Joint venture partner Octanex said the new plan would reduce costs at the offshore Malaysian field by 30% and improve forecast project returns. adding the revision of the field development plan had resulted in a revised capital budget of $90 million.
“The revised project plan enhances the economic potential of the Ophir development reflecting the reduced costs offered by the current low oil price environment,” Octanex chief operating officer Rae Clark said.
The field will still be developed via three production wells, a well head platform and leased floating production, storage and offloading vessel.
It is understood before the revision that SapuraKencana was close to landing the contract for the engineering, procurement, construction and installation of a conventional 2000-tonne four-legged wellhead platform, as...
