PTTEP and Chevron to tender 25 wellhead platforms
The Thai national oil company (NOC) PTT Exploration and Production plc (PTTEP) and its partners, the California-based Chevron and the Japanese Mitsui Oil Exploration Corporation (Mitsui or MOECO) are preparing the call for tender for twenty five wellhead platforms for the expansion of the Bongkot and Arthit gas field in the new context of its “Save to be safe” program.
Since 2008, PTTEP, Chevron and Mitsui have been developing the Arthit gas field covering the blocks B14A, B15A, B16A, G8/50 adjacent to the Bongkot gas field within the Gulf of Thailand.
In Arthit, PTTEP is sharing the working interests such as:
– PTTEP 80% is the operator
– Chevron 16%
– MOECO 4%
Lying in the middle of Gulf of Thailand, Arthit and Bongkot stand in shallow water of the continental shelf 230 kilometers from Thailand Songkhla Province coastline.
Despite its offshore distance, Arthit appears as one of the most prolific gas and condensate field in Thailand with 1.9 trillion cubic feet (tcf) proven reserves of gas.
In order to develop this liquid-rich gas field, PTTEP, Chevron and Mitsui have planned a full field development program for Arthit with approximately 50 wellhead platforms.
In respect with the complexity of the field and the foreseeable depletion of the different gas pockets of Arthit reservoirs, PTTEP, Chevron and MOECO has decided to proceed in multiple phases.
In parallel, the downturn of the barrel price has imposed the NOCs and IOCs to adapt their investment strategy.
PTTEP doubles number of bundled platforms in Arthit
PTTEP presented with its third quarter 2014 results its “Save to be safe” program to rethink all projects through cost optimization.
PTTEP, Chevron and Mitsui have decided to call for tender 12 wellhead platforms with an option for 13 more to be delivered on request.
Arthit wellhead platforms call for tender will include their related subsea production system and export pipelines to feed the Arthip gas central Gathering Platform(AGP).
Each platform should weight approximately 12,000 tonnes including the topsides.
In order to reduce costs and eliminate redundant work PTTEP, Chevron and MOECO have decided to award the 12+ 13 wellheads platforms to the same engineering, procurement and construction (EPC) contractor.
To boost the competition, PTTEP, Chevron and Mitsui qualified local and international contractors for this series of wellhead platforms.
Arthit and Bongkot wellhead bundled platforms will be the first project awarded according to PTTEP “Save to be safe” program.
A year ago, PTTEP had planned to tender a series of 7+4 wellhead platforms, in the new context of the costs cutting program “Save to be safe”, the tender has been extended to 12 +13 units for Arthit and Bongkot expansion project.
This Arthit bundled platforms strategy should help PTTEP to maintain its five years investment plan 2015 – 2019 nearly at the same level (-0.5%) as the previous period 2014 – 2018.
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