GE Oil & Gas and SapuraKencana Well Services have signed a Memorandum of Understanding (MOU) announcing an Asia Pacific-wide agreement to deliver cost-effective light well intervention services, unlocking previously uneconomic subsea intervention activity.
The alliance will enable oil and gas operators to bring wells into production, deliver life-of field intervention services, as well as suspend and abandon these wells later in their life without the need for mobile drilling units.
“The generally prohibitive cost of performing interventions on subsea wells has meant that the volume of hydrocarbons extracted from offshore fields with subsea wells is typically far lower than offshore fields with platform wells,’’ Nick Dunn, Global Leader, Subsea Services & Offshore at GE Oil & Gas, said.
‘’By combining regionally based assets with local infrastructure and support, this strategic alliance will bring a cost-effective light well intervention solution to the market and create immediate value for the Asia Pacific operator community,” Mr Dunn said. “This alliance is an excellent example of the changing market trend where trusting relationships result in added value and cost savings for operators across the globe.”
The MOU signifies the formalization of this exclusive business relationship, which is already in operation with an initial focus on offshore Australia.
“We are very excited to be working with GE Oil & Gas on light well intervention projects in this key growth region where we both have a strong history and presence,” Vivek Arora, Senior Vice President of Engineering & Construction of SapuraKencana Petroleum, said. “Both parties are committed to a long-term relationship where we collaborate with operators in region to fully understand their challenges and provide appropriate enabling intervention solutions.”