Coretrax is set for further growth as the company has secured five multi-year contract wins for 2024 and plans to expand its footprint in the Asia Pacific region by a further 30%.
The latest deals encompass key milestones including the business’ first project win in Latin America and its first expandable casing patch deployment in the UAE.
Following a string of successful geothermal and carbon capture and storage (CCS) projects, Coretrax has secured its largest geothermal contract to date – a multi-year project in Denmark where it will deliver its Origin wellbore clean up technology across 17 geothermal wells.
John Fraser, CEO of Coretrax, stated, “We have experienced a period of sustained growth and are excited to be entering 2024 with a strong pipeline of work and plans for further expansion in the coming months. Our technology spans the entire well lifecycle which means we can support operators from drilling right through to the plugging and abandonment phase.”
The company is also expected to increase its 320-strong workforce by an additional 100 personnel across its bases in Europe, the Middle East, Asia Pacific and the Americas.
“The coming 12 months will see us increase our headcount and footprint globally,” Fraser continued, “with Asia Pacific a particular focus for the business as we respond to increasing demand for our technology across countries including Australia, Brunei and Malaysia. We are also eager to extend our operations in the geothermal and CCS sectors with our circulation tools gaining a strong track record in these emerging markets.”
The contract wins come off the back of the company expanding its well intervention offering by acquiring a suite of new technology from Wireline Drilling Technologies.
Independent wells expert, Elemental Energies, has announced the senior appointment of Willem Boon von Ochssee as Head of Wells.
The key appointment comes as the company charts a course for continued expansion in the coming year.
In his global role, Boon von Ochssee will be responsible for managing the business’ well engineering and wider technical strategy, providing expertise and oversight to projects across oil and gas, decommissioning and low carbon. With over thirty years’ industry experience, he joins Elemental Energies from Spirit Energy, where he worked as the operator’s Wells Technical Authority. He is a specialist in well engineering, project management, drilling management systems and well integrity assurance.
Mike Adams, CEO of Elemental Energies said, “Willem is recognised across the industry as a leading technical authority and is a highly respected member of the wells community. We are passionate about the role wells play in the future of the energy sector, and building a uniquely capable technical organisation is critical to that. Willem brings perspective from both the operator and supply chain viewpoint and will help to foster a strong technical culture across the business.”
Willem is a Co-Chair of the Offshore Energies UK (OEUK) licence to operate well group and is an active member on a number of cross industry committees, including the Society of Petroleum Engineers (SPE) and North Sea Transition Authority. He also plays a key role in the Net Zero Transition Centre’s Alternative Barrier Collaboration forum.
Adams continued, “Willem brings a unique commitment to supporting the wider engineering community through close links with OEUK and SPE. This dedication to supporting professional development, innovation in technology, and cross industry collaboration makes him a perfect cultural fit for us.”
Commenting on his new role, Boon von Ochssee said, “The opportunity to support, develop and manage the outstanding team here is hugely appealing. Fostering collaboration across the whole energy industry is extremely important to me and I will bring that ethos into this new role – working closely with customers to deliver a first class well management service whether for oil and gas, decommissioning or low carbon projects.”
Thermoplastic composite pipe (TCP) provider Strohm has supplied TotalEnergies with a TCP jumper, which has been commissioned for a 1,600 m deepwater project in West Africa.
This installation has followed a rigorous testing programme, during which TotalEnergies qualified the Netherlands-based company's TCP jumper for permanent subsea applications. All pre-deployment inspections and tests were successfully passed, certifying it for its full life cycle on schedule.
The installation of Strohm’s 5.2” ID, 340 bar design pressure TCP Jumper in the Egina field was supported by a local Nigerian subsea services provider. The pipe’s lightweight properties allowed it to be transported by a small, multi-purpose vessel and installed by local contractors, greatly reducing carbon emissions and costs. Strohm personnel were mobilised offshore to assist in the installation process.
Martin van Onna, Strohm CEO, said, “We are immensely proud to see our first TCP Jumper for our highly valued client TotalEnergies installed and operational in West Africa. This success reaffirms TCP as an ideal deepwater solution and strengthens our leading position in the market.”
