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MODEC and SBM Offshore compete for Suriname FPSO contract

Competition for offshore production platform

MODEC and SBM Offshore compete for Suriname FPSO contract

MODEC and SBM Offshore are vying for an engineering, procurement, and construction (EPC) contract from TotalEnergies for Suriname’s first floating production, storage, and transhipment facility (FPSO), Upstream said in a March 25 report.

According to the report, the companies have stepped up their efforts to secure yard space, having both conducted front-end engineering and design studies since late last year, in anticipation of the substantial contract.

TotalEnergies and its partner in Block 58, APA Corporation, are targeting US$9 billion oil development for the Sapakara South and Krabdagu discoveries, which collectively contain an estimated 700 million barrels of oil. The FPSO would target a production of 200,000 barrels per day (v/d).

Patrick Pouyanne, CEO of Total, said in February that the company wants to model its approach to leasing FPSOs on Exxon’s work in Guyana. “We’re trying to transfer some of their way of managing some of the leased FPSOs to be efficient on costs,” he stated.

So far, SBM Offshore has delivered all three floating production platforms in Guyana and is about to deliver two more. MODEC was hired for the Uaru project. Both companies have been challenged by Exxon to deliver large FPSOs with industry-leading production capabilities.

Suriname is betting heavily on offshore oil to be a lifeline for its troubled economy. The government has even linked a debt restructuring program to future oil revenues from the Block 58 project, as part of an economic recovery program under the guidance of the International Monetary Fund.

Staatsolie said in a February report that there was no reason to consider delays for the TotalEnergies-led Block 58 project, after Pouyanne said the company could postpone one of four projects destined for Brazil and Suriname due to cost considerations.

The development plan for the Block 58 project is expected to be submitted this year, with approvals and sanctions expected by the end of the year. Total and APA are targeting first oil production in 2028.

Source: https://oilnow.gy/featured/modec-sbm-offshore-competing-for-suriname-fpso-award/

Date: 30 March 2024

Categories:  Economic News, Offshore Exploration, Oil Discovery EN, Oil and Gas Industry, Suriname 

Tags:  APA Corporation, Block 58, Block 58 Project, CEO, Design studies, Development plan, EPC contract, Economie, Engineering, Exxon, FPSO, Guyana, International Monetary Fund, Krabdagu, Modec, Oil extraction, Patrick Pouyanné, SBM Offshore, Sapakara South, Staatsolie Maatschappij Suriname NV, Suriname, TotalEnergies, Uaru Project, Upstream 

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