Petrofac has been awarded a contract to work with the government of Nova Scotia to help identify the best way forward to exploit its ultra-deepwater oil potential.
Under the terms of the contract, Petrofac has been tasked with delivering a development study for a prospective oil reservoir 3,000m beneath the seabed, in water depth of 2,000, reports Energy Global. The multi-discipline, integrated project will be led by Petrofac's specialist subsea engineering business, K W Subsea.
Additionally, teams from within Petrofac's Engineering & Consulting Services (ECS) business and the wider group capability will provide support to the project, ranging from process design, naval architecture, subsea engineering, cost estimating as well as a specific drilling scope. The project is expected to be completed in early 2015.
"The potential outcomes of this study are of strategic importance for the Nova Scotia government and a great step forward for Petrofac in the ultra-deepwater market," said Craig Muir, managing director for Petrofac's ECS business. "The wider capability set of the Petrofac Group really helped us offer a value proposition. We now look forward to delivering that proposition for our customer."
The government of Nova Scotia estimates its offshore potential to be approximately 120 trillion cubic feet of natural gas and eight billion barrels of oil; it has already awarded a number of blocks to Shell and BP, which have combined exploration commitments in excess of US$2 billion.