GPC OKs Commencement of FEED Work at Galoc Field

- GPC OKs Commencement of FEED Work at Galoc Field

Monday, September 05, 2011
Otto Energy Ltd.

Otto reported an announcement by the Galoc Production Company (GPC) regarding approval to commence the Front End Engineering and Design (FEED) work and the acquisition of new 3D seismic in support of the planned Phase II development at the Galoc Oil Field (Galoc).

The FEED work will determine the exact locations and number of additional wells to be drilled, expected to commence in 2013. The new 3D seismic will support the placement of Phase II wells in the reservoir and de-risk capital expenditure.

Otto currently owns an 18.78% holding in Galoc through GPC. Otto has entered into an agreement to increase its interest to a direct 33.00% in Galoc, including 100% ownership of GPC, and to assume control of the operator of the field. Completion of the agreement is scheduled to occur prior to 30 September 2011.

Otto's Acting CEO Matthew Allen said, "These two approvals are key steps in the Phase II development of the Galoc Oil Field which we are currently on track to sanction in mid-2012. Given Otto's recent agreement to assume control of the operator and become the largest shareholder in Galoc, the development of Phase II is a core focus for Otto and we are very pleased with progress to date.

"The Galoc Oil Field recently produced its eight millionth barrel of oil and delivered its 23rd cargo. With the upgrade of the mooring and riser system for the FPSO Rubicon Intrepid expected to occur in the fourth quarter of 2011, the field's performance continues to reinforce our confidence in its reserves and future production."

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Aker Awarded FEED Study at Statoil's Mariner Field

- Aker Awarded FEED Study at Statoil's Mariner Field

Tuesday, July 12, 2011
Aker Solutions

Aker Solutions has won a contract to conduct the topside FEED (front-end engineering and design) study for Statoil on the Mariner field on the UK continental shelf in the North Sea. The contract value is approximately NOK125 million.

The study will be delivered in the summer of 2012, after which the customer may proceed with the final investment decision.

"We are pleased to have won another important topside FEED study from Statoil. The Mariner field presents an exciting opportunity on the UK shelf, which suits our strategy of boosting our presence in the UK further," said Valborg Lundegaard, executive vice president of Aker Solutions' engineering business.

The engineering and design work will be carried out from Aker Solutions' engineering hub in Oslo, together with engineers from the drilling technologies business in Kristiansand, Norway.

Aker Solutions is also strengthening its UK engineering capacity, hiring experienced engineering professionals to its London office, which could offer future support for the Mariner project.

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KCA Deutag Awarded FEED Contract for Browse LNG Development

- KCA Deutag Awarded FEED Contract for Browse LNG Development

Monday, June 06, 2011
KCA Deutag

KCA Deutag has been selected by Woodside Energy as one of two drilling contractors to carry out a major Front End Engineering Design (FEED) contract relating to a 3,000HP Modular Platform Drilling Rig (MPDR) for the Browse Liquefied Natural Gas (LNG) Development, offshore North West Australia.

The MPDR will be capable of drilling large bore gas wells up to 9,000m measured depth and of being transferred between Dry Tree Units (DTUs) based on a tension leg platform design. The DTUs will be positioned over the Calliance and Brecknock Fields, located approximately 270km from the Kimberley Coast, Western Australia.

Woodside is Australia's largest independent publicly traded hydrocarbon exploration and production company and one of the world's leading producers of LNG. The Browse LNG Development is a joint venture between Woodside, BHP Billiton, BP, Chevron and Shell.

FEED work has commenced and is being carried out by KCA Deutag's engineering division RDS in its London offices. It will take approximately six months to complete, include more than 30 persons, and involve interfacing with Woodside's two selected DTU contractors, Aker Solutions in Oslo and MODEC in Houston.

Neil Stevenson, KCA Deutag's Director, Business Development and Commercial, said, "This is an extremely important contract for KCA Deutag for a new client, and on one of the largest offshore LNG developments in the world. It also provides a major breakthrough into the expanding Australia onshore and offshore drilling market and builds upon our established presence in Southeast Asia. The award is very much aligned with our strategy of seeking involvement in new projects from the very early conceptual and front end stages and then being retained and accountable for the drilling performance of the rig during the operations phase."

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