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Conoco (COP) Gets Nod to Remove Minor Structures off Norway
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Per Norway’s industry regulator, ConocoPhillips (COP - Free Report) has finally been given the consent to prepare for the removal of the first permanent oil platform built off Norway more than four decades ago.
In July, the company had applied for removal of Ekofisk 2/4 H, Ekofisk 2/4 A, Ekofisk 2/4 FTP, and Ekofisk 2/4 Q platforms. Ekofisk 2/4 A began yielding oil from the North Sea in 1974 and was permanently shut in 2013.
Per the regulator, the company received approval for parts of the work that comprises initial preparatory works, installation of a temporary crane on Ekofisk 2/4 field terminal platform (FTP) and commencement of the removal of minor structures.
The remainder of ConocoPhillips’ consent application will be dealt separately by the Norwegian Petroleum Safety Authority (PSA).
In April, Offshore Energy Today reported that ConocoPhillips was set to award a contract for the removal of Ekofisk field platforms to Heerema Marine Contractors (HMC).
At the time, AF Gruppen, stated that it received notice that ConocoPhillips Skandinavia AS planned to enter into a contract with HMC for the removal and disposal of platforms associated with the Ekofisk field. AF Gruppen is one of the largest civil engineering and construction companies in Norway and a key subcontractor to HMC.
The contract comprised engineering, preparation, removal & disposal (EPRD) of four platforms with a total tonnage of about 36,000 tons. The removal is part of ConocoPhillips’ Ekofisk I Cessation plan which should begin in 2017 and end in 2022.
Discovered in 1969, Ekofisk field was brought online in 1971 from the Gulftide jack-up rig, a temporary installation standing on removable legs, which was later replaced by permanently fixed production platforms in 1974.
Despite the removal of field’s oldest installations, new equipment was set up and production is ongoing. The field is expected to continue producing oil until 2050.
ConocoPhillips intends to begin preparations in the fourth quarter of this year.
ConocoPhillips, the operator of Ekofisk, has a stake of 35%. Other partners include Total SA , Eni SpA (E - Free Report) , Statoil ASA and Norwegian state-owned Petoro, holding 39.6%, 12.4%, 8% and 5%, respectively.
In the last three months, shares of ConocoPhillips have lost 9.5% compared with the industry’s decline of 9.1%.
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Conoco (COP) Gets Nod to Remove Minor Structures off Norway
Per Norway’s industry regulator, ConocoPhillips (COP - Free Report) has finally been given the consent to prepare for the removal of the first permanent oil platform built off Norway more than four decades ago.
In July, the company had applied for removal of Ekofisk 2/4 H, Ekofisk 2/4 A, Ekofisk 2/4 FTP, and Ekofisk 2/4 Q platforms. Ekofisk 2/4 A began yielding oil from the North Sea in 1974 and was permanently shut in 2013.
Per the regulator, the company received approval for parts of the work that comprises initial preparatory works, installation of a temporary crane on Ekofisk 2/4 field terminal platform (FTP) and commencement of the removal of minor structures.
The remainder of ConocoPhillips’ consent application will be dealt separately by the Norwegian Petroleum Safety Authority (PSA).
In April, Offshore Energy Today reported that ConocoPhillips was set to award a contract for the removal of Ekofisk field platforms to Heerema Marine Contractors (HMC).
At the time, AF Gruppen, stated that it received notice that ConocoPhillips Skandinavia AS planned to enter into a contract with HMC for the removal and disposal of platforms associated with the Ekofisk field. AF Gruppen is one of the largest civil engineering and construction companies in Norway and a key subcontractor to HMC.
The contract comprised engineering, preparation, removal & disposal (EPRD) of four platforms with a total tonnage of about 36,000 tons. The removal is part of ConocoPhillips’ Ekofisk I Cessation plan which should begin in 2017 and end in 2022.
Discovered in 1969, Ekofisk field was brought online in 1971 from the Gulftide jack-up rig, a temporary installation standing on removable legs, which was later replaced by permanently fixed production platforms in 1974.
Despite the removal of field’s oldest installations, new equipment was set up and production is ongoing. The field is expected to continue producing oil until 2050.
ConocoPhillips intends to begin preparations in the fourth quarter of this year.
ConocoPhillips, the operator of Ekofisk, has a stake of 35%. Other partners include Total SA , Eni SpA (E - Free Report) , Statoil ASA and Norwegian state-owned Petoro, holding 39.6%, 12.4%, 8% and 5%, respectively.
In the last three months, shares of ConocoPhillips have lost 9.5% compared with the industry’s decline of 9.1%.
ConocoPhillips currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.
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Tech stocks have been a major force behind the market’s record highs, but picking the best ones to buy can be tough. There’s a simple way to invest in the success of the entire sector. Zacks has just released a Special Report revealing one thing tech companies literally cannot function without. More importantly, it reveals 4 top stocks set to skyrocket on increasing demand for these devices. I encourage you to get the report now – before the next wave of innovations really take off.
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