THREE60 Energy Group | March 23rd, 2023
THREE60 Energy, a leading independent energy service company offering complete asset life cycle solutions, has been awarded a life of field contract by Matahio Energy’s Philippines operating company NPG.
This covers the provision of certified ship manager and operations and maintenance services for the floating, production, storage and offloading (FPSO) vessel Intrepid Balanghai, located offshore, the Philippines.
THREE60 Energy, which has worked with NPG since 2021 on the Intrepid Balanghai, will continue to provide an experienced offshore leadership team and onshore operations management. This new contract incorporates an innovative commercial model allowing THREE60 Energy and NPG to work collaboratively to achieve their shared goal of reducing operating costs and prolonging field life.
Walter Thain, CEO of THREE60 Energy, said: “This new life of field contract with NPG is testament to our expert team and the strategic relationship built with both Matahio and NPG over the past two years, as well as our extensive operations and maintenance capabilities in the region.
“THREE60 Energy spans entire life of field services through to ultra-late life and decommissioning – a pivotal step in the energy life cycle. We look forward to continuing to work closely with the NPG team to deliver solutions to efficiently support the FPSO’s future operations.”
A life of field contract locks in the operational future of Galoc production without the joint venture or operator relinquishing control over the asset itself, which is vital in late field life management.
Rob Fisher, COO of Matahio Energy, said: “Over the last two years Matahio, NPG and THREE60 Energy’s operations support and technical teams have worked closely together to deliver a step-change in the integrity management of the FPSO Intrepid Balanghai, resulting in its certificate of class being issued through to 2026. Over this period the operation achieved near 100% uptime.
“Under this new contractual arrangement Matahio, NPG and THREE60 Energy are fully aligned to continue to drive down operating costs to maximise field-life, whilst maintaining safety, integrity and production efficiency.
“Importantly, under a life of field contract with THREE60 Energy, Matahio can take a long-term view in managing this infrastructure. In addition to preparedness for future re-deployment, consistency in operations and maintenance support allows Matahio to explore ways to decarbonise FPSO operations with THREE60 Energy’s support, work which is already underway.”
The FPSO Intrepid Balanghai is owned by Matahio Energy and is currently on charter to the Galoc Joint Venture partnership of Service Contract 14C1 (Galoc Field) and is located at the Galoc Field, 60km offshore Palawan, the Philippines.