Tuesday, 7 July 2015

Local Content Front And Center For Browse FLNG Development - 07/07/2015

Local Content Front And Center For Browse FLNG Development

Woodside Energy Ltd. and OneSubsea®, a Cameron (NYSE: CAM) and Schlumberger (NYSE:SLB) company, jointly announce that OneSubsea has been awarded a front-end engineering and design (FEED) contract for the proposed Woodside-operated Browse FLNG Development offshore northwest Australia.

A dedicated team of OneSubsea experts, operating out of OneSubsea's Perth city office, will now work collaboratively with Woodside to fully define and determine the optimal subsea production system design and equipment requirements for the Browse FLNG Development.

The contract will involve up to 20 locally employed people working on the subsea scope over the next 12 to 18 months as Woodside prepares for a final investment decision (FID).

The scope was tendered to internationally and locally based suppliers. OneSubsea was selected with a competitive proposal reflecting the current economic climate.

Woodside CEO Peter Coleman said the contract award is the first of a number anticipated to be awarded in the future to Australian-based engineering firms, manufacturers and suppliers associated with the subsea elements of the Browse FLNG Development.

"Our local content commitment is focused on working with Australian-based suppliers with world-class capabilities to partner with us on our operations and developments," he said.

In 2013, OneSubsea opened a state-of-the-art life-of-field facility in Kewdale, Western Australia that was built to support Woodside and other operators in the region. The facility will be key in the development of this project.

Jack Moore, Chairman and CEO of Cameron, a parent company of OneSubsea, said, "engaging early with clients in the project life cycle is key to determining the optimal, cost- effective solution that aims to maximize project returns in the current economic environment. This has been our approach with Browse and we are excited to have been selected for this award."

"Through further collaboration with Woodside on this important FEED, we will be able to apply the wide breadth of expertise OneSubsea has to provide the optimal range of field development options that align with the project's goals," he said.

The contract award is the first under OneSubsea's frame agreement with Woodside signed in January 2014.

Under the terms of the five-year frame agreement, OneSubsea is qualified to supply subsea equipment and services, including subsea engineering services and life of field services, for selected Woodside developments offshore Australia.

The Browse FLNG Development is proposing to commercialize the Brecknock, Calliance and Torosa fields - collectively known as the Browse resources – which are estimated to contain gross (100%) contingent resources (2C) of 15.4 trillion cubic feet (Tcf) of dry gas and 453 million barrels of condensate1.

Woodside is targeting a FID on the proposed development in the second half of 2016.

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