The Premier Oil-led partnership has agreed to increase target resources under this first phase from 160 MMbbl to 220 MMbbl recoverable, and to increase planned peak production from 60,000 to 85,000 b/d.
In addition, they have raised projected well numbers from 14 to 18, with 13 to be drilled prior to first oil, and they now anticipate field life of 20 years compared with 15 previously.
Despite the widened scope, the pre-first oil capex estimate remains at $1.8 billion, equivalent to around $8/bbl per barrel.
SBM Offshore will conduct an 18-month front-end engineering and design (FEED) study for a converted FPSO, stationed 220 km (137 mi) north of the Falklands. Other FEED contracts for the SURF and subsea production systems and flexibles will follow later in the current quarter.
The partners have also lodged an application with the Falkland Islands government to extend the license for the Sea Lion discovery area in PL032.
They have submitted a draft field development plan to the government and are targeting a final investment decision in mid-2017, followed by first oil in 2020.
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