the decommissioning market."
Toshiba Energy Systems & Solutions Corporation (Toshiba ESS) will be supplying SEPCOIII Electric Power Construction Co., Ltd. with steam turbines and generators for the geothermal power plant equipment renovation of Units 1 through 3 at the 45MW Olkaria I geothermal power plant in Kenya.
The equipment will be shipped to the site by December 2025.
Said to be the oldest geothermal power plant in Kenya, Olkaria I has been in commercial operation by the Kenya Electricity Generating Company PLC (KenGen) since 1981.
The installation of the new steam turbines and generators will allow the units to achieve higher outputs with less steam, as each of them will increase considerably from 15MW to 21MW each. This will make a huge difference in meeting Kenya's growing demand for power. The development aligns with the Kenya Government's Vision 2030, which aims to boost the country's electricity generating capacity from renewable sources. Many new geothermal power plants are planned to tap into the 9GW geothermal potential in Kenya's Great Rift Valley region.
Toshiba ESS and KenGen are working closely since 2022 in providing operation and maintenance (O&M) services for geothermal power plants, and have plans to expand their service to developing countries beyond Kenya.
Shinya Fujitsuka, Director and Vice President of the Power Systems Division at Toshiba ESS, said, "I'm pleased that we can contribute to energy stability in Kenya by providing our equipment and services. Toshiba ESS will continue to provide optimal products and solutions to meet customer needs through its lineup of small to large geothermal steam turbines and generators with power outputs ranging from 1 MW to 200 MW. Aiming for the further clean energy indispensable for the realization of a sustainable society, we will contribute to the realization of a carbon neutral society by providing geothermal power plant services both in Japan and overseas."
Referencing the many mature offshore fields that are drawing ever-closer to retirement, Baker Hughes has published a 'Perspectives' article exploring why improving the cost for plug and abandonment is not only an industry opportunity but an industry imperative.
The article highlighted that, for the first time in history, a large proportion of offshore oil and gas infrastructure is now careening towards costly decommissioning as productivity wanes. According to Wood Mackenzie Lens data, by 2030 global decommissioning expenditure will hit an average of US$15bn a year, rising to US$25bn in 2035. Between 2021 and 2050, a staggering US$400bn will be spent.
Lorna Yuill, leader at Oil Field Services and Equipment (OFSE) Baker Hughes Growth Hub leader, said, “If we can properly support the well decommissioning phase, we can save our customers money while at the same time securing good outcomes for the environment.”
The team of OFSE Growth Hub has therefore sought to address this challenge and devise solutions to reduce the looming expense of decommissioning. One such envisioned answer is a Swiss Army-knife-life universal tool that can interface with virtually all vendor systems, offering advantages in terms of operators only having to deal with one supplier for one set of tools across a field of ageing wells.
“A customer might spend US$15mn on the single set of tools,” remarked Yuill, “but if they needed to go to four OEMs to decommission aging equipment across a field, they’d have to spend more than US$40mn on tools alone.”
She added that using just one set of tools to decommission the various components of any number of wells in a field, is more efficient, than having to use a variety of tools, and can therefore also reduce time spent on the decommissioning by between 30% and 50%.
View the full opinion piece from Baker Hughes, including real life examples of agnostic tooling being supplied, an exploration of how passive well monitoring systems can further help reduce costs and how the company is working to secure the safety of offshore decommissioning projects at: https://www.bakerhughes.com/company/energy-forward/aging-subsea-wells-brim-opportunity
Marking its latest development as a 'decommissioning milestone', Perenco UK announced that it has successfully completed the plug and abandonment of three subsea wells at the Gawain field in the UK Southern North Sea.
In a campaign that added up to 160 days and included more than 340 air dives, the workforce made sure to remove all associated subsea infrastructure as well. Post decommissioning surveys will continue till the end of the year so that the seabed is left spotless.
Given the challenging winters in the Southern North Sea, the team was able to tackle the project unscathed as they worked considering the health, safety and environment factors. Workers were backed by specialist contractors and a jack-up vessel equipped with an air-based diving, and remotely operated vehicle (ROV) spread to allow for rig-based diving.
Perenco UK SNS Managing Director, Jo White, said, “The completion of this significant project shows the commitment Perenco has to effective and efficient decommissioning of our SNS assets. It highlights the expertise of our specialist teams, with a mindset of developing innovative approaches, while maintaining a strong focus on health, safety and the environment.”
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