Floating production systems
The Japanese contractor received word in early April it would be temporarily banned from new competitive bidding.
The paper details the fast-tracking of a 450-km floating liquefied natural gas unit relocation from Sarawak to Sabah offshore Malaysia. The time from selecting the new field to unloading LNG at the new location was 13 months.
With all critical components nearly in place, production is set to start this year at the Lingshui 17-2, China’s first ultradeepwater gasfield development project.
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Awards are expected to recover to seven vessels next year. Over the past 10 years, only 2016 saw a lower level of activity when not a single FPSO contract was awarded. -
The FPSO vessel will reduce capital expenditure and breakeven costs and increase commercially feasibility, leading to FID.
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Work has resumed on Energan’s Singapore FPSO; subsea installation for the Karish project continues as planned.
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The fire at the Terra Nova FPSO comes 6 months after C-NLOPB found Suncor noncompliant with regulatory requirements and suspended operations.
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FPSO sanctioning is at a minimum and few opportunities remain for FPSO suppliers to find new work and redeploy their vessels. Suppliers may be forced to accept day rate reductions in order to keep their vessels working.
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The complete paper describes the overall project execution of the Aasta Hansteen field development on the Norwegian Continental Shelf (NCS) north of the Arctic Circle. It is the deepest field yet developed on the NCS in 1300 m of water.
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The methodology has proven to be a powerful and effective tool for major-risk management. This paper describes how this technique has been used for the management of major risks associated with production at Total’s Akpo floating production, storage, and offloading facility.
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Because offshore project lead times are longer than in shale, production is likely to come on line in 2–5 years when oil prices may be higher. But the number of FPSOs to be sanctioned this year may be cut by half.
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A VLCC converted to FPSO, Liza Destiny has a production capacity of 120,000 B/D of oil.
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BW Offshore plans to float its exploration and production unit BW Energy through an initial public offering in the first quarter of 2020.
