New Age29 Nov 2019 14:00
Posted by fraserdean on LSE...
New Age has finally come out for expressions of interest (EoI) for its shallow water Etinde project off Cameroon.
The on-off project took a hit last year following a disappointing two well appraisal campaign, but the private firm has since been working on a series of pre-FEEDs and will now make a final concept selection this quarter.
New Age is inviting the EoI for five different contracts which form part of the three different shortlisted concepts. First production is now expected in 2022, whichever scenario is chosen, with reserves seen as 100m bbl of condensate and 1 Tcf of gas.
The first concept involves a pair of wellhead platforms over the IM and IE fields with gas being piped to shore to a new processing plant at Limbe. A second phase would involve nearshore FLNG infrastructure for gas export. The platforms would be in around 175ft (53m) of water with jackets of around 900 tons and topsides at 500 tons.
The second concept sees production head from a wellhead platform at IE to a central processing platform over IM. The gas would be reinjected at IM while the liquids would be exported to a 550,000 bbl FSO. A second phase would then see the gas piped to another central processing facility to be separated from where it would head to a new medium sized FLNG facility.
The first central processing facility would have production capacity of 25,000 b/d of liquids and 150 MMcf/d of gas and topsides weight of around 5,000 tons
The final possible concept again involves two phases. In the first one there would be a wellhead platform over IE with liquids heading to a central processing platform over IM. Gas would be reinjected and liquids head to the FSO.
The second phase would involve a larger FLNG vessel with an integrated processing plant that would be able to separate LPG.
New Age has separated the work into five contracts: central production facilities, FSO, wellhead platforms, leased FSO and onshore gas processing plant. The latter would have capacity of 150 MMcf/d although it too may be developed in two phases.
New Age is now able to go ahead with the project after Lukoil, which is also a partner in Etinde, paid US $800m for its stake in the Marine XII acreage off Congo Brazzaville.
The SBM/COOEC/JGC/CSSC consortium had previously been earmarked for the vessel both at Etinde and off Congo.
New Age is backed by Chinese based investment fund Noru and has seen rapid management changes in recent years with potential further moves rumoured to be in the offing.
The FLNG option was initially put on hold last year following a disappointing two well appraisal campaign which failed to adequately lift gas reserves. New Age has 1.0 Tcf of gas reserves and wanted at least 2.0 Tcf to forge ahead.
Previous operator, and now minority partner, Bowleven had originally set a final investment date of 2013 for a platform development of the two fields.
Sign In
Follow the stocks
