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2015-03-25 19:55:00

WORLD NEEDS NEW OIL

WORLD NEEDS NEW OIL

European companies are increasing their focus on offshore projects, securing an increase of their financing facilities and forging joint ventures to reduce costs.

On Monday, FMC Technologies and Technip signed an agreement of form a 50/50 joint venture to launch their new project Forsys Subsea. According to the companies, the subsidiary will deliver innovative field design and technologies across the entire subsea infrastructure.

"The world needs new sources of oil, and deepwater holds the greatest promise of meeting this demand. But these sources are expensive to develop, and operators will not pursue them unless they can significantly reduce costs," John Gremp, FMC Technologies Chairman, commented in a note.

The focus of Forsys Subsea will be on subsea umbilical, riser and flowline systems (SURF) and subsea production and processing systems (SPS), aiming to integrate SPS with SURF, by an early involvement in the concept selection phase of front-end engineering and design.

Also on Monday, Lime Petroleum Norway announced that it has secured an increase of its financing facility from NOK 300 million (€34.7 million) to NOK 700 million (€81 million).

According to its website, Lime Petroleum intends to use the financing facility to fund its participation in its offshore exploration drilling program in 2015.

Earlier this year, Lime Petroleum Norway clinched a deal with Tullow Oil Norge to buy an additional 20% in three licences in the Norwegian Sea.

naturalgaseurope.com

Tags: OIL, OFFSHORE, EUROPE

Chronicle:

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OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

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