Nexus Nixes Crux FPSO Agreement with Viking
Nexus has advised that the Memorandum of Agreement (MOA) with Vanguard Oil and Gas International Limited and Viking Shipping Limited (together, "Viking") for the supply of a floating production storage and offloading vessel (FPSO) for its Crux liquids project, which was signed in 2007, has been terminated on the basis that the Crux joint venture was unable to proceed to a final investment decision (FID) with Viking as the FPSO provider.
The Crux joint venture will now proceed to negotiate an alternative offer from a market-leading FPSO provider for the supply of an FPSO for the project. The joint venture may also test the wider market, given current market conditions.
The finalization of an alternative FPSO contract will increase confidence that delivery of first liquids from the Crux liquids project will be achieved by mid 2011.
Participants in exploration permit AC/P23:
- Nexus Energy WA Pty Ltd 85%
- Osaka Gas Crux Pty Ltd 15%
- Nexus Resumes Production at Longtom-4 Well in Gippsland Basin (Mar 12)
- Nexus Updates on Plans to Divest its Crux, Longtom Assets in Australia (Feb 21)
- Santos Suspends Production at Patricia-Baleen Gas Processing Plant (Jan 14)
Company: Osaka Gas more info
- Japan's Osaka Gas Plans Resales Of 3 Million Tonnes Of LNG By 2020 (Nov 01)
- Indonesia's Small-Scale LNG Plans Face Several Challenges (Apr 15)
- Chevron Sees Australia's Gorgon Project Train 1 Restarting in 30-60 Days (Apr 06)