Tulsa, Oklahoma-based Williams Partners L.P. (WPZ) received a letter of award from U.S. integrated oil company Hess Corporation (HES), as per which the former will provide production handling services to Hess Corp. at the Tubular Bells field in the eastern deepwater Gulf of Mexico (GoM).
Williams Partners will provide its proprietary Gulfstar floating production system (FPS) − Gulfstar FPS − to the Hess-operated Tubular field in 4300 feet water depths at Mississippi Canyon block 725. Hess partners heavyweights like BP Plc (BP) and Chevron Corp. (CVX), each holding 30% interest at Tubular Bells, but holds operatorship with a 40% interest. The field is slated to commence its production in 2014.
Under the latest contract, the partnership is responsible for the design, construction and installation of its spar-based floating production system –– Gulfstar FPS. The facility will utilize traditional three-level topsides mated to a classic spar hull and has a capacity of 60,000 barrels of oil and up to 200 million cubic feet of natural gas, on a daily basis. The latest design is expected to facilitate prospective customers to trim their cycle time from discovery to first oil.
Williams Partners has contracted Gulf Island Fabrication Inc. subsidiary, Gulf Marine Fabricators, for the construction of the hull portion of Gulfstar FPS near Corpus Christi, Texas. An undisclosed Gulf Coast fabricator will also be awarded for the topsides work portion of the rig. This will be a pioneering spar-based floating production system to be built entirely in the U.S. Gulf Coast area.
Williams Partners is an energy master limited partnership engaged in gathering, transportation, treating, and processing of natural gas as well as the fractionation and storage of natural gas liquids. With Gulfstar device, deepwater producers can develop fields utilizing proven and reliable wet-tree technology, thereby expanding the partnership’s deepwater footprint.
Williams Partners remains well positioned for further growth, given its geographically diverse assets, a sizable project backlog as well as its sound distribution history. The company currently holds a Zacks #3 Rank, which is equivalent to a short-term Hold rating.
BP PLC (BP): Free Stock Analysis Report
CHEVRON CORP (CVX): Free Stock Analysis Report
HESS CORP (HES): Free Stock Analysis Report
Be the first to comment