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Premier Oil and KUPFEC to develop Bream – Mackerel offshore Norway

Sevan completed Bream-Mackerel FPSO pre-FEED

2B1st_Project_Smart_Explorer_Sales_Pursuit_ToolThe London-based junior company Premier Oil Limited (Premier Oil) and its partners, the State-owned Kuwait Foreign Petroleum Exploration Company KSC (KUFPEC) and the FTSE-listed Tullow Oil (Tullow), are on the point to select the conceptual design to be used for the development of the Bream and Mackerel oil and gas fields offshore Norway.

Located in the Block 17/12, Bream is covered by the production license PL 407 and Mackerel by the PL406.

Premier_Bream-Mackarel_Sevan_FPSO_Development_MapBream had been discovered in 1972 by Phillips Petroleum Company and then abandoned as to small to be developed as a stand-alone project.

Located in the Norway Continental Shelf (NCS), Bream lies by 115 meters water depth and 4,300 meters total depth.

In 2007, the UK-based company BG Group had acquired interests in Bream up to hold 40% of the Block 17/12 and takes the operator role.

At that time only Premier Oil and Tullow had stakes in both licenses PL406 and PL407 covering Mackerel and Bream.

But in July 2013, a new agreement was signed between interested parties to unitize both fields Bream and Mackerel in order to make their joint development commercially viable.

As Premier Oil and KUFPEC are cooperating in other part of the world, this agreement gave the opportunity to the Kuwait company to take a stake in the new joint venture.

Premier Oil to award Bream and Mackerel FPSO FEED

According to this agreement the working interests in both fields Bream and Mackerel have been aligned between parties such as:

 – Premier Oil 50% and is the operator

 – KUFPEC 30%

 – Tullow 20%

After this shake-up in the working interest, Premier Oil and its partners could start the conceptual design to develop jointly Bream and Mackerel considering their 2C reserves approximately to 50 million barrels of oil equivalent (boe).

Premier_Bream_Mackerel_Sevan_FPSOBefore this unitization process between Bream and Mackerel, BG Group had awarded the pre front end engineering and design (pre-FEED) to the Norwegian engineering company Sevan Marine and its owner Teekay Corporation (Teekay).

From this pre-FEED work, Sevan and Teekay recommended to use a floating production storage and offloading (FPSO) to turn Bream and Mackerel oil and gas fields in production.

Originally thought to need a storage capacity of 400,000 barrels of liquids, the addition of the reserves between Bream and Mackerel justified to upsize the FPSO storage capacity to 650,000 barrels that could fit with a FPSO Sevan 650.

After years of abandon, the decision to convert the pre-FEED into front end engineering and design (FEED) with Sevan would speed up the development of the Bream and Mackerel oil and gas fields.

In that respect Premier Oil, KUFPEC and Tullow are expect to make a decision on the first quarter 2014 for the FEED contract in order to see the Bream and Mackerel FPSO in production by 2017.

For more information and data about oil and gas and petrochemical projects go to Project Smart Explorer 

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