The contract, which is effective 1 February 2023, incorporates an innovative commercial model allowing NPG and THREE60 to work collaboratively with the shared goal of reducing operating costs and prolonging field-life. A life of field contract locks in the operational future of Galoc production without the JV / Operator giving up any control over the Operation itself; which is vital in late field-life management.

THREE60 will continue to provide an experienced offshore leadership team and onshore operations management. This team will work side by side with NPG’s operations team, which undertakes all contracting and procurement and provides local logistical support. Long-term strategy for the asset is further supported by Matahio’s corporate team. Matahio is currently identifying future deployment opportunities for the FPSO. This new life of field contract with THREE60 will allow Matahio to effectively balance the needs of the Galoc field and FPSO preparedness to unlock future developments in the Philippines and SE Asia.

THREE60, NPG and Matahio are co-located in Manila, Singapore, and Kuala Lumpur, with additional support provided on an ad-hoc basis from THREE60’s Technical Authorities based in Aberdeen, UK.
Matahio Energy, through NPG, hold a 79% interest in Galoc, alongside domestic partners.

The Fpso Intrepid Balanghai is owned by Matahio Energy and is currently on charter to the Galoc Joint Venture partnership of Service Contract 14C1 (Galoc Field).

Rob Fisher, COO of Matahio Energy, says, “Over the last two years Matahio, NPG, and THREE60’s operations support and technical teams have worked closely together to deliver a step-change in the integrity management of the FPSO Intrepid Balanghai, resulting in its C ertificate of Class being issued through to 2026. Over this period the operation achieved near 100% uptime.

“Under this new contractual arrangement Matahio, NPG, and THREE60 are fully aligned to continue to drive down operating costs to maximise field-life while maintaining safety, integrity, and production efficiency.

“Importantly, under a life of field contract with THREE60 Matahio can take a long-term view in managing this infrastructure, consistent with its global focus on innovation in energy transition and on broader decarbonisation of its Asia Pacific business. In addition to preparedness for future re-deployment, consistency in O&M support allows Matahio to explore ways to decarbonis e FPSO operations with THREE60’s support, and this work is already underway.”

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