Construction starts on Agbami FPSO

Star Deep Water Petroleum Limited, an affiliate of Chevron Corporation, has commenced the construction of the FPSO vessel for its Agbami Field, valued at $1.1 billion. The vessel is being built at Daewoo in South Korea.

The contract for the FPSO was awarded to DSME in February 2005 and the vessel is due to sail to the field location, offshore Nigeria, in late 2007. The Agbami Field, located in water depth of approximately 1,500 meters, will be an all-subsea development, with wells tied back to the FPSO vessel which will have processing capabilities of 250,000 barrels per day of oil and capable of storing about 2.15 million barrels of oil. It will also handle about 450 million standard cubic feet per day (mmscfd) of natural gas.

Other partners in the project include Texaco Nigeria Outer Shelf Inc. (a Chevron affiliate), Petroleo Brasileiro Nigeria Limited, Statoil Nigeria Limited, Famfa Oil Limited, and the Nigerian National Petroleum Corporation (NNPC).