Syntroleum, Bluewater to form joint venture

Syntroleum Corp., Tulsa, has signed a letter of intent to form a joint venture with Bluewater Energy Services BV to develop and finance gas-to-liquids plants on offshore floating production, storage, and offloading vessels.

March 15, 2006

By OGJ editors
HOUSTON, Mar. 15 -- Syntroleum Corp., Tulsa, has signed a letter of intent to form a joint venture with Bluewater Energy Services BV to develop and finance gas-to-liquids plants on offshore floating production, storage, and offloading vessels.

The FPSOs also will produce oil and offer oil storage. The companies are pursuing projects that will allow the joint venture to participate in offshore oil and gas development and processing.

A detailed feasibility study addressed an FPSO design of up to 17,000 b/d of Fischer-Tropsch products, 40,000 b/d of crude oil, and 10,000 b/d of condensate. The vessel would have 2.3 million bbl of storage capacity.