US oilfield services group Foster Wheeler (Nasdaq:FWLT) has been awarded the pre-front-end-engineering design (pre-FEED) and front-end-engineering design (FEED) contracts for the Perla natural gas development offshore Venezuela.
Located on the Cardon IV Block in the shallow waters of the Gulf of Venezuela in the Caribbean Sea, the Perla natural gas field is operated by the Cardon IV SA, which is a 50/50 joint venture company owned by Italian producer Eni and Spanish oil company Repsol. Venezuela's state-run oil company PDVSA has a 35 percent back-in rights to the field that it can exercise during the production phase.
The development will involve new production facilities at the Perla natural gas field, including offshore facilities, trees, controls, processing, subsea flowlines and export pipelines, as well as an onshore gas processing plant and a tie-in to an existing gas and condensate pipeline system.
Discovered in 2009 in 60 meters of water, the Perla gas field was confirmed with the Perla-2 appraisal well, which increased the resource size on the field by more than 30 percent. Flowing both natural gas and condensate, the Perla-2 well led Eni to describe the field as "a world-class discovery, one of the most significant in recent years and the largest ever in Venezuela."
The JV looks to fast-track the Perla development with first production of 300 MMscf/d scheduled for early- to mid-2013.