Planned Upgrade of the Offshore Yolla Platform Sees Delays
|Friday, July 13, 2012
Australian companies AWE and Origin said Friday that the planned upgrade of the Yolla platform sited offshore in the Bass Strait, Victoria, will be delayed until the summer of 2012/13.
The first phase of the project, to convert the previously unmanned platform to one with accommodation installing export compression and condensate pumping modules, was originally scheduled to be completed by April 2012.
Origin, the operator of the project, was however forced to push back the project scheduled due to challenging weather conditions in the Bass Strait.
"Weather conditions in the Bass Strait are unlikely to provide an appropriate opportunity to complete the compressor lift and installation prior to completion of all other Phase 1 works," a spokesperson with Origin said.
Cost projections released by AWE show that as a result of the delay, the gross project budget would increase between $92 million (A$90 million) and $122 million (A$120 million), pushing up the estimated phase 1 project budget to between $559 million (A$550 million) and $590 million (A$580 million).
AWE had expressed its frustration with the progress of the project in a published statement.
"The additional capital costs and project delays reported by the operator are extremely disappointing. AWE continues to be very disappointed with the project delivery performance by the operator," AWE said.
The spokesperson with Origin declined to comment on AWE's statements. AWE, when contacted by Rigzone on Friday, also declined to provide additional comments on the project.
AWE owns a 46.25 percent stake in the project, while Origin and Toyota Tsusho Gas E&P Trefoil own a 42.5 percent and 11.25 percent stake respectively.
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