Chevron, a California-based oil and gas exploration and production company has, through its subsidiary Chevron North Sea Limited, ordered a Floating Production Storage Offloading unit from South Korea’s Hyundai Heavy Industries.
Hyundai Heavy, one of the world’s largest shipbuilding companies, made an announcement on the Korea Exchange saying that the vessel will, once completed, be supplied to the European region . The contract valued at approximately USD 1.9 billion, was signed Wednesday, April 10, 2013. The FPSO is expected to be delivered in the fourth quarter 2016.
The 99,750-tonne turret moored FPSO will be deployed at Chevron’s Rosebank development, located approximately 130 kilometers northwest of the Shetland Islands, in water depths of approximately 1,100 meters.
The FPSO, measuring 292 m in length, 57 m in width, and 30 m in depth, will be built under the NORSOK standard, applicable to offshore facilities operating in the harsh conditions of the North Sea. Currently, the Ulsan, South Korea-based offshore facilities contractor is building two other FPSO and one offshore platform specially designed to perform in the North Sea.
The Rosebank Field, discovered in 2004, is estimated to contain total potentially recoverable oil-equivalent resources of 240 million barrels.
The Rosebank development is a joint venture between Chevron’s subsidiary Chevron North Sea Limited with a 40 percent equity interest; Statoil (U.K.) Limited (30 percent); OMV (U.K.) Limited (20 percent) and DONG Exploration & Production (UK) Limited (10 percent).