Australian oil and gas company Octanex has informed that the MTC Ledang FPSO has arrived on location at the Ophir field offshore Malaysia and the commissioning activities have started.
“The FPSO is in final position, all mooring lines attached. The flowline between the FPSO and the previously installed Wellhead Platform has been installed and tested,” Octanex said in a statement last week.
The Ophir field is located offshore Peninsular Malaysia, with a water depth of approximately 70 meters. It is being developed via three production wells, a well head platform (WHP) and Floating Production Storage and Offload (FPSO) vessel.
The Ophir field is being developed under a Risk Service Contract granted in 2014 to Ophir Production Sdn Bhd (OPSB).
Octanex holds a 50% interest in OPSB and its joint venture shareholders in OPSB are Scomi with 30% and Vestigo Petroleum Sdn Bhd with 20%. Scomi is a wholly-owned subsidiary of Scomi Energy Services Bhd, a Malaysian downstream oil and gas services company listed on the Main Board of Bursa Malaysia. Vestigo Petroleum is a subsidiary of Petronas Carigali Sdn Bhd focused on the development of small, marginal and mature fields.
Petronas introduced the Risk Service Contract (RSC) as a petroleum arrangement designed with the objective of intensifying upstream Malaysian oil and gas activities and developing smaller, stranded oil and gas resources.
Under the terms of the RSC, the contractor is the service provider and Operator of the field, while Petronas is the resource owner. Upfront investment of capital is contributed by the Contractor, with the Contractor compensated via the reimbursement of costs plus a remuneration fee for services rendered. The remuneration fee is linked to production volume and capital cost key performance indicators, and paid from proceeds of Ophir crude sales.