Syntroleum Corp., Tulsa, has signed a letter of intent to form a joint venture with Bluewater Energy Services BV to develop and finance gas-to-liquids plants on offshore floating production, storage, and offloading (FPSO) vessels.
By using this GTL/Oil FPSO technology concept, companies can develop offshore gas reserves (stranded gas) that otherwise would be uneconomical and in the process avoid costs of reinjection of natural gas back into the reservoir.
The purpose of the joint venture is to develop, construct, own and operate GTL/Oil FPSO vessels. The companies are working together to identify projects that will allow the joint venture to participate in the upstream development of oil and gas reserves and the downstream processing of those at offshore locations. A detailed feasibility study conducted by the companies has addressed a design of up to 17,000 barrels per day of Fischer-Tropsch (FT) products, 40,000 barrel per day of crude oil, and 10,000 barrels per day of condensate on a FPSO vessel, which would include around 2.3 million barrels of storage capacity. The GTL/Oil FPSO study follows Syntroleum’s work with its GTL barge concept for shallow water.
Resource: Syntroleum/Bluewater to Form Joint Venture, Bluewater press release, March 6, 2006
The Energy Blog: Floating Gas-to-Liquids Plants Proposed