Australia’s Nexus Energy has terminated an agreement for the supply of a floating production and storage ship.
The company signed the agreement in 2007 with Vanguard Oil and Gas International and Viking Shipping to supply the vessel for the Cruz liquids project in Western Australia. The Crux project is a joint venture between Nexus and Osaka Gas containing some 75.2 million barrels of light oil reserves. Crux is expected to produce over 34,000 barrels of light oil per day. According to The Australian, the company has said that the agreement was terminated as Crux was not able to proceed to the final investment decision with the vessel providers. Nexus said it would negotiate an alternative offer from another provider.
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