EMAS to provide floater for Perth in North Sea

DEO Petroleum has finalized an interim agreement with EMAS Offshore and Construction to secure a vessel for conversion to an FPSO for the Perth field Phase 1 development in the UK North Sea.

Offshore staff

ABERDEEN, UK – DEO Petroleum has finalized an interim agreement with EMAS Offshore and Construction to secure a vessel for conversion to an FPSO for the Perth field Phase 1 development in the UK North Sea.

The development will target initial gross oil production capacity of 30,000 b/d from Perth, the Dolphin, Gamma and Sigma structures, and potential third party tiebacks.

A report by TRACS International Consultancy confirms 2C gross contingent resources of 27.2 MMbbl for the Phase 1 FPSO scheme.

Discussions on the field development plan continue with the Department of Energy and Climate Change and other UK regulatory agencies, with the review process expected to continue into spring 2012. First oil is targeted for 2Q 2014, with peak output of 12,500 b/d during the first year of production.

Capital expenditure needed to reach first oil is estimated at £215 million ($333.5 million).

The vessel and its processing capability have been designed in anticipation of several phases of development drilling on Perth, in addition to expected capacity for tiebacks of nearby stranded fields.

DEO and its partners intend to enter into an FPSO charter party agreement on achieving development sanction.

12/16/2011

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