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Global Process Systems Inc. ("GPS") and its joint venture partner MISC Bhd have been award...
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News article
16/10/2006
The Mobile Offshore Production Unit (MOPU) supplied by Global Process Systems to oil and gas operator Petrofac has commenced production on the Cendor Field in Block PM034 offshore Malaysia. The innovative solution, the first application of its kind in Malaysian waters, sees the MOPU connected to a spread moored floating storage and offloading unit (FSO) via a flexible submarine pipeline.
The MOPU, which is being supplied to Petrofac on a two year asset lease basis, is owned by Cendor MOPU Producer Limited. Global Process Systems holds an 80 percent stake in Cendor MOPU with the remaining 20 percent held by Tanjong Offshore Services Berhad.
The Cendor MOPU is one of two such assets currently being operated by Global Process Systems. The second is already in operation on the Santos Maleo field in Indonesia. A further asset, GPS Producer 1, is currently undergoing upgrade work in Galveston, USA, in preparation for a similar contract under bid.
The lease, operate, maintain business is becoming a significant part of the Global Process Systems revenue portfolio, a business that will continue to grow. Mike Ooley, GPS' asset fleet manager is upbeat about the future of this business as regional exploration and production companies continue to look for innovative marginal field solutions. "GPS has proved on both the Cendor MOPU Producer and the Maleo MOPU Producer that we can deliver this cost-effective solution safely and within fast track schedules. We expect this sector of our business to increase over the coming years"
Clint Elgar, the Group's CEO says the marginal field solution sector of GPS' business holds significant promise for the company. "We have a lot of interest from South East Asian and West African operators on this type of development solution. We have shown that we can turn exploration opportunities into production revenue in less than a year using this type of solution. We have a significant fleet of pre-owned production equipment and a jack-up asset ready to be deployed. Our expectations are that this sector of our business will continue to be attractive to exploration companies looking to turn E into P in quick time."
Richard Hall, vice president of operations and development for the Resources division and general manager of Petrofac Malaysia for the engineering and development phase, commented: "We have been able to take the Cendor project from farm-in to full production in less than two years in a tight market, within budget and ahead of the prescribed timetable."
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