LETTER OF INTENT BETWEEN FIRST CRUDE OIL LTD & DOWTEC PTE LTD.
We are pleased to announce that First Crude Oil Ltd of Norway and DOWTEC Pte Ltd of Singapore have signed a letter of Intent to form a JV agreement for services and products.
First Crude Oil Ltd is a UK/Norwegian based international subsea EPC provider. FCO Ltd has representation in the UK, Norway and the Philippines. Our key service is subsea field development and subsea engineering.
Together with our partners in the FCO network, Jotne E&P, Subsea Norway, First Crude Engineering Products and Marine BP we offer low CAPEX subsea solutions.
First Crude Oil Ltd key focus is to develop cost effective and environmental friendly subsea concepts creating added value for our clients by reducing overall project cost.
Dowtec Pte is a Singaporean based company that is in the business of providing engineering solutions for produced water and effluents treatment in oil & gas sector with extensive wealth of experience in designing, building and operating medium to large utility based projects. what makes dowtec different from other technical solution providers is on front-end engineering to deliver “sustainable solution[s]” to the oil & gas clients with emphasis in cradle to regeneration and with “right fit” commercial arrangements.
DOWTEC is continuously looking at ways of improving the clients’ profit margins by introducing better effluent treatment processes that deliver high yield - quality water for the purpose of discharging to the environment as well as for Water Flooding and Enhanced Oil Recovery Projects.
With most of existing oilfields entering the mature phase, oil companies are opting for secondary injection or tertiary EOR projects to extend life of the oilfields which translate to better Ultimate Recovery.
First Crude Oil together with Dowtec Pte will finalize the development of a common system for handling of drill cuttings and drill fluids. The system will be made available to the international oil and gas industry to solve the environmental problems with disposal of drilling cuttings and drill fluids.
First Crude Oil Ltd will also promote DowTec’s services and products in their theatre of business namely European and markets outside Europe. DowTec will also reciprocate the same arrangements with First Crude Oil Ltd, Norway.
The JV is to capture the capabilities, working structure and relevant commercial agreements between the two companies.
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First Crude Oil Ltd, offices in the UK, Norway and the Philippines
