Petrofac wins deepwater development project in Nova Scotia
Petrofac wins deepwater development project in Nova Scotia
LONDON -- Petrofac has been awarded a contract to work with the Government of Nova Scotia, to help it identify the best way forward to exploit its ultra-deepwater oil potential.
Under the terms of the contract, Petrofac has been tasked with delivering a development study for a prospective oil reservoir in 2,000 m of water and 3,000 m beneath the seabed. This is a multi-discipline, integrated project, being led by Petrofac’s specialist subsea engineering business, K W Subsea. Additionally, teams from within Petrofac’s Engineering & Consulting Services (ECS) business and the wider group capability will be providing support to the project; ranging from process design, naval architecture, subsea engineering, cost estimating as well as a specific drilling scope. The project is expected to be completed in early 2015.
Craig Muir, MD of Petrofac’s ECS commented, “The potential outcomes of this study are of strategic importance for the Nova Scotia Government and a great step forward for Petrofac in the ultra-deepwater market. The wider capability set of the Petrofac Group really helped us offer a value proposition. We now look forward to delivering that proposition for our customer.”
The Government of Nova Scotia estimates its offshore potential to be around 120 Tcfg and 8 billion barrels of oil, and it has already awarded a number of blocks to Shell and BP, who have combined exploration commitments in excess of $2 billion. Thought to be similar to oil reserves found in northwest offshore Africa, one of the key challenges for developing Nova Scotia’s reservoirs will be the water depth. Deepwater drilling is scheduled to begin in 2015 with first oil estimated sometime after 2025.
