MODEC Bags Jubilee FPSO Lease

MODEC announced that an agreement had been reached between it and partners on Ghana’s Jubilee Field for the use of a floating production storage and offloading (FPSO) vessel. The agreement was entered into with Tullow Ghana Ltd., Unit Operator, on behalf of the Jubilee Field partners: Kosmos Energy Ghana, Anadarko Petroleum, EO Group, Sabre Oil and Gas, and the Ghana National Petroleum Corporation (GNPC).

The contract covers the lease of a MODEC FPSO for seven years with 13 one-year options. The FPSO, part of the Phase 1 development plan, will be installed in approximately 1,100 meters water depth on the Jubilee Field. The vessel will have the capacity to process more than 120,000 bpd, and inject more than 230,000 bpd of water and 160 Mmcf of gas per day.

The Jubilee Field is expected to produce first oil in 2010.

Kenji Yamada, President & CEO of MODEC, Inc., said, “MODEC is very proud to have been selected by the Jubilee Unit partners and GNPC to provide and operate the Jubilee FPSO, a world class facility on a world class field.  We are equally pleased to be a part of the team that will provide a needed energy resource to benefit the people of Ghana.”

Rick Hall, President of MODEC International, Inc., added,  “The Jubilee award represents a significant milestone for MODEC in assisting Tullow and its partners to develop a world class oil field while also strengthening MODEC’s infrastructure in West Africa.  Following the Jubilee Phase 1 FPSO award along with the recently awarded FPSO to be installed offshore Angola, MODEC will have operations in Ghana, Angola and Cote d’Ivoire with additional MODEC supplied facilities operating in Nigeria, Equatorial Guinea, Cameroon and Gabon.”