Aker Wins $100 Million Operations & Maintenance Contract
The value of the five-year project is just more than U.S. $100 million. The contract with Reliance Industries includes options to extend the contract period.
"The contract marks the achievement of yet another milestone," says Aker Floating Production's President, CEO and Board Chairman of Aker Borgestad Operations Svein Olsen.
In May 2007, Aker Floating Production entered into a contract in excess of $750 million contract with Reliance for chartering of the Aker Smart 1 FPSO. The new contract with Aker Borgestad Operations expands the initial scope of work with Reliance to cover FPSO operations and maintenance. Under the contract, Aker Borgestad Operations will be in charge of both technical operations and FPSO operations for the production of oil, gas, and condensate from the MA field.
"The latest contract with Reliance adds significantly to our know-how and state-of-the-art expertise. It also brings us closer to assignments for our next two FPSOs, Aker Smart 2 and Aker Smart 3," says Mr. Olsen.
Aker Smart 1 will be deployed at the MA field, which is located at water depths of 1,000-1,400 meters, some 60 kilometers offshore eastern India. Production start-up will take place in two phases: oil production is scheduled for April 2008, and gas production will begin in the fall of 2008.
Aker Floating Production owns 50% of Aker Borgestad Operations. The remaining Aker Borgestad Operations shareholders are Aktieselskabet Borgestad (45%) and Aker Yards Brevik (5%).
- Brand Finance Ranks Most Valuable, Strongest Oil and Gas Brands
- Canacol Makes New Gas Discovery in Colombia's Magdalena Basin
- Egypt Plans to Meet Summer Fuel Needs with LNG Imports
- FortisBC Denies Gas Greenwashing as Suit Awaits
- Credit Agricole Helps NGP Secure Funds for Fishery-Solar Projects in Taiwan
- Oil and Gas Executives Predict WTI Oil Price
- Industry Protests Proposed Methane Fee Guidelines for O&G Facilities in US
- Exxon, Cnooc Merge Guyana Arbitration Claims Against Chevron
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- USA Oil and Gas Job Figures Jump
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension