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TONO Q10 startup and commissioning Press Release
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TONO Q10 startup and commissioning Press Release

TONO Q10 startup and commissioning Press Release

Tulip Oil Netherlands Offshore BV

15th of Feb, 2019

Tulip Oil announces start-up and commissioning of the Q10 offshore gas development

Tulip Oil Netherlands Offshore B.V. (“Tulip Oil”, “TONO” or the “Company”), a wholly owned subsidiary of Tulip Oil Holding B.V., is pleased to announce the startup and commissioning of the Q10 offshore gas development in the Dutch North Sea.

Initial gas production from the well QA-01 started on February 15, 2019, to be processed at TAQA P15 platform before being sold to Market.

Just 12 months after taking FID on one of the most exciting projects in the Dutch sector, Tulip Oil has started up the Q10 gas field – making it one of the fastest developments from FID to first gas of its kind.

Imad Mohsen, Chief Executive Officer stated: “The performance of Tulip and its contractors has been exemplary and the successful startup comes as a result of an exceptional team, innovative ways to approach challenges and great partnerships.

Following one of the largest gas finds in the last decade in the Dutch North Sea, Tulip has demonstrated it can also successfully execute the largest natural gas project in Holland in 2018, with a perfect safety record, excellent quality while using best in class contractors that have delivered at unheard of cost and schedule.

Throughout the process we benefitted from the support of our equity and bond investors as well as the full technical and financial backing of our JV partner, State-owned Energie Beheer Nederland B.V. (EBN).

We were aiming to be the benchmark to beat for finding and developing hydrocarbons in the future.”

The development required the installation of a 42km pipeline by Allseas B.V. from the Q10A location to the P15d platform for export, which was installed just 6 months after FID. The unmanned offshore platform was built by Heerema Fabrication Group B.V and flawlessly installed offshore in December 2018 using Deme Apollo vessel. In addition to the first discovery well Q10A-01, which has been put on production, up to four additional wells are being drilled by BORR rig, Prospector-1. Production will be slowly ramped up as these wells are put on stream.

“Tulip has delivered as promised to our investors, bondholders and our joint venture partner Energie Beheer Nederland B.V. (EBN). Finishing ahead of schedule and on budget is a great achievement and Q10-A will be the cornerstone production and cash generator for the Company’s future growth”, stated Martin Bell, Chief Finance Officer.

Notes to the Editor:
Tulip Oil Holding B.V. is a privately-held exploration and production operator based in The Hague. The Company operates assets in both the Netherlands and in Germany and is owned by funds advised by GNRI, management and staff.

The Q10 gas field (Previously referred to as Q07A but now renamed to Q10) was discovered in 2015 and lies 20km offshore the Netherlands in a shallow water environment.

Tulip Oil was awarded a production license for the Q7/Q10a blocks on the 24th of July of 2017 by the Dutch Ministry of Economic Affairs.

TONO owns a 60% interest in the Q07a/Q10 block and is the operator. Energie Beheer Nederland B.V. (EBN) holds the remaining interest.

Contact Details:
Email: info@tulipoil.com
Telephone: + 31707470300

Forward-looking Statements

Certain statements included in this announcement contain forward-looking information. By their nature, forward-looking statements involve uncertainty because they depend on future circumstances, and relate to events, not all of which are within Tulip Oil’s control or can be predicted by Tulip Oil. Although Tulip Oil believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Actual results could differ materially from those set out in the forward-looking statements. Any forward-looking statements made herein by or on behalf of Tulip Oil speak only as of the date they are made, euribor and Tulip Oil expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this announcement to reflect any changes in its expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

THIS IS NOT INTENDED FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES OF AMERICA OR ANY JURISDICTION OR COUNTRY WHERE SUCH DISTRIBUTION OR USE WOULD BE CONTRARY TO LOCAL LAW OR REGULATION OR WHICH WOULD REQUIRE ANY REGISTRATION OR LICENSING WITHIN SUCH JURISDICTION.