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Even before oil prices declined over 50 percent over the last year, IOCs and NOCs were faced with the challenge of Capex investments increasing at rates much faster than their commensurate rate of production increases in the search for oil & gas. As we all know by now, extracting hydrocarbons via unconventional methods, such as subsea projects, are more expensive than conventional ones. As the major oilfield service suppliers respond to this precipitous decline in oil prices by laying off thousands of workers, some companies are continuing the trend of developing alliances, which are designed to help owner-operators reduce costs while leveraging their combined expertise and resources to provide high quality solutions.
FMC Technologies Inc. and Technip will launch Forsys Subsea, a 50/50 joint venture that will address the way subsea fields are designed, delivered, and maintained.
Forsys Subsea aims to use the combine the experience of its parent companies to reduce the cost of subsea field development and provide the technology to maximize well performance over the life of the field. By combining its parent companies' technologies, the company aims to reduce the interfaces of the subsea umbilical, riser, and flowline systems (SURF) and subsea production and processing (SPS) systems. It also plans to simplify the seabed layout, to reduce complexity, accelerate time to first oil, and maximize sustainable peak production.
Forsys Subsea will focus on:
- Early involvement in the concept selection phase of front-end engineering and design.
- Integrated life-of-field well surveillance, monitoring, data interpretation, and advisory services.
- Joint research and development to drive technological innovations that will boost efficiency and further reduce development costs.
In addition, the alliance says it will be positioned to deliver and install subsea infrastructure, from seabed to topsides by eliminating interfaces and by integrating SPS with SURF.