Company News.Topaz signs strategic deal in Turkmenistan TOPAZ Energy and Marine, through its subsidiary BUE BUE Buenos Aires, Argentina (Airport Code) BUE British University In Egypt (El Sherouk, Egypt) BUE Built Up Edge (type of defect in machining) Turkmenistan today announced the award of a $14 million contract with MMHE MMHE Malaysia Marine and Heavy Engineering Sdn Bhd MMHE Munitions Materiel Handling Equipment (Malaysian Marine Heavy Engineering). MMHE is operating a JV between Technip and Petronas in the construction and development of the hook up and commissioning of the the Magtymguly Collector Riser (MCR-A) offshore Turkmenistan. The scope of work under the contract will include transportation to support the installation of the topside and pipe lay support from MCR-A to the onshore gas terminal. The end client is Malaysian state-owned oil major Petronas and the contract is expected to pave the way for future awards with both Petronas and Technip. The contract win means Topaz will further solidify so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. its already leading market position in the Caspian. Turkmenistan has proven gas reserves of approximately eight trillion mA, placing it fourth in the world after only Russia, Iran and Qatar. The country sits on several of the world's largest gas fields, primarily in the Amu'Darya basin in the east, the Murgab Basin, and the South Caspian basin in the west. The major international oil and gas companies operating in Turkmenistan are Petronas, Dubai-based Dragon Oil, Maersk, Wintershall and Buried Hill. Petronas has been active in Turkmenistan since 1996 when it signed a 25-year production sharing agreement Production sharing agreements (PSAs) are used primarily to determine the share a private company will receive of the natural resources (usually oil) extracted from a particular country. (PSA (Professional Services Automation) An information system designed to organize, track and manage all opportunities, work, resources, costs, revenues and invoices to improve the productivity and efficiency of the workforce. ) with the Turkmen Government. The PSA covered the exploration, development and production of Block 1, including the Magtymguly (East Livanov), Garagel-Deniz (Gubkin) and Deyarbekir (Barinov) fields. Block 1 is located approximately 80 km southwest of Turkmenbashi. This was the first PSA to be awarded by the government of Turkmenistan and by the end of 2008, Petronas had invested $1.8 billion in Turkmenistan. The Topaz contract will involve Topaz operating seven marine assets worth in excess of $60 million in the Carigali field offshore Turkmenistan. The vessels are three anchor handling tug supply vessels Anchor Handling Tug Supply (AHTS) vessels can supply oil platforms, tow them to location, anchor them up and, in a few cases, serve as an Emergency Rescue and Recovery Vessel (ERRV). (AHTS AHTS Anchor Handling Tug Supply AHTS Anchor Handling Towing Supply Vessel AHTS Anchor Handling Tug Support (vessel) ), two barges for pipe lay support, one fast crew boat and one towing vessel. Copyright 2008 www.tradearabia.com Copyright 2009 Al Hilal Publishing & Marketing Group Provided by Syndigate.info an Albawaba.com company |
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