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Tulip Oil Announces Start-up and Commissioning of the Q10 Offshore Gas Development

Source: www.gulfoilandgas.com 2/15/2019, Location: Europe

Tulip Oil Netherlands Offshore B.V., a wholly owned subsidiary of Tulip Oil Holding B.V., has announced the startup and commissioning of the Q10 offshore gas development in the Dutch North Sea.

Initial gas production from the well QA-01 started on February 15, 2019, to be processed at TAQA P15 platform before being sold to Market.

Just 12 months after taking FID on one of the most exciting projects in the Dutch sector, Tulip Oil has started up the Q10 gas field – making it one of the fastest developments from FID to first gas of its kind.

Imad Mohsen, Chief Executive Officer stated: “The performance of Tulip and its contractors has been exemplary and the successful startup comes as a result of an exceptional team, innovative ways to approach challenges and great partnerships.

Following one of the largest gas finds in the last decade in the Dutch North Sea, Tulip has demonstrated it can also successfully execute the largest natural gas project in Holland in 2018, with a perfect safety record, excellent quality while using best in class contractors that have delivered at unheard of cost and schedule.

Throughout the process we benefitted from the support of our equity and bond investors as well as the full technical and financial backing of our JV partner, State-owned Energie Beheer Nederland B.V. (EBN).

We were aiming to be the benchmark to beat for finding and developing hydrocarbons in the future.”

The development required the installation of a 42km pipeline by Allseas B.V. from the Q10A location to the P15d platform for export, which was installed just 6 months after FID. The unmanned offshore platform was built by Heerema Fabrication Group B.V and flawlessly installed offshore in December 2018 using Deme Apollo vessel. In addition to the first discovery well Q10A-01, which has been put on production, up to four additional wells are being drilled by BORR rig, Prospector-1. Production will be slowly ramped up as these wells are put on stream.

“Tulip has delivered as promised to our investors, bondholders and our joint venture partner Energie Beheer Nederland B.V. (EBN). Finishing ahead of schedule and on budget is a great achievement and Q10-A will be the cornerstone production and cash generator for the Company’s future growth”, stated Martin Bell, Chief Finance Officer.

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