Ultra-efficient elixir of life for NEO’s GPIII
2020 saw a new lease of life for the aging GPIII (Global Producer III) FPSO (Floating Production, Storage and Offtake) vessel, following the asset’s acquisition by NEO Energy. Seeking support to establish its new North Sea operation, NEO selected Petrofac to be its Integrated Services partner.
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Client
NEO Energy
Scope
Operations, maintenance, engineering and construction under our integrated delivery model including the GPIII (Global Producer III)
Highlights:
- 2021 major life extension investment starts
- Ability to operate at 100% capacity vs 60% maximum before investment
- Foundation projects to extend the life of the asset by 5 years
- Class renewal until 2026
- Foundation for future extensions and tiebacks beyond 5 years
- All safely achieved during pandemic
“We have delivered a robust future for the asset and have shown the potential the GPIII has to offer... Overall, we have moved the asset from a strategy of stabilise and optimise to optimise and grow”
Optimising and stabilising
Our team supported the initial transition of operations on the Quad 15 & Flyndre area following NEO Energy’s acquisition of the assets and at the same time took responsibility for ongoing operations, maintenance, engineering and construction under our integrated delivery model. This included becoming duty holder for GPIII.
2021 saw major life extension investment in NEO’s recently acquired but aging FPSO which under previous owner had been heading for CoP (Cessation of Production). Major investment was put in place to deliver future cost reduction, improved efficiency and longevity.
Initially the team focussed on foundation projects to extend the life of the asset by five years including:
- Class cycle (hull integrity)
- Mooring integrity
- Thruster controls upgrade
- The reward has been Class renewal until 2026 approved by DnV.
Optimising and growing
Our experience in extending the life of assets, coupled with our relentless focus on efficiency, is already showing potential. Over several months during 2021 the FPSO was able to operate at 100% capacity, compared a maximum of 60% before investment. This was achieved despite the pandemic, and in between the shutdowns giving GPIII a new lease of life.
Now investment is being put in place to allow for future extensions and tiebacks even beyond five years. There are new opportunities, such as new wells at Brodick and Balloch South, along with more shutdowns, an extended safety case, and stretch production targets.