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Hibiscus Progresses Plan for West Seahorse Development in VIC/P57

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Hibiscus Petroleum Berhad revealed Wednesday that the VIC/P57 joint venture developing the West Seahorse (WSH) project in Australia's Gippsland Basin intends to award a contract for the sale of GSP Britannia in December, with the successful contractor expected to convert the jackup to a mobile offshore production unit (MOPU) and lease back the Britannia MOPU for the life of the WSH oil field.

A small site team from Hibiscus Petroleum's wholly owned subsidiary Carnarvon Hibiscus Pty Ltd., as operator of the WSH project, has been set up in Tuzla, Turkey (where the jackup is now located) to define the scope of work needed to reactivate ABS class and enable long-term use of the jackup as a MOPU for the project.

Meanwhile, the joint venture will award the operations and maintenance contract for the WSH project in December, while contracts for a floating storage and offloading vessel, an export system (including a submarine pipeline, CALM buoy and offloading hose) and drilling (comprising the supply and operation of a modular platform drilling rig) are scheduled to be awarded in January.

Meanwhile, the operator has completed remapping of the WSH field based on reprocessed 3D seismic data and an independent assessment is currently being performed, with results due this month.

"First volumes of commercial production from VIC/P57 is expected in early 2015 subject to a timely receipt of the relevant regulatory approvals," Hibiscus Petroleum said in an announcement on local stock exchange Bursa Malaysia.
 



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