Repsol Sinopec, TechnipFMC, Petrofac in pact to boost recovery in North Sea
Oil and gas company Repsol Sinopec Resources has formed an innovative partnership with energy service providers TechnipFMC and Petrofac, creating an industry alliance which seeks to maximise the recovery of oil and gas from the UK Continental Shelf (UKCS).
According to Repsol Sinopec’s statement on Monday, the partnership will 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, TechnipFMC will deploy its *iFEED front-end engineering and design solution and its integrated subsea business model, **iEPCI, whilst Petrofac will provide all topsides engineering and operations support.
Repsol Sinopec will provide access to its facilities under the industry-led infrastructure code of practice.
Repsol Sinopec pointed out that, together, the group offers decades of subsea and topsides engineering, project management and operating expertise to create an all-encompassing offering, from the wellhead to export route.
José 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”.
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”.
Repsol Sinopec has interests in 48 fields, of which it operates 38, on the UK Continental Shelf with 11 offshore installations and two onshore terminals.