Strohm’s TCP provides a robust, corrosion free and field-proven solution for operators. TCP jumpers can be manufactured and shipped in long continuous lengths, stored onsite for long periods of time, cut to length when required and terminated within hours, with no change to its properties or lifespan. TCP for subsea jumpers as well as flowlines and risers have proven to reduce the CO2 footprint of pipeline infrastructures by more than 50%.
Pertamina, an Indonesia state-owned oil and gas corporation, has revealed that it is exploring Rig-to-CCS (carbon capture storage) developments with Korea National Oil Company (KNOC).
The collaboration aims to repurpose offshore oil and gas platforms into CCS facilities and is being pursued through a joint study agreement. This was signed by Nicke Widyawati, President Director of Pertamina, and Dong Sub Kim, President & CEO of KNOC, in a bid to reduce emission and support net zero commitments.
“I highly appreciate this collaboration. Apart from enriching CCS studies, this collaboration also helps address Indonesia's challenges regarding abandonment and site restoration (ASR) of offshore platforms,” remarked Widyawati.
“The cost of conventional ASR or decommissioning is extremely high, necessitating an alternative ASR solution, especially reutilisation, in order to ensure the gradual and efficient implementation of ASR for these offshore platforms.”
Oki Muraza, the Senior Vice President of Research and Technology Innovation of Pertamina, added, “This collaboration could be extended to the development of Rig-to-Wind Farm, Rig-to-Fish-Farm, and Rig-to-LNG Terminal to transport natural gas to locations where energy facilities are yet to be established.”
Many companies are seeking to address the decommissioning challenge which is increasing in urgency. Click here to discover Offshore Network's unique report on the global decommissioning outlook.
Well integrity and production optimisation specialist Coretrax has strengthened its portfolio after acquiring a complementary suite of well intervention technology from Wireline Drilling Technologies.
The significant investment has expanded Coretrax’s offering. Since completing the acquisition, the firm has signed a global route to market agreement with a supermajor to support its well intervention requirements internationally and secured additional work in the Middle East with an existing client.
The company has already integrated the new assets and software, which include wireline pump units, drilling units and tractor modules into its existing technology portfolio. The additional equipment boosts Coretrax’s current well integrity offering, enabling the business to access and address damaged wellbores, and support highly deviated wells more efficiently.
John Fraser, CEO at Coretrax, said, “This investment demonstrates our continued drive to enhance and improve our services, positioning Coretrax as a full turnkey solution for
all wellbore entry and remediation operations. The additional technologies have integrated seamlessly into our portfolio of tools and are supporting several new contracts including a global supermajor and an ongoing long-term project in the Middle East.
“As the industry remains focused on extracting maximum recovery from existing wells, demand for wireline applications has increased as operators realise the cost and sustainability
benefits they bring across well intervention, frac plug drilling, well conveyancing and lateral drilling. Our recent investment will undoubtedly open up new markets for the business and we are excited about the opportunities this will bring.”
The AGSM AIM Group has invested in a specialised geothermal energy project in Verona, Italy, which will see the construction of geothermal wells capable of providing clean thermal energy to those connected to the district heating network.
The project process, which began in December 2023 with the approval by the Board of Directors of AGSM AIM as part of the industrial and economic plan of the ‘Geothermal Project’, will continue over the coming weeks with the establishment of a company to lead the project.
The project will provide geothermal energy to five cogeneration plants in Verona located in Borgo Trento, Forte Procolo, Golosine, City Center and Banks, as well as the Vicenza district heating plants in the future. Utilising geothermal energy is a key part of the objectives and actions envisaged by AGSM AIM’s industrial and strategic plan which places sustainability among the main pillars of growth for the group.
Federico Testa, President of AGSM AIM, said, “Thanks to this important technology our Group confirms that it faces the challenges of the energy sector with a new vocation of values, always directed towards sustainable development and cost containment for citizens and businesses.”
