FEED contracts for the tension-leg platform (TLP) planned for the Premier Oil-operated Sea Lion field offshore the Falkland Islands in the South Atlantic are due to be awarded by the end of next month, according to partner Rockhopper Exploration.
Giving an update on plans for the frontier US $5 billion deepwater development in the North Falklands Basin, the company said work is progressing towards awarding the FEED contracts during the course of next month.
It also revealed that the anticipated gross peak production rate for Phase One of the field development has now been upgraded to more than 100,000 bbl/d of oil. The field has up to 293 MMbbl of recoverable oil, it says.
The company and its partners are also continuing with negotiations to finalise a rig for a four-well exploration drilling campaign starting in 2015.
Dr. Pierre Jungels, chairman of Rockhopper, said in an operational update: “Our balance sheet remains strong and our core Sea Lion project continues to move forward with a number of key development milestones anticipated through the remainder of 2014. We continue to actively support Premier Oil as they seek to bring in another partner for the project. As we get closer to signing a rig contract we will be able to firm up our exploration drilling program, which we expect would expose our shareholders to almost 800 MMbbl.”
Sea Lion lies in a water depth of 450 m (1,476 ft), with project sanction expected in the second quarter of next year (see DI, 10 February 2014, page 1).
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