Friday, February 12th 2016 - 06:15 UTC

Falklands' oil industry development continues despite slump in crude prices

Rockhopper Exploration flagship project, offshore the Falkland Islands the Sea Lion oil field development, continues to advance despite the recent slump in crude prices.

”Despite the low oil price environment, the Sea Lion project continues to move forward,” said chief executive Sam Moody.

The company told investors on Thursday that a front end engineering design (FEED) contract has now been awarded for the field’s SURF (Subsea Umbilicals, Risers and Flowlines) Transport and Installation.

It has contracted Subsea7, and also a FEED contract has also been awarded to National Oilwell Varco for the project’s flexibles.

”The award of FEED for SURF Transport and Installation and Flexibles to such internationally renowned contractors builds on the momentum of the award of the FPSO FEED contract to SBM earlier this year and demonstrates that, despite the low oil price environment, the Sea Lion project continues to move forward,” said chief executive Sam Moody.

Further FEED contracts, for the sub-sea production system are expected to be awarded in the current quarter. Rockhopper has a 40% stake in Sea Lion, which is operated by Premier Oil.

8 comments Feed

Note: Comments do not reflect MercoPress’ opinions. They are the personal view of our users. We wish to keep this as open and unregulated as possible. However, rude or foul language, discriminative comments (based on ethnicity, religion, gender, nationality, sexual orientation or the sort), spamming or any other offensive or inappropriate behaviour will not be tolerated. Please report any inadequate posts to the editor. Comments must be in English. Thank you.

1 Klingon (#) Feb 12th, 2016 - 11:19 am Report abuse
lol, throwing good money after bad.
Leave the oil there, it is not going anywhere, maybe in 50-100 years it may hold value, but by then we will be flying around in solar powered cars.
The Islanders hopes dashed!. Better get back to digging your potatoes !
2 FI_Frost (#) Feb 12th, 2016 - 12:25 pm Report abuse

This is indeed disastrous news for the islanders much vaulted top spot on the annual GDP league table. Oh well, plenty more fish in the sea. Meanwhile , in Agenzueula.....
3 Mick23 (#) Feb 12th, 2016 - 12:36 pm Report abuse
Ach no Warf... They'll want to push forward and do most of this work while the oil price is low as the associated service prices are down as well... The level of equipment and manpower that money will buy right now is much better than a few years ago... The timing for a low oil price is spot on for the development that they plan... Then in ten years time when they are fully online with production they can sell the oil at much inflated prices to Argi-Land who should by then be in such a state of ill repair they'll barely be able to get a drop out of the ground anywhere... Frac the fracturing it'll never come to be... :)
4 Conqueror (#) Feb 12th, 2016 - 12:48 pm Report abuse
@1. Got any figures? Thought not. Besides, according to some of your “pals”, there isn't any oil there.

You can forget Timerman's claim that the Islands will belong to argieland within 20 years. Try to remember that argieland is still trying to find its way out of the Kirchner disaster. Long way to go. The GREAT Mr Singer still holds all the cards. No-one gets paid until he says so.
5 ChrisR (#) Feb 12th, 2016 - 02:16 pm Report abuse
Come on Klingon! We know you just take the piss because you can't take anything else.

Macri has made a good start except for the nonsense over the Falklands and he could have moderated it just a little without losing face.

The bat-shit mad Peronistas and La Camping It Up (are they still around) will ALWAYS be rabidly anti the Falklands no matter what Macri does.

Pleased to hear oil is still on in the Falklands.
6 Think (#) Feb 12th, 2016 - 04:59 pm Report abuse

After all those good news we have heard lately about that new Engrish Pirate Oil Province in the South Atlantic...:
(Huuuuuuuuuuge oil discoveries..., mergers..., reverse mergers..., awarding of contracts etc, etc, etc...), I THINK it is time to keep a vigilant eye on the market price evolution of them Anglo Oil Companies that should have insured the economic stability of that constricted and dwindling Engrish Squatter population of the Malvinas Islands...:

Rockflopper Exploitation...: 28.50 pennies...
B&S (Bullllllllll & Shiat)..: 2.22 pennies...
Arghhhhos Resources...: 5.50 pennies...

Rockflopper Exploitation...: 27.50 pennies...
B&S (Bullllllllll & Shiat)..: 2.17 pennies...
Arghhhhos Resources...: 5.00 pennies...

Today, 12/02/16...:
Rockflopper Exploitation...: 25.50 pennies...
B&S (Bullllllllll & Shiat)..: 1.83 pennies...
Arghhhhos Resources...: 4.12 pennies...

Imploding it is, indeed, this South Atlantic Pirate Mississippi Bubble...
Chuckle chuckle
7 Briton (#) Feb 12th, 2016 - 07:54 pm Report abuse
No oil, Yet, prices are low , and countries in trouble,
That's todays world for you,

but tomorrows world may well be different,
the Falkland's producing oil, prices are rocketing , countries waking up,
and the rich Falkland's may well be making massive profits,
who knows..?
8 yankeeboy (#) Feb 13th, 2016 - 04:54 pm Report abuse
Still not as bad as YPF.

CFK paid double what it was worth.

Stupid Ks

Argentinians get what they deserve.

Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!


Get Email News Reports!

Get our news right on your inbox.
Subscribe Now!