The project aims to bring economic benefits to district heating customers due to the strong reduction of methane gas that will be compensated by geothermal resources. The thermal source is expected to save more than 40% of the gas consumed by the region, thus reducing CO2 emissions by approximately 30,000 tons.
A UK£1mn investment in developing its largest subsea Chopsaw to date has paid off for Decom Engineering (Decom) following impressive results on its first deployment.
The C1-46 Chopsaw played a pivotal role in a subsea infrastructure decommissioning project on behalf of DeepOcean in the northern region of the North Sea.
This ambitious project involved the removal of pipelines, control umbilicals, and various subsea structures from the seabed in water depths of up to 180 metres, each requiring precise and efficient cutting.
The Decom team was tasked with cutting a wide range of pipe sizes, from 1,042 mm OD concrete-coated carbon steel pipes to 220 mm OD super duplex pipes. These subsea pipelines needed to be segmented into 9.5 metre sections for efficient recovery to the vessel deck.
Powered from topside and ROV using a Hydraulic Power Unit (HPU), reeler, hot stabs and control panel, the C1-46 exceeded all expectations, proving its worth in the harshest of subsea environments. The smaller C1-24 chopsaw was utilised for certain tasks and also operated with a mix of topside and ROV controls.
The C1-46 averaged 15 cuts before requiring a blade change, significantly reducing the need for recovery to the surface and impressively completed 79 cuts on its first deployment, showcasing a remarkable 100% success rate.
Substantial time savings of almost 300% were achieved compared to using traditional diamond wire saws which typically have longer cut times, carry a risk of wires breaking, and require multiple trips to the surface vessel for blade replacement. Using customised insertable and replaceable tips voided the need for blade changes, reducing costs and increasing efficiency by minimising vessel time.
In contrast, the C1-46 completed some cuts in as little as 20 minutes, while the C1-24 saw excelled in cutting super duplex and flexible risers - materials that traditional shears can’t handle.
Furthermore, Decom’s innovative approach to reducing seabed dredging time by modifying the saw’s clamps reduced dredge time from 3.5 hours to just 30 minutes.
Established in the United Kingdom in 2011, Decom is an R&D specialist focusing on the design and fabrication of cutting solutions and innovative decommissioning equipment, with a growing reputation for providing complex deep water project solutions.
Decom Engineering Managing Director, Sean Conway, said, “The C1-46 Chopsaw is a remarkable piece of subsea engineering which was designed, developed, and deployed in under six months, specifically for this North Sea decommissioning campaign.
“This project underlined our commitment to engineering innovation and underlined our credentials for pushing the limits of what’s achievable in subsea decommissioning. To efficiently cut through a submerged 1,042mm reinforced concrete coated pipe is not without its challenges, but the C1-46 was more than up to this difficult task.
“It’s been a valuable learning experience and the performance of the C1-46 Chopsaw sets the benchmark for going on to roll out our technologies which offer multiple benefits to contractors and operators engaged in complex subsea decommissioning projects.”
The C1-46 Chopsaw has been designed to cut tubulars and other materials up to 46” diameter and is able to cut a wide range of materials, including inconel alloys, duplex and concrete.
It can be operated in water depths of up to 2,000 metres, has the ability to cut in any orientation, and is capable of multiple cuts per blade (20-100), resulting in large cost savings and increased efficiency. Blade changes are efficient and safe and the chopsaw can be supplied set up in a number of configurations and settings to suit project requirements.
40 years since the launch of its first subsea test tree system, Expro, a leading energy services provider, has remained at the forefront of subsea landing string technology.
The first 10ksi subsea test tree assembly (SSTTA) was created for an exploration and appraisal well project for Hamilton Brothers in the North Sea in 1983. Several of its SSTTA technologies have been on a first to market basis and have helped to progress the sector’s capabilities over the years. Expro has now undertaken more than 3,000 subsea deployments in exploration and appraisal, completion, and intervention applications, and remains a global leader in large-bore SSTTA solutions.
