Aker Solutions and FSubsea form oil recovery company

Umar Ali 10 April 2019 (Last Updated April 10th, 2019 11:37)

Norwegian engineering company Aker Solutions has partnered with subsea boosting company FSubsea to set up a venture focused on oil recovery.

Aker Solutions and FSubsea form oil recovery company
FASTSubsea is expected to cut costs and reduce carbon emissions for oil and gas companies. Credit: FSubsea.

Norwegian engineering company Aker Solutions has partnered with subsea boosting company FSubsea to set up a venture focused on oil recovery.

The new company, FASTSubsea, combines FSubsea’s Hydromag coupling system and Aker Solutions’ hydraulic technology to create what the company describes as “the world’s first ‘topside-less’ multiphase boosting system.”

This boosting system is expected to cut capital expenditure by half and enable subsea boosting in areas without available topside space, allowing oil and gas companies to use existing wells more efficiently and reduce carbon dioxide emissions.

FASTSubsea managing director Alexander Fuglesang said: “Creating FASTSubsea enables us to increase our speed to the market, reduce risk and reduce investment in multiphase test facilities.”

The companies claim FASTSubsea’s solutions will enable the spread of subsea boosting technology, which rarely sees use due to topside equipment requirements on platforms and vessels.

In a statement, FSubsea said: “Multiphase subsea pumping technology has the potential to increase oil recovery rates by more than 20 percent, but cost, space limitations and sometimes complex solutions means multiphase pumps are installed in fewer than 30 of the world’s 1,500+ offshore fields.

“With FASTSubsea, this is about to change.”

Aker Solutions and FSubsea each hold 50% of the shares in FASTSubsea, with the board of directors having an equal number of FSubsea and Aker Solutions representatives.

FSubsea and Aker Solutions will continue to sell their separate subsea boosting products directly to the marketplace. FASTSubsea’s multiphase pump will be marketed towards subsea operators and integrators through Aker Solutions as well as through the combined venture.

Aker Solutions chief technology officer John Macleod said: “Combining Aker Solutions’ subsea systems expertise and multiphase test facility with FSubsea’s Hydromag technology and lean mindset will benefit both companies.

“FASTSubsea has the potential to become a valuable addition to our portfolio of boosting recovery solutions.”

The agreement is subject to approval from Norwegian competition authorities.