CNOOC (China National Offshore Oil Corporation) has extended its EPC (Engineering, Procurement, and Construction) framework agreement with the Australian company Worley for another 5 years. This agreement allows Worley to continue providing EPC services for CNOOC's offshore assets in the UK continental shelf.
Details of the Agreement and Services Provided
Under this extended agreement, Worley will continue to provide services including engineering, procurement, construction, commissioning, completion, and decommissioning of projects. These services range from similar replacements to complex modifications in existing projects as well as larger projects. This agreement clearly demonstrates Worley's long-term commitment to the North Sea region and the Aberdeen area, supporting the ongoing development of the region's energy supply chain.
Past Performance and Future Outlook
Over the past 12 years, Worley has executed over 1,100 work scopes under the previous agreement, helping CNOOC maintain the integrity and performance of its offshore assets. During this time, Worley has completed over five million hours of work without lost time incidents, demonstrating the company's strong focus on safety and efficiency.
Graham Swan, Senior Vice President of CNOOC in the UK, stated: “As offshore assets mature, operators are increasingly seeking flexible delivery models that balance operational performance, asset integrity, and long-term value, and Worley is well positioned in this regard.”
This extension of the agreement not only helps strengthen the relationship between CNOOC and Worley but also serves as a positive sign of the ability of both companies to manage complex and large projects in the North Sea. This move, particularly in the current market conditions facing various challenges, could have positive impacts on the energy supply chain in the region.
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