UK-based Apollo has secured a significant contract from NEO Energy for a Front-End Engineering Design (FEED) study for the redevelopment project in the Greater Buchan Area.
The FEED study will support NEO Energy’s plans to repurpose and redeploy an existing FPSO vessel, currently in the North Sea, for the Greater Buchan Alpha Redevelopment project.
Apollo’s FEED study, which supports up to 40 staff, covers asset repairs and modifications for the FPSO, along with late-life extension procedures, from a process and marine perspective.
In addition, the engineering company will integrate complex electrical infrastructure into the vessel, making it electrification-ready by accepting power from renewable sources.
The project is expected to support the asset’s long-term performance and align with emission reduction targets set out in the North Sea Transition Deal and the UK’s Net Zero Strategy.
Apollo managing director Richard Bell said: “We are pleased to secure this contract from NEO Energy and look forward to working in partnership to deliver this critical FEED study.
“The contract underpins the competency and quality of the engineering team at Apollo. This is a unique and exciting project, with the aim of repurposing and redeploying an existing asset with the latest technology and innovative infrastructure.”
Recently, British oil and gas company Serica Energy, through its subsidiary Serica Energy (UK), has agreed to acquire a 30% stake in the NEO Energy-operated Greater Buchan Area licences (GBA).
The company will acquire the non-operated stake in GBA (production licences P2498 and P2170) from Jersey Oil & Gas (JOG) through a farm-in transaction.
The transaction is expected to be completed in early 2024, subject to regulatory, partner and interested party approvals.
Once complete, Serica Energy (UK) and JOG will hold 30% and 20% stakes in the GBA, respectively, and its operator NEO Energy will continue to hold 50% interest.
