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Talisman Sinopec Energy reveals £290 million drilling rig contract

OSLO -- Talisman Sinopec Energy UK Limited has awarded a drilling rig contract to international contractor, Transocean, following a competitive tendering process. The Sedco 712 semi-submersible rig will carry out the three-year contract.

The rig will undergo a reactivation project involving more than one million man-hours of work, providing significant employment opportunities for the Invergordon area where the rig is currently located.

Among the projects the drilling rig will work on is the £1.6 billion Montrose Area Redevelopment - the first of its kind to be implemented following the UK Government’s announcement on brown field allowances (BFA) last year, and supporting more than 2,000 new UK jobs.

The MAR project will create or sustain more than 2,000 UK jobs within the fabrication, engineering, construction, installation, subsea engineering and drilling sectors. It involves the integration of established fields and related existing infrastructure with two undeveloped fields, Cayley and Shaw.

The Secretary of State said, “The Montrose Area Redevelopment is an exciting project. A substantial amount of Talisman Sinopec Energy UK Limited’s £1.6bn investment has been won by UK companies creating or sustaining around 2,000 skilled jobs across the country.

“This project will extend the life of existing North Sea fields, developing around 100 MMbbl of new reserves. It is an excellent example of the government and the oil and gas industry working together to encourage continuous investment. This sends out a strong signal that the UK is open for business, and open to new opportunities and investors.”

The existing Montrose platform, originally installed in 1976 and one of the oldest in the UK North Sea, will undergo significant modifications including the development of a new Montrose Bridge Linked Platform (BLP) which is planned to be installed in 2015. Cayley and Shaw fields will be developed and tied back to the BLP.

The development of the tie-back projects extends the life of the existing fields by 13 years to 2030. Production is expected to start in 2016, with gross incremental production peaking at around 36,000 bpd. Talisman Sinopec Energy UK Limited is the operator with a working interest of 58.97%, and Marubeni Oil & Gas (U.K.) Limited is the sole partner.

03/01/2013

 

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