Chevron's multi-billion dollar west of Shetland Rosebank development appears to be edging closer back to fruition after a contract was awarded for the floating production, storage and offloading (FPSO) vessel turret.

The Rosebank project was on track until 2013, when partner OMV revealed operator Chevron was re-thinking the project to reduce costs.

It is understood Chevron has now simplified the topsides processing of the 295m-long FPSO, reduced the complexity of the turret and mooring system, and subsurface work has seen an improved reservoir management plan created, reducing the number of development wells needed and improving recovery rates.

At the time, Chevron said it would still look to make a final investment decision in 2014, but that the JV's focus was on makign the right decisions, not on schedules and timelines.

Today, Bluewater Energy Services revealed it has won a contract from Hyundai Heavy Industries (HHI) for the engineering, procurement, construction and integration (EPCI) of the FPSO's turret and mooring system - expected to be one of the world's largest turret systems when complete - signally the project is once again moving forward.

Rosebank, discovered in 2004, in blocks 213/26 and 213/27, and estimated to contain 240 MMboe recoverable, will be a major project for the UK North Sea when it goes ahead. Infield Systems estimates it will account for a 36% share of floating platform spending in northwest Europe in 2016-2020, and is expected to produce some 100,000 b/d and 80 MMscf/d.

The vessel, which HHI said in April 2013, before the re-design, would be complete by November 2016, is due to be moored about 175km northwest of the Shetland, close to Faroese waters, in about 1100m water depth, making it the deepest moored facility on the UK Continental Shelf.

The Rosebank turret and mooring system, which will permanently anchor the FPSO at its offshore location and allow it to weathervane, will be one of the largest turret and mooring systems ever designed and built, being about 80m-high, with a process manifold/turntable of about 34m-diameter.

Bluewater Energy Services will supply the turret and mooring system for integration at the construction yard of HHI in Ulsan, South Korea, where the Rosebank FPSO will be fabricated.

Other contracts already issued for Rosebank include a $500 million contract for subsea equipment with OneSubsea.

Source: www.oedigital.com

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