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The Subsea Integration Alliance, a non-incorporated tie-up between Subsea 7 and SLB’s OneSubsea, has inked a new long-term collaboration agreement with Norways energy giant Equinor.
According to the companies, the new agreement enables early information sharing and other collaborative benefits critical to unlocking subsea projects by making them economically viable.
This will also enable the Subsea Integration Alliance to immediately begin early, joint concept studies for the Wisting field offshore Norway and Bay du Nord off Canada’s Newfoundland and Labrador. Under the agreement, any resulting EPCI scopes would be directly awarded to the Alliance if a final investment decision is made.
“Equinor is working hard to improve and mature the Wisting and Bay du Nord projects. Selecting the supplier at this early stage is a new way of approaching project development for us and a vote of confidence in the Subsea Integration Alliance,” said Trond Bokn, SVP of project development at Equinor.
Wisting is a conventional deepwater oil development which was discovered in 2013 in a water depth of around 400 meters and holds close to 500 million barrels of oil equivalent.
The project FID is expected to occur in 2026 while the start of commercial production is scheduled for 2031. The development cost is expected to be over $8.5bn and will involve the drilling of approximately 34 wells and includes an FPSO, subsea manifold, and subsea trees.
The Bay du Nord project consists of several oil discoveries in the Flemish Pass basin, some 500 km northeast of St. John’s in Newfoundland and Labrador, Canada. The first discovery was made in 2013, followed by additional discoveries in 2014, 2016, and 2020.
The Bay du Nord discovery lies in waters approximately 1,170 meters deep, whilst the later discoveries lie in around 650 meters and are potential tie-ins in a joint project development.
Equinor will develop Bay du Nord using an FPSO, which is also suited for tie-back of adjacent discoveries and future prospects. The project holds nearly 300 million barrels of oil. |
