Tamarind Resources said Wednesday it had acquired the Rubicon Intrepid FPSO from the owner Rubicon.
The Rubicon Intrepid, converted into an FPSO from a shuttle tanker in 2007/2008, has been operating at the Galoc field offshore the Philippines at SC14C, Northwest Palawan since October 2008.
"To progress Tamarind’s strategy of improving performance from under-exploited fields via operational excellence, now even more critical given the continued volatility and downturn in world oil prices, the Tamarind team has continued to look at innovative ways to maintain oil field profitability. To achieve this, Tamarind has acquired the FPSO Intrepid from its O&M provider Rubicon," Tamarind said Wednesday.
In turn, Tamarind said it was leasing the FPSO Intrepid to the Galoc Joint Venture on terms "that are mutually beneficial to both parties and most importantly, enable the Galoc JV to continue production and the economic life of the Galoc field."
Tamarind did not share the purchase price for the FPSO.
The Galoc oil field, in production since 2008, is located in the Palawan basin - near the Shell-operated Malampaya field, 60 kilometers offshore in a water depth of 290–400 meters. Tamarind owns 55.88% equity and operatorship of the field.
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