BW Offshore scores five-year deal for FPSO in Gulf of Mexico
- Business & Finance
FPSO leasing specialist BW Offshore has signed a five-year contract for the lease and operation of the FPSO BW Pioneer with MP Gulf of Mexico, LLC (MP GOM).
BW Offshore said on Wednesday that the contract is for the operation of the BW Pioneer on the Cascade and Chinook fields in the Gulf of Mexico.
According to the company, the contract lasts until March 2025, has a five-year option to extend, and will start in direct continuation of the current contract.
Marco Beenen, CEO of BW Offshore, said: “We are very pleased to have reached a long-term agreement with MP GOM for the BW Pioneer, confirming our strong relationship with MP GOM on the Cascade and Chinook fields.”
MP GOM was formed in October 2018 as a partnership between Murphy Oil and Petrobras America Inc. Murphy is the designated operator of the assets, which include the Cascade and Chinook fields, with an 80 percent ownership in MP GOM.
Before the partnership between the two companies was announced, Petrobras exercised the option to extend the fixed term of the lease contract for the BW Pioneer FPSO back in April 2016.
This meant that the lease contract was extended from the first quarter of 2017 to the first quarter of 2020.
As for the FPSO itself, the BW Pioneer has an oil production capacity of 80,000 bblpd and a storage capacity of 600,000 bbl.
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