Other subsea well access major milestones Expro has achieved over the years have included the introduction of the first 7 3/8” 10ksi horizontal tree completion landing string system; the launch of the industry’s first 6 ¾” high debris SSTTA system; the release of the first large bore 6 ¾” 10 ksi subsea electro hydraulic control system; unveiling the first 6 ¾” 10ksi dual bore and mono-bore subsea test tree offshore; revealing the first 15ksi 6 1/8” horizontal tree SSTTA and electro-hydraulic control system; and the development of 7 3/8” 10ksi high debris SSTTA.
The evolution of subsea test tree assemblies has allowed the company to expand into the open water well intervention market through the introduction of both riser-based and riser-less well intervention solutions. Such success and dedication to subsea well access application even earned the company the accolade of Intervention Champion of the Year at the recently-held OWI Global Awards 2023.
At the company is showing no signs of building on its successful history. In a bid to continue this history, it has sought to boost its subsea capabilities by acquiring PRT Offshore, the only company to offer a complete Hook-to-Hanger solution enabling comprehensive well completions, interventions, and decommissioning services from surface to subsea. The acquisition enables Expro to expand its portfolio of cost-effective, technology-enabled services in the North and Latin America region and accelerate the growth of PRT Offshore’s surface equipment offering into the Europe and sub-Saharan Africa and Asia Pacific regions.
“At Expro, we’ve been first to the market with many of our subsea test tree assembly products and, as future technical challenges arise, we believe that with our customer-bespoke solution philosophy, we’ll continue to be at the top of the subsea test tree application,” remarked Graham Cheyne, Expro’s Vice President of Subsea Well Access.
“From starting in 1983 supporting operators in the Norwegian North Sea, we’ve become a global player in all parts of the world, supplying fully integrated technologies and services from surface to seabed – the hook to hangar concept. The subsea test tree market operates in the full well lifecycle – from exploration and appraisal through to abandonment and decommissioning while continually looking to improve our delivery and operational performance, and service quality to our global client base.
"Whilst leading in this market for over 40 years with many first to market technologies we are committed to delivering the new technology requirements of tomorrow in order to meet our customer needs whilst maintaining the high level of service quality and customer care.”
Leading institutional investor in the global energy and infrastructure sectors, EIG, has entered into definitive agreements with Novonor S.A. and the Brazilian Development Bank (BNDES) in order to acquire Ocyan Participações S.A.
Ocyan is a Brazilian-based solutions provider to the offshore oil and gas industry that boasts a 23-year track record of delivering for the sector, including in the operation of subsea and decommissioning projects. It is the only operating in the floating production storage and offloading (FPSO) industry and currently operates four offshore units through a joint venture with Altera Infrastructure.
R. Blair Thomas, EIG’s Chairman and Chief Executive Officer, remarked, “I have known and respected Ocyan for decades. The company’s resilience and the strength of its business have helped it overcome significant economic headwinds while maintaining a healthy balance sheet, positioning Ocyan for long-term growth. Brazil is home to over 25% of the global FPSO fleets, and we believe the future market dynamics for oil and gas infrastructure in Brazil are very favourable, underscoring our dual commitment to supporting growth and development in this important region while creating value for our investors. We are also excited to support Ocyan’s ventures in the renewables space to help drive the energy transition forward.”
EIG is looking to finalise the takeover to the tune of US$390mn, continuing its history of investment into the South American country – it has invested more than US$2bn there since 1998. As the latest example of this, the acquisition of Ocyan reflects the company’s comprehensive Brazilian strategy focusing on infrastructure supporting deepwater crude oil production, responsible decommissioning activities and renewables / low-carbon projects.
Roberto Prisco Paraiso Ramos, Ocyan’s Chief Executive Officer, remarked, “Ocyan has built and operated more than US$4bn of drilling rigs, pipelaying support vessels and FPSOs, alone or in joint ventures, always enjoying the very strong support of its shareholders and Novonor. This acquisition does not impact current contracts and operations with our clients and suppliers. This is another important chapter in our history and one that will undoubtedly create new opportunities for Ocyan.”
