The board of Red Emperor Resources NL said May 5 that Otto Energy Ltd., its joint-venture partner in Block SC55 in the Palawan Basin offshore Philippines, executed a binding contract with Maersk Drilling to secure a drillship.
The companies will secure the Maersk Venturer ultradeepwater drillship to drill the Hawkeye-1 exploration well.
The Hawkeye prospect was identified on 2-D seismic in 2007 and further defined with a 600 sq km 3-D seismic in late 2009. It could hold about 480 MMbbl of oil.
The companies’ drilling window will be between July 17 and August 15. The companies will secure key services and equipment, and prior to this window, Maersk Venturer will be at the drilling location. The well will take about 23 days to drill, Red Emperor said. Most of the services are already contracted.
Final costs are being completed, and the total will range between US$30 million and $35 million. This cost is a dry hole estimate - if the well hits hydrocarbons, well logging and other evaluation will take place. The well cost exposure is capped at about US$5.6 million.
SC55 is in a 9,880 sq km area in the middle of a proven oil and gas fairway stretching from the productive offshore Borneo region in the southwest to the offshore Philippine production assets northwest of Palawan.
Recommended Reading
Phillips 66 Reaches Milestone at San Francisco Bay Area Refinery
2024-04-02 - By the end of second-quarter 2024, Phillips 66 aims to have the complex finished and producing more than 50,000 bbl of renewable fuels.
Braya Renewable Fuels Begins Commercial Operations at Revamped Refinery
2024-02-23 - The Come By Chance refinery in Newfoundland and Labrador produces renewable diesel instead of petroleum diesel.
Chevron, Brightmark JV Opens RNG Facility in Arizona
2024-04-10 - Eloy RNG produces RNG using anaerobic digesters at the Caballero Dairy in Arizona, Brightmark said April 10.
Shell Taps Bloom Energy’s SOEC Technology for Clean Hydrogen Projects
2024-03-07 - Shell and Bloom Energy’s partnership will investigate decarbonization solutions with the goal of developing large-scale, solid oxide electrolyzer systems for use at Shell’s assets.
Energy Transition in Motion (Week of March 1, 2024)
2024-03-01 - Here is a look at some of this week’s renewable energy news, including Chevron’s plans for a solar-to-hydrogen facility in California.