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Sembcorp Marine from Singapore Signs Contract with Teekay Offshore Partners for Engineering, Procurement, and Construction Work Related to Modification, Repair, and Life Extension of FPSO Petrojarl Varg.
The agreement was made between the wholly-owned subsidiary Sembcorp Marine Rigs & Floater of Sembcorp and Teekay’s subsidiary, Varg L.L.C. Sembcorp Marine reported on Monday that the scope of work includes detailed engineering, manufacturing, installation, and integration of topside debottlenecking; review of the existing internal tower and power generation; and repair and life extension of the vessel’s hull, tanks, and various onboard systems. The work is scheduled to be completed in July 2020, and once finished, the contract is estimated at US$ 166 million.
The FPSO Petrojarl Varg will be operated by Alpha Petroleum Resources for deployment in the development of the Cheviot field and the Peel satellite accumulation, both located within the UK Continental Shelves 2 / 10B, 2 / 15A, and 3 / 11B in the North Sea.
Alpha Petroleum signed agreements with Teekay Offshore last week for the FPSO Petrojarl Varg unit to be deployed at the Cheviot oilfield. The agreement stipulated that Cheviot-specific modifications to the process would be made to the FPSO unit, ensuring it could operate safely for the maximum contract term of 10 years, maximizing production.
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The Petrojarl Varg is a boat-shaped FPSO and was anchored in 1998. The FPSO has a storage capacity of 470,000 bbls and accommodation for 77 people. The Teekay Petrojarl Varg has been prepared since Repsol decided to cease production at the Varg field in Norway in 2016.
The effectiveness of the agreement between Sembcorp Marine and Alpha Petroleum remains subject to Alpha Petroleum Resources satisfying certain conditions precedent, including Alpha Petroleum Resources closing its debt facilities with a consortium of lenders and obtaining approval from the relevant authorities for Alpha Petroleum Resources’ final field development plan for the Cheviot field.
Alpha Petroleum is targeting first oil production in Q2 2021, at an expected rate of at least 30,000 barrels per day.
The Cheviot development program will consist of a minimum of 18 wells: 13 production wells, two water injection wells, and two gas injection wells. It will also include established production from the Peel satellite oil reservoir.
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