TechnipFMC has been awarded a significant integrated engineering, procurement, construction and installation (iEPCI) contract by Woodside Energy Ltd. on April 20 for the development of the Lambert Deep and Phase 3 of the Greater Western Flank fields, located offshore Northwestern Australia.
TechnipFMC will design, manufacture, deliver and install subsea equipment including subsea production system, flexible flowlines and umbilicals for connection to the Angel platform.
This is the second contract under the recently announced five-year iEPCI frame agreement between TechnipFMC and Woodside.
“We are delighted to have been awarded another iEPCI project through our frame agreement with Woodside. This is Woodside’s second consecutive award adopting our Subsea 2.0 platform, confirming our common ambition to transform subsea economics through integration, standardization and configurability,” Arnaud Pieton, president subsea at TechnipFMC, said.
The Angel platform is located about 120 km north-west of Karratha and is connected to the North Rankin Complex via a 50 km subsea pipeline.
For TechnipFMC, a “significant” contract is between $75 million and $250 million.
The Paris-based IEA slashed its 2020 oil demand outlook by 140,000 bbl/d to 91.9 million bbl/d, its first downgrade in several months.
The natural decline rates of existing oil and gas wells across major shale plays in the U.S. will contribute to a tighter supply/demand balance.
Oil production dropped by 1.99 million barrels per day, or 16.6%, in May compared to April, EIA data show.