International engineering and project management company, AMEC, will be the company responsible for designing Premier Oil’s tension leg platform (TLP) for the Sea Lion Development in the North Falklands Basin, 200 kilometers to the north of the Falkland Islands.
The Tension Leg Platform option is the most suitable technical and commercial solution for the development of the Falklands' Sea Lion field, according to the recommendation from field operator Premier Oil, said Rockhopper Exploration in an official release, which also announced further drilling is expected in the next twelve months.
An agreement has been reached between the Falkland Islands government and Rockhopper Exploration regarding tax arising from the Sea Lion farm-out to Premier Oil, an operation involving a billion US dollars, and which according to the settlement generated a credit of 146m dollars for the Islands Treasury.
The Falkland Islands government has granted a one year extension for Rockhopper Exploration’s production licences PL023 and PL024. The licences, in which Rockhopper has a 40% interest, have been extended until November 2013, with no requirement for the operator to perform further work on the licences in that time.
The incorporation of a major oil company is a sign of confidence in the future of the Falklands hydrocarbons industry and by any standards “absolutely fantastic”, said the Islands governor Nigel Haywood during an official reception at Government House for Rockhopper Exploration and their UK partners Premier Oil.
Britain's Premier Oil announced on Thursday a 1 billion dollars deal to farm in and develop Rockhopper Exploration oil and gas discoveries in the Falkland Islands.
Rockhopper Exploration PLC reported a “fantastic result” as its third discovery in the North Falkland basin encountered oil and-or wet gas in four hydrocarbon-bearing target zones, said the company on a Tuesday release in London.
Rockhopper Exploration declared a second oil and gas discovery in Falkland Islands waters and announced the drilling of an additional two wells. The announcement comes exactly two years to the day since the Falklands’ shore based yard began its work in support of oil development in the Islands.
Falklands’ oil explorer Rockhopper said the latest well in its controversial drilling campaign in the South Atlantic Islands has come up dry.
Rockhopper Exploration PLC upgraded its estimates of how much oil it could find off the Falkland Islands, boosting hopes that the remote territory in the South Atlantic could become a new oil province.