Finder Energy, Amplus looking to redeploy FPSO Petrojarl I offshore Timor-Leste
Finder Energy and its subsidiary Jarl Marine Ltd. have an agreement with Amplus Energy to redeploy the FPSO Petrojarl I at the KTJ development project offshore Timor-Leste.
Amplus had acquired the vessel earlier this year. The purchase price agreed with Finder is $15 million.
The FPSO, which will process, store and export oil from three planned subsea production wells, has already served 11 different projects, the most recent being the Atlanta Field offshore Brazil (2018-2024) where it delivered 98% production uptime.
Atlanta’s conditions were much more challenging than at the proposed KTJ location, Finder added, including deeper water (1,500 m against 400 m ay KTJ, and much heavier oil (14° API compared with 55° API).
Over the six-year period, the vessel produced more than 30 MMbbl from three wells.
Previously, it served at fields offshore Norway and the UK, operating under different safety case regimes. Despite its long service, it remains in class with DNV, Finder said, with robust safety arrangements such as a double-hull configuration and integrated control and shutdown systems.
Between deployments, it has undergone multiple shipyard stays to ensure adequate maintenance and adaptability for different operating conditions.
Last year, Finder investigated various available FPSOs that it could redeploy for the Timor-Leste development, engaging ABL Group for an independent onshore and shipyard due diligence audit of the Petrojarl I. That program included an assessment of the life-extension work and modifications needed for a redeployment of up to 10 years.
Finder conducted an initial site visit while the vessel was still on location at Atlanta, followed by a visit to the shipyard in the Canary Islands where the vessel is currently located.
At present, it is being maintained in a warm stack state with marine crew and onsite personnel to support inspections required to support pre-FEED and FEED for the KTJ project. Baseline surveys of all systems and equipment onboard the Petrojarl I are in progress, supported by Amplus and independent contractors and systems specialists.
Amplus and other contractors are collaborating on the pre-FEED/FEED process, which includes schedule risk analysis, the engineering scope for the topside processing facilities, a revised deck layout for new equipment, a review of the turret based on the current configuration of the subsea production system, mooring system design specification and cost estimate, and a wave loading study.
During the project execution phase, Amplus will manage modifications and life-extension work for the vessel, followed by operational and maintenance services for the Petrojarl I once production has started.
The KTJ project is part of the 19-11 production sharing contract (PSC) area in the Laminaria High oil province. Finder operates the PSC with a 76% interest.
It contains the fully appraised Kuda Tasi and Jahal oil discoveries with combined 2C resources of 22 MMbbl. Finder also sees potential to use the FPSO and infrastructure as a hub for additional near-field developments such as the Krill and Squilla oil discoveries (23 MMbl 2C combined).
As part of the agreement, Amplus Managing Director Steve Gardyne has joined the Finder Energy board.
FID on the project could occur by mid-2026, followed by first oil by the end of 2027.
