Deepwater Gulf of Mexico contract for Subsea 7

Subsea 7 S.A. has been awarded a contract in the US Gulf of Mexico by Freeport-McMoRan Oil & Gas in support of its development of the KOQV and Holstein Deep fields. The contract value is in excess of US$ 50 million.

Flexible pipelines and umbilicals

The scope of work covers the installation of flexible pipelines and umbilicals for both fields, with the offshore installation phase expected to be executed by the Subsea 7 vessel the Seven Seas in Q4, 2015. Onshore project management and engineering will be carried out from the company’s Houston office.

Olivier Carré, Subsea 7’s Senior Vice President – Africa & Gulf of Mexico, said: “This is the first deepwater project for Freeport-McMoRan Oil & Gas and we look forward to building and developing our partnership with them. Subsea 7’s track record in managing and executing projects of this nature, working closely with the client, was key to our success in securing this contract.”

Extension of deepwater Gulf of Mexico assets

Last month, Freeport-McMoRan Oil & Gas announced that it had entered into a definitive purchase and sale agreement to acquire certain of Apache Corporation’s interests in the Deepwater Gulf of Mexico, including Apache’s interests in the Lucius and Heidelberg oil production development projects and 11 exploration leases, for US$ 1.4 billion. The deepwater GoM assets being acquired, including Apache’s working interests in the Lucius (11.7%) and Heidelberg (12.5%) oil production development projects, have estimated proved, probable and possible reserves of 55 million boe and several hundred million barrels of oil equivalents resource potential.

Edited from various sources by Cecilia Rehn

Read the article online at: https://www.worldpipelines.com/business-news/16062014/deepwater_gulf_of_mexico_contract_for_oil_and_gas_service_provider_subsea_7/