Oil and gas company Octanex Limited has informed that a donor vessel has been secured for conversion into an FPSO for use on the Ophir field, offshore Malaysia.
The conversion works on the oil tanker, Puteri Bangsa, will start shortly, the company said on Tuesday. MTC Engineering (MTCE), a Malaysian oil and gas marine contractor, will be in charge of the conversion of the oil tanker into the MTC Ledang FPSO.
Octanex also said that engineering design works for the conversion are well advanced.
The MTC Ledang FPSO will have a small process facility module with capacity for 15,000 barrels of fluid per day and gas flaring and will be capable of storing up to 350,000 barrels of crude. It will be anchored to the seabed at the Ophir field and connected to the Ophir platform via a flexible 8” pipeline. It is contracted to be at the Ophir field for a period of three years, with a one-year extension option.
The Ophir oil field is being developed via three production wells, a well head platform (WHP) and floating production storage and offload (FPSO) vessel.
Located offshore Peninsular Malaysia, the Ophir oil field is being developed under a Risk Service Contract (RSC) granted in 2014 to Ophir Production Sdn Bhd (OPSB), a joint venture company in which Octanex has a 50% interest. Octanex’s joint venture partners are Scomi Energy Services (30%) and Vestigo Petroleum(20%).
Octanex’s share of the Ophir project is fully funded via OPSB’s 75% project financing and through Octanex’s strategic alliance and funding arrangements with major shareholder, Malaysian, Sabah International Petroleum, a company wholly owned by the State of Sabah.