Daily Newsletter

28 November 2023

Daily Newsletter

28 November 2023

NEO Energy awards Greater Buchan Area work to Apollo

The scope of the contract will cover floating production, storage and offloading (FPSO) asset repairs and improvements.

Shivam Mishra November 27 2023

UK-based oil and gas company NEO Energy has awarded a front-end engineering design (FEED) study contract to energy services provider Apollo.

The FEED contract is for the planned redevelopment of the GBA on the UK Continental Shelf.

Under the plan for the GBA, NEO Energy will repurpose and redeploy an existing FPSO unit.

The scope of the contract will cover FPSO asset repairs and improvements as well as process and marine-related late-life extension activities.

Electrical infrastructure will also be integrated into the FPSO enabling it to be powered by renewable sources of energy.

In addition to meeting emission reduction targets outlined in the North Sea Transition Deal and the UK Government's Net Zero Strategy, electrical infrastructure will assist the asset's long-term sustainable performance, Apollo said.

Apollo managing director Richard Bell said: “We are pleased to secure this contract from NEO Energy and look forward to working in partnership to deliver this critical FEED study.

“The contract underpins the competency and quality of the engineering team at Apollo. This is a unique and exciting project, with the aim of repurposing and redeploying an existing asset with the latest technology and innovative infrastructure.”

Serica Energy and Jersey Oil & Gas are NEO Energy’s partners on the GBA project.

The GBA comprises the P2498 and P2170 licences and has multiple oil and gas accumulations around 150km north-east of Aberdeen.

Recently, Serica Energy reached an agreement to buy a 30% stake in GBA from Jersey Oil & Gas.

Under the two-phase redevelopment plan, the GBA partners will focus on the Buchan field in phase one and the J2 and Verbier discoveries in phase two.

In June 2023, Jersey Oil & Gas sold a 50% stake in GBA licences to NEO Energy.

O&G players, with a focus on net-zero emissions, should look at low-carbon hydrogen as a suitable alternative

Low-carbon hydrogen presents an attractive avenue for oil companies focussing on net-zero emissions. Green and blue hydrogen are the main types of low-carbon hydrogen alternatives, with the former still in the early stages of development with most of the upcoming projects around the world at the feasibility stage, and the latter could be an intermediate step for oil and gas companies before moving to green hydrogen. Of the nearly 1,500 hydrogen plants currently being built, about 90% are based on green hydrogen while 8% are based on blue hydrogen.

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