MODEC Inc. has secured a contract from ExxonMobil Guyana Ltd. to develop a Floating Production, Storage, and Offloading (FPSO) vessel for the Hammerhead project. MODEC said in a media release the contract is a Limited Notice to Proceed (LNTP) hinging on government and regulatory approvals.
The contract’s first phase encompasses Front-End Engineering and Design (FEED). Phase two covers engineering, procurement, construction, and installation (EPCI), the company said.
The LNTP enables MODEC to initiate activities concerning the FPSO design, aiming for the earliest possible project launch in 2029, contingent on receiving the required government approvals. The execution of the second phase depends on governmental and regulatory permissions, as well as project approval from ExxonMobil and its co-venturers in the Stabroek Block, MODEC said.
It said that the Operations and Maintenance Enabling Agreement for its Guyana fleet has been established to enable the operations and maintenance of multiple FPSOs under a long-term contractual arrangement.
The Hammerhead FPSO is planned to produce 150,000 barrels of oil per day, along with gas and water, MODEC said. It will be anchored at about 1,025 meters (3362 feet) deep using a SOFEC Spread Mooring System. This FPSO marks MODEC’s second venture in Guyana, following the Errea Wittu, which is under construction for ExxonMobil Guyana’s Uaru project.
Source: by Paul Anderson for Rigzone Staff