Exxon Tries to Put the Worst Behind it With $20 Billion Writedown
By Jennifer Hiller HOUSTON, Nov 30 (Reuters) – Exxon Mobil Corp on Monday said it would write down the value of natural gas properties by $17 billion to $20 billion,...
Daewoo Shipbuilding & Marine Engineering Co., South Korea’s No. 2 shipbuilder, has completed construction of the world’s largest floating production storage and offloading unit (FPSO).
The FPSO is designed to receive, process and store oil or natural gas and can be maneuvered to serve different locations.
The 120,000 deadweight-ton vessel, measuring 325 meters long and 61 meters wide, will be able to process 220,000 barrels of oil, or 4.4 million cubic meters of gas a day, and store up to 1.9 million barrels of crude oil.
The FPSO, christened as “Pazflor,” will be deployed in August for the Clov project in Angola.
In 2007, Daewoo Shipbuilding won a 2.6 trillion won (US$2.32 billion) deal from Total SA of France to build the FPSO.
Total, Europe’s third-largest oil producer, is seeking to push ahead with the Clov project in Angola, which calls for the development of a four-field cluster on the northwest sector of the African country’s offshore block 17.
[Image via [email protected]]
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