SBM Offshore N.V.
amsterdam : SBMO

November 15, 2011 03:43 ET

SBM OFFSHORE N.V. - FPSO Aseng Achieves First Oil Two Years After Contract Award

SCHIEDAM, NETHERLANDS--(Marketwire - Nov 15, 2011) -

1. FPSO Aseng starts oil production

FPSO Aseng started first oil production on 6 November 2011 on the Aseng field located in approximately 1,000 meters of water in Block I, offshore Equatorial Guinea. This major project milestone marks the final delivery and hand over of the FPSO to Noble Energy EG Ltd., a subsidiary of leading US-based independent energy company Noble Energy Inc. (Noble Energy, NYSE: NBL) and has been reached two months ahead of schedule.

The initial firm commitment of Noble Energy under the contract for the provision, lease and operation of FPSO Aseng is for a period of fifteen years, with provisions for further extensions up to five years. The contract was signed in October 2009, with the beginning of the charter planned for 2012.

The FPSO serves not only the Aseng field, but also will establish a liquids hub for Noble Energy's future developments in the area with processing capacity for 120,000 barrels of liquids per day, including 80,000 barrels of oil and injection capacity of up to 150,000 barrels per day of water, as well as handling 170 million standard cubic feet per day of gas. The unit has storage capacity for 1.6 million barrels of oil including up to 500,000 barrels of condensate.

SBM Offshore has entered into a Joint Venture with Compania Nacional de Petroleo de Guinea Ecuatorial (GEPetrol), the state oil company of Equatorial Guinea, for the ownership and operation of the Aseng unit. Under this agreement, SBM Offshore owns a 60% share of the joint venture with GEPetrol holding the remaining 40%.

Tony Mace, CEO of SBM Offshore, said: "We are very pleased with the first oil of the FPSO Aseng, only two years after the contract award by our client Noble Energy EG Ltd. The successful project execution, ahead of schedule, demonstrates SBM Offshore's market leading abilities for delivering offshore production, storage and offloading facilities and with GEPetrol we look forward to providing many years of service to the Aseng field partners.

To see the full version of this press release please click on the link below:

SBM Offshore Press Release:

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Source: SBM Offshore N.V. via Thomson Reuters ONE


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