Offshore Development Opportunities
We have committed to investigating the feasibility and cost effective investment potential of an FPSO/tanker conversion for the development of offshore oilfields in equity partnership with Houston based Alpha Petroleum Services. Alpha has relevant development experience in the deepwater Gulf of Mexico and in the North Sea, including the FPSO development of the Gryphon Field. They are currently involved in an analogous project to what we are considering in the development of the TUJ field offshore New Zealand.
The work committed to date includes pre FEED engineering, a tanker study and initial screening of opportunities to narrow design considerations. Based on the initial results, we will proceed to secure a vessel, finalize design considerations specific to the chosen operation and commit to ship yard space to manage the conversion.
We hope that this will be a viable exploitation strategy for our own assets in the North Sea and Gulf of Hammamet as well as a catalyst to accessing other field development opportunities.