FASTsubsea is a joint venture (JV) between Aker Solutions and FSubsea.
According to the agreement, Petronas Research will support the development and testing programme while FASTsubsea is bringing the product to the market in 2022.
"Getting this participation from a large operator such as Petronas is a significant achievement, not least given current industry conditions," said John Macleod, chief technology officer of Aker Solutions.
According to Alexander Fuglesang, managing director of FASTsubsea, the FASTsubsea technology allows operators to more rapidly extract additional hydrocarbons from existing offshore wells and installed infrastructure. End users are drawn to the technology as increased recovery now can be done in a much more sustainable way, and at up to 50% lower CAPEX investment than conventional subsea pumping systems, which is key in this market environment.
The participation from Petronas Research comes in addition to a NOK11 million commitment from the Research Council of Norway and allows engineering activities to start immediately. The project is still open for two further operators to join as JIP partners, which would provide the opportunity to influence and gain early access to the technology.
Image courtesy of Aker Solutions.
Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/11082020/petronas-joins-subsea-pump-jip/