What is the story about?
What's Happening?
BW Offshore has successfully achieved first gas on its BW Opal floating production, storage, and offloading unit (FPSO), marking a significant milestone for Santos' Barossa LNG project offshore Australia. The BW Opal reached readiness for start-up on September 16, with first gas following on September 20. This achievement triggers 60% of the contractual dayrate under its long-term charter agreement. The FPSO is designed to process up to 850 million standard cubic feet per day of gas and 11,000 barrels per day of stabilized condensate.
Why It's Important?
The successful start-up of the BW Opal FPSO is a major step forward for the Barossa LNG project, which is crucial for Santos' long-term energy strategy. The project is expected to play a central role in unlocking the resource potential of the Barossa field, contributing to energy security in the Asia-Pacific region. This development underscores BW Offshore's capability to deliver complex offshore projects, supporting LNG production and regional energy needs.
What's Next?
Upcoming milestones for the BW Opal FPSO include the Interim Performance Test, which will increase the dayrate to 85%, and Practical Completion, initiating the full 15-year contract period at 100% of the dayrate. These steps will further solidify the project's operational status and financial viability, ensuring continued energy supply and economic benefits.
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