Plexus Holdings, an oil and gas engineering services business, has completed an agreement with SLB, a global technology company driving energy innovation for a balanced planet, to replace their existing surface production wellhead licence.
The new licence has a wider field of use for a cash consideration of US$5.2mn. It will provide SLB a perpetual royalty free licence for Plexus’ POS-GRIP technology and HG seal technology along with any improvements or derivates to the technology for surface wellhead production applications. The scope of this includes oil and gas production and storage applications, CO2 storage, hydrogen storage and water and cuttings reinjection.
In addition, the agreement includes a non-exclusive licence to SLB for Adjustable Surface Production Wellheads, and HG Trees with the potential to generate royalties for Plexus from such special applications of the POS-GRIP technology.
"SLB's leading technology position will be further enhanced by this new technology, providing our customers with additional rig time savings through ease of installation and enhanced seal integrity assurance for onshore and offshore applications, commented Badri Mani, Director of Surface Production Systems, SLB. “We are very excited about the prospects for this technology."
According to Plexus, the combination of its technology with SLB’s manufacturing quality, technical expertise, innovation and global support structure will ultimately bring value and efficiency to operators across the globe.
Ben van Bilderbeek, CEO of Plexus, added, “This new licence agreement is a further validation of Plexus' IP by this leading energy technology company and recognises the contribution our leak-proof POS-GRIP wellhead equipment can make to the oil and gas industry's ESG and NetZero goals. Not only does the agreement further reinforce our growing relationship with SLB, but it also enables Plexus to continue to operate in the surface production wellhead sector on a limited basis, whilst focusing on the 'preventative' aspects of POS-GRIP metal seal technology."
Chevron Corporation has announced that for its fourth quarter 2023 it will be impairing a portion of its US upstream assets due to continuing regulatory challenges.
Primarily in California, the challenges in the state have resulted in lower anticipated future investment levels in its business plans according to the statement. It expects to continue operating the impacted assets for many years to come.
In addition, the company indicated it will be recognising a loss related to abandonment and decommissioning obligations from previously sold assets in the Gulf of Mexico as companies that purchased them have filed for bankruptcy and the company deems it probably and estimable that a portion of the obligations will revert to it. As such, the company expects to undertake decommissioning activities on the assets over the coming decade.
Currently, Chevron is now in the process of finalising the financial impacts of these actions and will likely treat them as special items, excluded from adjusted earnings. These actions are currently estimated to result in non-cash, after-tax charges of US$3.5bn to US$4bn in its fourth quarter results.
Offshore Network’s latest Global Well Intervention Report delves into the highly-prosperous global market and analyses the growth of operators utilising well intervention practices as the focus across the industry is shifting towards end-of-life activities and reaching environmental targets.
Assessments issued by Rystad Energy suggest that 17% of the world’s wells will undergo intervention processes by 2027, accounting for 260,000 wells globally. Spending within this market has already seen a surge and is likely to amount to US$58bn by the end of 2023, representing a significant growth of 20% since 2022. Climate consciousness has played a predominant role aiding the growth as mounting pressure is building across the industry to limit environmental footprints, with global companies seeking to make intervention an integral pillar within their business strategies.
In November 2023, COP28 witnessed Saudi Arabia launch its landmark Oil and Gas Decarbonisation Charter (OGDC) wherein 50 companies who represent 40% of the global oil and gas market thus far have signed up to the global pact to speed up climate action initiatives and are committed to become net-zero by 2050. However, it is not just the call for fast environmental action that is driving the intervention market, but the global increase in energy demand is also playing a vital role. According to the International Energy Agency, annual oil demand is expected to grow from 285.7 mboe/d in 2021 to 351 mboe/d in 2045, with oil set to retain a 29% share in the energy mix.
Increasing production rates is still a major priority across the industry, and a factor that must be balanced with the growing need to minimise carbon footprints. Well intervention practices are proving a key avenue that companies across the globe are turning their heads to, from expediting resources from the more veteran regions like the North Sea and the Gulf of Mexico to introducing more of these practices to ‘newer’ regions such as the Middle East and West Africa.
Page 33 of 90
