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Daewoo, Woodside in Offshore Myanmar PSC
Woodside advises that Daewoo International Corporation has accepted an offer by Woodside to farm-in to the Production Sharing Contract for Block AD-7 in the Rakhine Basin, located in the western offshore area of the Republic of the Union of Myanmar.
The offer is for a 40% participating interest in the Production Sharing Contract, and is subject to execution of fully-termed agreements, completion of due diligence, and necessary government and other approvals. Daewoo will remain operator of the PSC.
The proposal provides the opportunity for Woodside and Daewoo to undertake a 3D seismic acquisition program during the period 2013-2014. The transaction also provides the option to drill an exploration well in a subsequent exploration period.
Woodside CEO Peter Coleman said the offer demonstrated the company’s commitment to secure international growth opportunities in frontier and emerging basins that leverage Woodside’s core capabilities, especially in deepwater exploration.
“The Rakhine deep water basin is an exciting frontier exploration area and Block AD-7 is adjacent to the Daewoo-operated Shwe field development,” Coleman said.
“We are looking forward to finalising this opportunity and building a new partnership with Daewoo.”
Daewoo, Woodside in Offshore Myanmar PSC| Offshore Energy Today.
- Woodside strikes agreement in Burma (news.com.au)
- Woodside Plans to Join Daewoo in Myanmar Exploration Venture – Bloomberg (bloomberg.com)
- Myanmar army may get invite to US-Thai exercise (kansascity.com)
Daewoo International to Build OSV for Swire Pacific (Singapore)
Daewoo International, the trading arm of POSCO, announced on May 25 that it has won a large shipbuilding order in cooperation with Sungjin Geotec, another POSCO affiliate. Under the deal with Swire Pacific Offshore (SPO) of Singapore, Daewoo International will build a $20 million offshore supply vessel (OSV). Daewoo International and Sungjin Geotec will deliver the vessel to SPO within one year.
Sungjin Geotec specializes in offshore plant equipment and modules for global energy markets.
An offshore supply vessel is used for diving assistance or oceanographic surveys for offshore oil platforms. Amid a worldwide boom in marine energy exploration, OSVs are becoming increasingly important.
“The victory was a result of Daewoo`s extensive overseas network and information power, combined with specialized technologies of Sungjin, which has long been involved in the OSV market,” Daewoo International said in a press release. “This will be remembered as a good example of how partnership between different POSCO affiliates can create synergy“.
“The partnership with Daewoo International was the key ingredient to winning the contract,” a Sungjin representative commented. Sungjin Geotec plans to strengthen its ties with Daewoo International to expand its presence in global OSV markets.
Source: World Maritime News – Daewoo International to Build OSV for Swire Pacific (Singapore).
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European Client Cancels Order, Says DSME
Daewoo Shipbuilding & Marine Engineering said on Friday that a European customer called off a 589.3 billion Korean won ($520.8 million) ship order, making it the first cancellation of an order to the major shipbuilder this year.
The South Korean shipbuilder said in a regulatory filing that two VLCCs and two bulk carriers, which were ordered in 2008, were annulled because its client failed to honour payables. It did not identify the shipping company.
Industry officials say global shipping firms will cancel or delay orders due to the lack of credit amid Europe’s debt woes.
South Korea’s major shipbuilders have received requests to delay deliveries of 24 ships worth some $3 billion as the debt crisis in Europe bites, raising fears about a repeat of the 2008 downturn that hit the industry globally.
South Korea is home to the world’s biggest shipbuilders including Daewoo and Hyundai Heavy Industries.
Reporting by Hyunjoo Jin (Reuters)
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Israel: DSME Signs Tamar Deal
South Korea’s Daewoo Shipbuilding & Marine Engineering Co Ltd said on Tuesday that it has agreed to develop Israel’s Tamar natural gas field with Noble Energy Inc, Delek Group Ltd and Isramco Inc, and was eyeing vessel orders for the project.
Under the deal, Daewoo will soon conduct an LNG-FPSO feasibility study, aiming to sign a final agreement by the end of next year, a statement from the shipbuilder said, without specifying the size of its stake in the development deal or the value.
The statement said it aimed to produce liquefied natural gas (LNG) from the field, which has estimated reserves of 240 billion cubic meters of natural gas, from the end of 2016 if all the processes for the final deal remained on track.
The volume was equivalent to five times South Korea’s annual consumption, Daewoo added.
“(Daewoo) hopes to win multiple orders for LNG floating production and storage and offloading (FPSO) vessels,” the Daewoo statement said, adding that the field’s owners were considering gas production in the largest offshore find of 2009 through FPSO vessels, not onshore plants, for geopolitical reasons.
The Tamar field is located in a sea area about 80 kilometres west of the port of Haifa, according to the Daewoo statement.
Isramco said last week that it had made a preliminary deal with Daewoo to build and operate a floating LNG facility for exports to South Korea and elsewhere, adding that the companies would hold talks to secure a contract for 15-20 years at a price likely to be between $7 and $9 per MMBTU.
South Korea, the world’s second-largest LNG importer after Japan, imported nearly 30 million tonnes of LNG in the first ten months of this year.
(reuters)
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Dockwise to move Big Foot
Dockwise will transport Chevron’s Big Foot platform hull from Daewoo‘s South Korea facility to the Gulf of Mexico next year. Dockwise announced the transport deal, along with eight other short-term contracts, on 5 October 2011. The transport specialist pegged the contracts at a value of over $55 million this year and next.
Daewoo cut first steel for the Big Foot hull in July 2011 and is to deliver the hull by the end of 2012.
In December 2010, Chevron sanctioned its operated $4 billion Big Foot development in the Lower Tertiary trend of the deepwater Gulf of Mexico. Located in 5200ft of water, Chevron is developing the field with an extended TLP using dry trees and an on-board drilling rig. The facility will have production capacity of 75,000b/d of oil and 25mmcf/d of natural gas. Chevron expects first oil in 2014.
Chevron discovered the field in 2006 in Walker Ridge block 29. The field holds estimated recoverable resources of over 200 million boe.
Chevron operates the project with 60% interest on behalf of partners Statoil (27.5%) and Marubeni (12.5%).
by: Jennifer Pallanich,
jpallanich@offshore-engineer.com
South Korea: Songa Offshore Orders Two Rigs from DSME
South Korea’s Daewoo Shibuilding & Marine Engineering said on Wednesday that it had won an $1.1 billion deal to build two submersible drilling rigs from Norway’s Songa Offshore .
The rigs would be chartered to Norwegian state-run oil company Statoil from Songa for eight years after the delivery planned in the second half of 2014, Daewoo said.
Daewoo added in a statement that the firm agreed to an option for additional two vessels of the same type.
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