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Addax Petroleum Announces Sail Away of Knock Adoon FPSO to Nigeria

Source: www.gulfoilandgas.com 4/25/2006, Location: Africa

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Addax Petroleum's subsidiary Addax Petroleum Development (Nigeria) Ltd. held a Sail Away Ceremony for the Knock Adoon FPSO (Floating Production, Storage and Offloading vessel) at the Dubai Drydocks Shipyard.

The Knock Adoon FPSO will replace the current Knock Taggart FPSO as Addax Petroleumís new key crude oil production, storage and export facility in its fields in OML123, offshore Nigeria. Designed to store a minimum of 1,700,000 barrels of crude oil, the Knock Adoon FPSO also offers a processing capacity of 60 mbbls/d (sixty thousand barrels per day) of crude oil and a total liquids (oil and water) processing capacity of 140 mbbls/d. Incorporated in this facilities upgrade and expansion is an off-loading buoy terminal to more efficient crude offloading and to accommodate larger tankers.

The contract for the provision of the FPSO was awarded to Fred Olsen Production AS. Upgrade works were carried out in the Dubai Drydocks Shipyard in preparation for vessel mobilisation to Nigeria. The vessel is expected to depart from Dubai in May. Addax Petroleum has the vessel under contract for an initial eight year period with options to extend.

The Knock Adoon FPSO is the third FPSO contracted by Addax Petroleum in Nigeria after the Knock Taggart FPSO, chartered from Fred Olsen Production, in OML123 and the Sendje Berge FPSO, chartered in 2005 from Sendje Berge Ltd in OPL90.

About OML123
OML123 is the Corporationís largest property as measured by reserves and production. It is located offshore approximately 70 km south of the town of Calabar, Nigeria and covers an area of 90,700 acres (367 km2) in water depths ranging from 3 to 40 m on the eastern edge of the Niger Delta. In March 2006, oil production from OML123 was in excess of 50 mbbls/d.

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Related Categories: Diving Contractors  Dredging  FPSO Vessels and Equipment  General  Marine Services  Mooring Systems  Offshore Platforms  Subsea Production 

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