Borders & Southern Petroleum, a company with oil and gas exploration assets offshore the Falkland Islands, announced at the end of the year board changes. The London based independent oil & gas exploration company announced the retirement of Nigel Hurst-Brown from the Board of Directors. His departure will take effect on January 1, 2021.
Rockhopper Exploration is responding to market developments by reducing staffing levels and activity related to the Sea Lion development in the offshore North Falkland basin. The company plans to maintain a smaller team, mainly focused on regulatory, fiscal and financial issues, pending a recovery in the external macro-environment.
Globally, 67 planned and announced FPSOs (Floating, Production Storage and Offloading) are expected to start operations between 2019 and 2025. Among regions globally, South America continues to lead with 27 planned and announced FPSO additions by 2025, followed by Africa and Europe. Brazil and the Falkland Islands are the key countries in the region for FPSO deployments. Among operators, Petrobras leads South America in terms of FPSO deployments.
South America, including the Falkland Islands, has the highest number of planned and announced floating production, storage, and offloading units (FPSOs) to be commissioned by 2025, according to a report by GlobalData. World wide 74 planned and announced FPSOs are set to become operational for the outlook period between 2018 and 2025.
Despite current low oil prices, the oil and gas industry in the Falkland Islands is continuing to go from strength to strength as its first project, Premier Oil’s Sea Lion, moves closer to commercialization, according to an analyst with research and consulting firm GlobalData.
Premier Oil provided on Wednesday a Trading and Operations Update ahead of its 2015 Full Year Results which will be announced on Thursday 25 February 2016, which included an upbeat on its Falkland Islands operations mainly at the Sea Lion field.
Petrobras announced a further hydrocarbon discovery at the giant pre-salt Libra field in the Santos basin, offshore Brazil. The company said that well 3-BRSA-1310-RJS, in the central portion of the block, identified the presence of hydrocarbons in a low-porosity reservoir. This is the fourth well drilled in the Libra area since exploratory drilling began last August.
MODEC Inc. announced on Thursday that its FPSO 'Cidade de Itaguai MV26', operating in the Iracema Norte area of Lula field, in the Pre-Salt layer of Santos Basin offshore Brazil, has achieved First Oil production on July 31, 2015, five months ahead of the schedule anticipated under the contract.