Saipem Wins $1 Billion Order for Kashagan Field Work

By Adam L. Freeman

May 18, Bloomberg

Saipem Wins $1 Billion Order for Kashagan Field WorkSaipem SpA, the biggest European oil- field services provider by market value, won a $1 billion contract for work at Kazakhstan’s Kashagan field.

Saipem will work with Norway’s Aker Solutions ASA to build and connect offshore facilities, the Milan-based company said today in an e-mailed statement. Saipem’s portion of the contract is valued at “approximately $1 billion,” it said, adding that it will also conduct onshore work.

Eni SpA, the Italian oil producer that controls Saipem, is part of an international group developing the Kashagan field. Development will cost an estimated $36 billion before the first oil starts flowing in 2012, according to the Kazakh government.

Adam L. Freeman in Rome at afreeman5@bloomberg.net

http://www.bloomberg.com/apps/news?pid=20601092&sid=aJRGztpnIHg4

Aker Solutions wins $1.6-bln contracts

Yahoo! news, OSLO (AFP)

Norwegian oil services group Aker Solutions said Monday it had won two contracts for the Kashagan oil field in Kazakhstan together with Italian group Saipem, with Aker’s share totalling 1.6 billion dollars (1.2 billion euros).

The contracts were awarded by AGIP-KCO, a subsidiary of Italian group Eni that is in charge of the experimental phase of the Kashagan offshore field until the end of 2012.

The contracts cover the hook-up work between the offshore field in the Caspian Sea and the mainland.

“These hook-up contract awards demonstrate that we have succeeded in actively positioning ourselves for this target project in one of the world’s richest regions of natural resources,” Aker Solutions chief executive Simen Lieungh said in a statement.

Production in the Kashagan oil field is expected to begin in October 2013 at the latest, with an expected level of 1.5 million barrels per day.

“The Kashagan field is considered one of the most important oil field discoveries in the past 40 years,” Aker Solutions said.

The project includes Kazakh state-owned group Kazmunaigas, Eni, French group Total, ExxonMobil of the US and Anglo-Dutch group Shell, which all hold 16.81-percent stakes.

ConocoPhillips of the United States holds 8.4 percent and Inpex of Japan 7.56 percent.

The contracts announced by Aker Solutions on Monday were the confirmation of a letter of intent signed in March 2007.

The news sent Aker Solutions share soaring on the Oslo stock exchange.

In midmorning trades, the issue was up by 7.29 percent in an overall market down by 0.23 percent.

http://news.yahoo.com/s/afp/20090518/
bs_afp/norwayenergyoilcompanycontract_20090518092312

Aker Solutions Gets $1.6 Billion Kashagan Contract

By Jonas Bergman and Vibeke Laroi

May 18, Bloomberg

Aker Solutions ASA, Norway’s largest engineering company, said it got contracts worth $1.6 billion to help develop Kazakhstan’s Kashagan field.

The two contracts were awarded by Agip KCO, a unit of Eni SpA, the Lysaker, Norway-based company said in a statement distributed by Hugin today. Works on the Caspian Sea field are expected to be completed by the end of 2011, it said.

“We have played a significant role in developing this field since 2004,” Chief Executive Officer Simen Lieungh said in the statement. “We have succeeded in actively positioning ourselves for this target project in one of the world’s richest regions of natural resources.”

Aker Solutions said the contracts follow a preliminary agreement reached in March 2007. Eni, the Italian oil company which has led the Kashagan project since 1997, said on Sept. 18 it will produce the first oil from the field in 2012. The deposit has about 13 billion barrels of oil equivalent recoverable reserves.

Vibeke Laroi in Oslo at vlaroi@bloomberg.net

http://www.bloomberg.com/apps/news?pid=20601072&sid=anBVbfnsbFyg

Aker Solutions wins $1.6-bln contracts

18-May, Todayonline

Egyptian fishermen sail close to Aker Solutions’ H-6e, the world’s largest drilling rig, as it transits in the Suez canal near to Ismailia City, 2008. Norwegian oil services group Aker Solutions has said it had won two contracts for the Kashagan oil field in Kazakhstan together with Italian group Saipem, with Aker’s share totalling 1.6 billion dollars (1.2 billion euros).

Norwegian oil services group Aker Solutions said Monday it had won two contracts for the Kashagan oil field in Kazakhstan together with Italian group Saipem, with Aker’s share totalling 1.6 billion dollars (1.2 billion euros).

The contracts were awarded by AGIP-KCO, a subsidiary of Italian group Eni that is in charge of the experimental phase of the Kashagan offshore field until the end of 2012.

The contracts cover the hook-up work between the offshore field in the Caspian Sea and the mainland.

“These hook-up contract awards demonstrate that we have succeeded in actively positioning ourselves for this target project in one of the world’s richest regions of natural resources,” Aker Solutions chief executive Simen Lieungh said in a statement.

Production in the Kashagan oil field is expected to begin in October 2013 at the latest, with an expected level of 1.5 million barrels per day.

“The Kashagan field is considered one of the most important oil field discoveries in the past 40 years,” Aker Solutions said.

The project includes Kazakh state-owned group Kazmunaigas, Eni, French group Total, ExxonMobil of the US and Anglo-Dutch group Shell, which all hold 16.81-percent stakes.

ConocoPhillips of the United States holds 8.4 percent and Inpex of Japan 7.56 percent.

The contracts announced by Aker Solutions on Monday were the confirmation of a letter of intent signed in March 2007.

The news sent Aker Solutions share soaring on the Oslo stock exchange.

In midmorning trades, the issue was up by 7.29 percent in an overall market down by 0.23 percent. — AFP

Norwegian oil services group Aker Solutions said Monday it had won two contracts for the Kashagan oil field in Kazakhstan together with Italian group Saipem, with Aker’s share totalling 1.6 billion dollars (1.2 billion euros).

The contracts were awarded by AGIP-KCO, a subsidiary of Italian group Eni that is in charge of the experimental phase of the Kashagan offshore field until the end of 2012.

The contracts cover the hook-up work between the offshore field in the Caspian Sea and the mainland.

“These hook-up contract awards demonstrate that we have succeeded in actively positioning ourselves for this target project in one of the world’s richest regions of natural resources,” Aker Solutions chief executive Simen Lieungh said in a statement.

Production in the Kashagan oil field is expected to begin in October 2013 at the latest, with an expected level of 1.5 million barrels per day.

“The Kashagan field is considered one of the most important oil field discoveries in the past 40 years,” Aker Solutions said.

The project includes Kazakh state-owned group Kazmunaigas, Eni, French group Total, ExxonMobil of the US and Anglo-Dutch group Shell, which all hold 16.81-percent stakes.

ConocoPhillips of the United States holds 8.4 percent and Inpex of Japan 7.56 percent.

The contracts announced by Aker Solutions on Monday were the confirmation of a letter of intent signed in March 2007.

The news sent Aker Solutions share soaring on the Oslo stock exchange.

In midmorning trades, the issue was up by 7.29 percent in an overall market down by 0.23 percent. — AFP

http://www.todayonline.com/articles/320555.asp

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