Repsol Sinopec, TechnipFMC, Petrofac in pact to boost recovery in North Sea
Petrofac, Repsol Sinopec Resources UK and TechnipFMC announce today the formation of an innovative industry alliance which seeks to maximise the recovery of oil and gas from the UK Continental Shelf (UKCS).
The partnership will work together to offer the owners of oil and gas discoveries near Repsol Sinopec’s existing North Sea infrastructure hubs an integrated, technically robust and commercially flexible solution to meet their near to mid-term development objectives.
Under the terms of the partnership, Petrofac will provide all services associated with topsides engineering and operations support, whilst TechnipFMC will deploy its iFEED® front-end engineering and design solution and its integrated subsea business model, iEPCI™. Repsol Sinopec will provide access to its facilities under the industry-led infrastructure code of practice. Together, the group offers decades of subsea and topsides engineering, project management and operating expertise to create an all-encompassing offering, from the well head to export route.
Nick Shorten, Managing Director of Petrofac's Engineering and Production Services, West business said:
"With more than three billion barrels locked in marginal fields across the UKCS, small pools represent a big opportunity. Industry level collaborations such as this, will drive the standardisation required to reduce the time and cost of tie-back developments. Petrofac is thrilled to combine the asset knowledge gained as Repsol Sinopec’s operations and maintenance partner, with our engineering and project management expertise in support of this exciting collaboration."
Jose Luis Muñoz, CEO Repsol Sinopec said:
“As an industry we must get better at recognising the benefits of utilising existing North Sea infrastructure to maximise the economic recovery of the basin, minimise carbon emissions and transition to a lower carbon economy. This industry collaboration brings together three well respected, experienced companies that have the resources, drive and ambition to support the continued success of the industry for many years to come.”
Jonathan Landes, President Subsea, TechnipFMC, said:
“We are delighted to play a part in helping to maximise recovery of oil and gas from the UK Continental Shelf. Leveraging our integrated subsea business models, iFEED® and iEPCI™, we are ideally placed to support and optimize future development opportunities from early concept to first production and beyond while minimising the carbon footprint. With a shared commitment to excellence in Health, Safety, Environmental and Quality standards, we look forward to working with Repsol Sinopec to deliver a culture of efficiency, standardisation and sharing of best practice as we adopt this unique and important alliance in the UK.”