Gas floater onto Indonesia radar

Four top-tier floating production companies are in the hunt to provide Kangean Energy Indonesia with a gas floating production, storage and offloading vessel for the Terang Sirasun Batur (TSB) fields off East Java.

Monaco-based SBM Offshore, Japan’s Modec, and Norwegian pair BW Offshore and Fred Olsen Production have just submitted technical proposals for the floater, and commercial bids will follow in due course. The TSB project has been on-and-off for some years, and the operating company, Kangean Energy, would like first gas in 2010, although 2011 is more likely, said sources. The TSB fields will produce at a peak rate of 300 million cubic feet per day of gas, with all volumes feeding the domestic market for 18 years. The fields will also produce some associated liquids. The gas FPSO is potentially a large contract, with estimated capital expenditure of $300 million, and a multi-year lease deal.

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