Abstract
The scope of this paper discusses the development of Offshore Wellhead Facilities within PETRONAS Group of Companies to mitigate the development of marginal offshore fields during low and volatile oil prices, as well as a case study of its first implementation at Field T, offshore Peninsular Malaysia. As the oil price plunged from USD 115/barrel to USD 27/barrel (Brent) in 2014, PETRONAS’ flagship marginal field operator, Vestigo Petroleum Sdn Bhd faced challenges to develop fields within its portfolio. It instigated a new way of field development, which includes a portfolio-based view, accelerated monetization, uncertainties reduction and better control of scope and cost. Uncertainties on the facilities design are narrowed and greater focus could be allocated to manage subsurface uncertainties during planning stage. Uncertainties on the facilities design are narrowed and greater focus could be allocated to manage subsurface uncertainties during planning stage. PETRONAS has since adopted this approach for other field development types e.g. near field developments, redevelopment of existing fields and stranded fields.
