TULSA, Oklahoma – Marubeni Corp. has agreed to acquire 49% interest in Williams Partners' (NYSE:WPZ) first Gulfstar FPS project.
Upon closing of the agreement, expected in 2Q 2013, Marubeni will fund $225 million in capex and follow with monthly capex representing the 49% interest.
Gulfstar FPS is Williams Partners' proprietary floating production system. The initial Gulfstar FPS, which has been under construction since late 2011, will support Hess Corp. (NYSE: HES) and Chevron (NYSE: CVX), with production handling, export pipeline, oil and gas gathering, and gas processing services the Tubular Bells field development in deepwater eastern Gulf of Mexico.
The Gulfstar FPS will tie into Williams Partners' wholly owned oil, gas gathering and processing systems in the eastern Gulf of Mexico. Williams Partners also expects the initial Gulfstar FPS to be capable of serving as a central host facility for other deepwater prospects in the area.
The initial Gulfstar FPS is expected to be placed into service in mid-2014. Williams Partners expects to develop additional Gulfstar FPS projects in the future.
Gulfstar FPS is expected to have an initial capacity of 60,000 b/d of oil, up to 200 MMcf/d of natural gas, and the capability to provide seawater injection.
The facility is a spar-based floating production system with a three-level topsides mated to a classic spar hull. This standard design was selected to reduce the time from discovery to first oil.
This Gulfstar FPS is the first spar-based floating production system with major components being built entirely in the U.S. Gulf Coast area. Fabrication of the hull is taking place in Aransas Pass, Texas. The topsides fabrication will take place in Houma, Louisiana.
See a video description of the Gulfstar project by clicking here.