STATE ENTERPRISES’ INVESTMENT PROGRAMME 2014
20
SUSTAINING GROWTH, SECURING PROSPERITY
installation. In fiscal 2013, the estimate was
revised from $40.5 to $57.4 million of which
$0.7 million was expended and the projection
for the balance of fiscal 2013 is $9.3 million.
For fiscal 2014, $10.0 million was projected
for the completion of the pipeline installation.
The installation is 59% complete.
• Southwest Soldado (SWS) Reactivation
– This infrastructure upgrade is to facilitate
production enhancement initiatives. Phase
I activities include the installation of a
temporary facility to handle base production
and increased oil and gas volumes, the
reactivation of “off” wells and drilling of
approximately eight (8) to ten (10) wells in
Southwest Soldado. Phase 1 is expected to be
completed within two (2) years. A projection
of $230.0 million was estimated for fiscal
2013.
The Top Deck was installed on Riser Platform
10 and completion of stairway, lighting and
painting are expected to be completed
in fiscal 2013. The workmen facilities at
Remote Deck 1, SWS was 90% complete.
The estimated cost of the programme was
revised from $863.3 million to $355.4 million.
For fiscal 2014, $150.0 million was projected
to install additional processing capacity and
new pipeline and facilities to handle additional
production volumes.
• Platform refurbishment
– This is an on-
going programme to upgrade platforms
to maintain structural integrity and safe
operating conditions. The estimated cost
of the programme was revised from $50.0
million to $20.0 million. For fiscal 2014,
$150.0million is projected to install additional
processing capacity and new pipeline and
facilities to handle additional production
volumes.
JOINT VENTURES
The Joint Venture strategies and initiatives
continued to provide the platform for growth and
portfolio optimization. These strategies entail:
• The
commercialization
aspects
of
potential and new joint ventures;
• The management of PETROTRIN’s
interest in the operation phase of the
various joint ventures;
• The
management
of
the
lease
operatorships, farmouts and incremental
production service contracts as well as
the company’s internal lease reactivation
areas; and
• Natural Gas monetization and value
optimization.
PETROTRIN expended $124.7 million on its joint
venture programme for the period October
2012 to March 2013 and has projected $338.3
million for the period April to September 2013.
The projected expenditure for fiscal 2014 is
$371.5 million. The continued activities in this
programme are:
• Teak, Samaan and Poui (TSP) Joint
Venture
– This is a joint venture arrangement
between Repsol, PETROTRIN and NGC. The
projects earmarked for fiscal 2013 entailed
the completion of the Offshore Crude Oil
Treatment Project (OCOT), drilling campaign
in the TSP field, facilities upgrade and
addressing ongoing HSE issues. OCOT was
85% complete and start-up is expected in
fiscal 2013. The company’s contribution for
fiscal 2013 was revised from $15.0 million to
$75.0 million. For fiscal 2014 $75.0 million is
projected.
• Central Block Joint Venture
– This is a
joint venture agreement with BGTT, where
BGTT is the operator. First Gas was achieved
ECONOMIC INFRASTRUCTURE
