Ann: Annual Report 2018, page-306

It's normally marketed as a JV not to split shipments to different customers, to avoid conflict on shipment timing to which JV partner, avoid half / partially full tankers, to manage on board FPSO storage (e.g. if a partners tanker is late or delayed it can impact production) and as a minor consideration, marketing costs.

Also if FAR are part of the JV financing, they will be restricted from forward selling in the same way that CNE is restricted from extending their reserves based lending over the SNE reserves as per the CNE conference call.

Forward selling is IMO unlikely to be possible for FAR, more likely from a JV supply agreement they can take out a hedge against oil price and borrow against that cashflow, it's not a pipeline to a set customer, to forward sell separetly they will need to have separate shipping, negotiate an off take schedule with the operator, along with any additional off take cost splits. Forward selling in pipelines is easy, via FPSO it is far more of a challenge if not managed on a JV basis...