Falklands' oil industry development continues despite slump in crude prices

Friday, February 12th 2016 - 06:15 UTC

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

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

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.

Categories: Economy, Energy & Oil, Investments, Falkland Islands.

Tags: Falkland Islands, Rockhopper Exploration, Sam Moody.

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Klingon
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 !
Feb 12th, 2016 - 11:19 am 0
FI_Frost
@1

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.....
Feb 12th, 2016 - 12:25 pm 0
Mick23
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... :)
Feb 12th, 2016 - 12:36 pm 0

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