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Talisman Red Emperor to combine TLP and FPSO offshore Vietnam

Talisman Ca Rong Do Tension Leg Platform at design

2B1st_Project_Smart_Explorer_Sales_Pursuit_ToolThe Calgary-based Talisman Energy Inc. (Talisman) and its partners the independent companies Pearl Energy, Pan Pacific Petroleum (Pan Pacific) and the national oil company (NOC) PetroVietnam Oil and Gas Group (PetroVietnam) have completed the conceptual study in favor of tension leg platform (TLP) linked to a floating, production, storage and offloading (FPSO) vessel to call for tender the front end engineering and design (FEED) of the Ca Rong Do (CRD) oil and gas project in the Block 07/03 offshore the southeast coast of Vietnam.

While some companies drum heavily to the financial community all the measures they take to slim their balance sheet to better resist to the barrel price slide down, number of companies speed up the development of mid-size projects at limited risks and very reasonable costs, far below $40 per barrel.

Discovered in 2009 in the Nam Con Son Basin, Ca Rong Do lies only by 319 meters of water depth and 3,810 meters of total depth.

Talisman_Red-Emperor_Ca-Rong-Do_Tension-Leg-Platform_MapFrom the first exploratory wells, Ca Rong Do which means Red Emperor in Vietnamese, revealed a liquid-rich reservoir.

Holding a number of licenses in Southeast Asia and especially in Vietnam, with the Block 15-2/01, the Blocks 133, 134, 135 and 136, Talisman acquired the license for the Block 07/03 from Premier Oil Ltd (Premier Oil) and Pitkin Petroleum in July 2013.

As a result the working interests between Talisman and its partners are shared as following:

 – Talisman 55% is the operator

 – Pearl Energy (Mubadala Petroleum) 25%

 – PetroVietnam 15%

 – Pan Pacific 5%

Since the acquisition in 2013, Talisman carried out extended exploratory drilling and seismic campaign that confirmed  Red Emperor to contain 67 million barrels of oil equivalent (boe) of proven and probable (2P) reserves of oil and gas and condensate.

Talisman to maximize local content in Red Emperor TLP

After weighting multiple solutions to develop Red Emperor on fast track, Talisman and its partners oped for a combination of a tension leg platform, a FPSO and an export pipeline.

To be used as a wellheads platform the TLP should be tied-back to the FPSO.

Talisman_Red-Emperor_Ca-Rong-Do_Tension-Leg-PlatformIn order to reduce Red Emperor capital expenditure, Talisman should split the TLP in three packages for the FEED purpose:

 – The platform

 – The tension risers

 – The flowlines and umbilicals

These definition of the packages for the FEED and later for the engineering, procurement and construction (EPC) contract will enable Talisman to qualify international engineering companies for the tensions risers and the flowlines while the platform should benefit from the low labor costs locally.

In the same logic to reduce the CRD capital expenditure, Talisman and its partners are planning to lease the FPSO.

In addition to reduce the costs on Ca Rong Do, this scenario will help Talisman and its partners PetroVietnam, Pearl Energy and Pan Pacific to proceed on fast track for the FEED in 2015, and start Red Emperor construction in 2016 for a first production by 2018.

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

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