ABSTRACT:

This paper summarizes a number of different development models and three major development concepts for offshore oil field developments that may be applied throughout the world. Concept 1, considers offshore facilities connected to a floating production storage and offloading (FPSO) tanker; Concept 2 considers offshore facilities connected by a pipeline to an onshore receiving terminal; Concept 3 considers offshore facilities connected by a pipeline to existing infrastructure located in the surrounding area. Based upon the same oil and gas reserves and production profiles, the three concepts were compared in terms of investment cost and economic return on investment. The results show that Concept 3, a development concept using existing infrastructure, is the most economical when the existing infrastructure is located within a reasonable distance from the new developments. The relative merits and project economics of Concepts 1 and 2 are greatly influenced by factors including the size of the reserves, water depth, distance to shore etc. This paper is useful in determining the optimal development concept, and it provides guidance for the preparation of an overall development plan.

INTRODUCTION

The purpose of this paper is to study offshore oil field's development cost in South China Sea under different conditions. These conditions include water depths of 100m, 500m, 1000m, 1500m and 2000m; various sizes of the reserves and 13 development options. The paper then proposes an optimal development concept for the environment conditions in the South China Sea. South China Sea lies in the semitropical zone. Average temperatures about 24 ° C for a year, July or August experiences the highest temperature of 36 °C, and January or February experiences the lowest temperature of 7°C. Annual rainfall is 1500mm, and average humidity is over 80%.

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