The project is Chevron’s first operated development in the West of Shetland basin.

Chevron Corporation (NYSE: CVX) announced that its U.K. subsidiary has entered front-end engineering and design (FEED) on the Rosebank oil and gas project in the West of Shetland region. "The Rosebank project is another important step forward in our strategy to grow profitably in core areas of our upstream business," said George Kirkland, Chevron's vice chairman. "Chevron has extensive deepwater capabilities, and the Rosebank project fits well in our portfolio."

The Chevron-operated Rosebank project is located approximately 80 miles (130 kilometers) northwest of the Shetland Islands, in water depths of approximately 3,700 feet (1,100 meters). The project will include a floating production, storage and offloading vessel, production and water injection wells, subsea facilities, and a gas export pipeline.

The Rosebank Field, discovered in 2004, is estimated to contain total potentially recoverable oil-equivalent resources of 240 million barrels. The Rosebank development is a joint venture between Chevron's subsidiary Chevron North Sea Limited with a 40 percent equity interest; Statoil (U.K.) Limited (30 percent); OMV (U.K.) Limited (20 percent) and DONG Exploration & Production (UK) Limited (10 percent).

Technip has been awarded a large subsea installation contract by Shell Development (Australia) Pty Ltd for the Prelude(1) Floating Liquefied Natural Gas (FLNG) facility moored some 200 kilometers off the north west coast of Australia, in the Browse Basin, at a water depth of approximately 240 meters.

The contract includes:

- The project management, fabrication, transport and installation by reeling of 12” corrosion resistant alloy clad rigid flowlines(2),

- The onshore fabrication of PLETs(3), flowline appurtenances and rigid spools(4),

- The transport and installation of the subsea equipment including manifolds, umbilical termination assemblies, rigid spools and flying leads,

- The management of key interfaces with the hook-up and commissioning of the FLNG facility with timely transport, installation and handover of the flexible risers(5) and umbilical(6).

Technip’s operating centers in Perth, Australia, and Kuala Lumpur, Malaysia, will execute the contract, with engineering to commence immediately.

Technip has been awarded by Dubai Petroleum an engineering, procurement, installation and commissioning (EPIC) contract for the South West Fatah and Falah fields, located 90 kilometers offshore Dubai, United Arab Emirates, at a water depth up to 53 meters.  The contract scope includes the replacement of a 12-inch gas pipeline and six 18-inch water injection pipelines.

Technip’s operating center in Abu Dhabi, United Arab Emirates, will execute the contract, which is scheduled to be completed at the end of 2012. Technip’s flagship S-Lay installation vessel, the G1201, will be used for pipelaying, as well as a diving support vessel.

The BP Statistical Review of World Energy, 2012 - the 61st annual report launched two days ago - highlights disruptions to supplies and ever-increasing demand as the two big energy stories of 2011.

In the foreground, the ‘Arab Spring’ affected oil and gas supplies—most notably the complete, albeit temporary, loss of Libyan supply—while the tragic Fukushima accident in Japan had knock-on effects for nuclear and other energy sources around the world. These shocks pushed energy prices higher in much of the world, with oil prices reaching a record average of over $100 per barrel (bbl) for the first time in history.

Meanwhile, the background long-term trends continue, with global energy consumption growth of 2.5%, near the historical average, and the emerging economies continuing to expand their share of the total. OECD countries’ energy demand actually shrank by around 0.8% last year, while growth of 5.3% was seen in emerging economies.

“As we seek to manage short-term disruptions and meet long-term demand, we should remember that open markets can be a powerful ally,” said Bob Dudley, BP Group Chief Executive at the launch of the Review.

Annual Report by BP