The Terra Nova FPSO has been fueled up and is preparing to leave Bull Arm for the Grand Banks.
This after an extensive refit which began in Spain and concluded in Newfoundland.
Long-time oil industry consultant Rob Strong estimates the cost to be around $500 minion, covered by the federal and provincial governments—about $200 million from the feds and $300 million in forgiven royalties by the Government of Newfoundland and Labrador.
Rob Strong File Photo
The tentative tow-out date is Friday but Strong says everything is dependent on weather.
A “spider buoy,” which is on the ocean floor, fits into the hull of the vessel. The partners on the project are not expecting any production in 2023 but Strong sees that as an unusual amount of time to be sitting offshore without producing.
He expects several vessels to accompany the rig both on the trip and at the Terra Nova field.
