Jubilee field partners lease FPSO from MODEC

By OGJ editors
HOUSTON, Aug. 11 -- Tullow Ghana Ltd., operator of Jubilee oil field off Ghana, has signed a 7-year lease agreement in which Tokyo-based Mitsui Ocean Development & Engineering Co. Ltd. (MODEC) will provide and operate the floating production, storage, and offloading vessel for Jubilee field. The contract includes 13 1-year options, with the FPSO designed to remain in the field for as long as 20 years.

Jubilee, one of the largest oil fields discovered off West Africa in the past 10 years, is estimated with 90% probability to hold 170 million bbl of recoverable oil. However its suggested upside could be as much as 1.8 billion bbl of oil, Tullow reported following recent drillstem tests in two oil-bearing zones from the field's Mahogony-2 appraisal well (OGJ Online, July 16, 2008).

The tests indicate that a Jubilee production well should produce more than 20,000 b/d of 36-39° gravity oil, Tullow said. Initial field production is expected in 2010.

MODEC will install the FPSO in 1,100 m of water as part of the first phase of Jubilee's development plant. The FPSO will have the capacity to process more than 120,000 b/d of oil, and to inject more than 230,000 b/d of water and 160 MMscfd of gas.

In addition to Tullow, Jubilee field partners include Kosmos Energy Ghana, Anadarko Petroleum Corp., EO Group, Sabre Oil & Gas, and Ghana National Petroleum Corp.

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