BP reveals Quad 204 FPSO details

Hyundai bags huge order: BP, Shell and others spanding big on FPSO at Korean yard

BP has revelaed details of a huge FPSO order at Hyundai Heavy Industries from itself, Shell and others as part of a monster redevelopment project on two oilfields in the North Sea.

The order at the South Korean yard was penned "very recently", according to a spokesperson at BP, with delivery likely in mid 2015.

The UK supermajor revealed today that it, rival Shell and partners are to spend around $4.8 billion on redeveloping the Schiehallion and Loyal fields west of the Shetland Islands, with a new FPSO unit the cornerstone of the project named 'Quad 204'.

Although the partners in the Quad 204 project have not provided a breakdown on the "circa £3 billion" ($4.78 billion) cost of the project, the FPSO is costing around $1.2 billion.

The project also involves "a major investment in the upgrading and replacement of the subsea facilities to enable the full development of the reserves," BP's earlier statement read.

BP had already said that the new FPSO is expected on site in 2015 with first oil production likely the year after.

The UK outfit had already said that the FPSO would have a storage capacity in excess of 1 million barrels, would be able to process and export up to 130,000 barrels per day and owuld be 270 metres long and 52 metres wide.

BP told Upstream that the storage capacity will be 1.06 million barrels while the topsides will weigh 21,000 tonnes and the hull 52,122 tonnes. Total displacement will be 240,000 tonnes.

The unit will come fitted with 12 modules, eight of which are main and four piperack. It will be able to accommodate 125 people.

BP, like rival Shell, will hold a 36.3% interest in the FPSO with Hess in for 12.9% and Statoil, OMV and Murhpy Petroleum all taking 4.84% a piece. OMV said the vessel will be shared by the Schiehallion and Loyal field owners in approximately 82%/18% shares. BP and Shell own the Loyal field on a 50:50 basis.

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