The operator is seeking to take advantage of lower costs in the hydrocarbons supply chain and is pursuing funds for a floating production, storage and offloading vessel to be used at the 300-million-barrel field, with the Bentley project now commercially viable at an oil price of $35 per barrel.
It has already approached rig owner TS Offshore for its KFELS N Plus-design newbuild jack-up on a lease contract. The rig is currently being built at the Keppel Fels yard in Singapore. Meanwhile, a memorandum of understanding was signed with China National Offshore Oil Corporation majority-owned subsidiary China Oilfield Services in late 2014 to supply a jack-up rig for the asset, with drilling to commence in 2017.
“The current industry environment has freed up capacity in shipyards and we are actively pursuing and evaluating potential opportunities as a result of increasing competitiveness for major projects in order to deliver the best value and most secure project execution strategy,” Xcite Energy said in a statement.
The field was originally expected to come on line in mid-2018, but depressed oil prices had compromised project economics. Accordingly, the submission of a development plan is on hold.
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