Schlumberger Limited (NYSE:SLB) disclosed that its OneSubsea joint venture won a contract from TotalEnergies SE (NYSE:TTE) for a Subsea Production System.
As per the terms, SLB OneSubsea and TotalEnergies will collaborate to enhance production sustainability in Angola through this project.
The Subsea Production System covers 13 wells and includes associated equipment and services for the Kaminho project offshore Angola.
Notably, TotalEnergies and its partners in Block 20/11 will develop the project in two phases, focusing on the Cameia and Golfinho discoveries.
In the initial phase of the Kaminho project for the Cameia field, SLB OneSubsea will partner with TotalEnergies to implement a versatile subsea production platform featuring standardized vertical monobore equipment for subsea trees, wellheads, and control systems.
Production is expected to commence in 2028, aiming for an initial output of approximately 70,000 barrels of oil per day.
Mads Hjelmeland, CEO of SLB OneSubsea, said, "Our collaborative contract model enables us to leverage both standardization and highly configurable subsea production platforms, creating greater efficiencies and long-term value for this and future projects in Angola and around the world."
Last month, Schlumberger won a contract from Equinor ASA (NYSE:EQNR) for the Subsea Production Systems (SPS) project in offshore Norway.
Price Action: SLB shares are up 0.90% at $47.11 at the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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