Offshore staff
LONDON -- Ophir Energy Co. Ltd. has committed to a multi-well high-impact drilling program following the signing of a series of deepwater rig share agreements. The agreements, totaling $200 million, give Ophir over 14 months of deepwater rig access over a three-year period beginning Q1 2008.
The agreements, concluded with Exxon Mobil Corp. drilling subsidiary Esso Exploration Inc. and Seadrill Offshore A/S, relate to the provision of the ultra deepwater dynamically positioned drillshipWest Polaris. Ophir has secured the use of the West Polaris for 295 days as part of a 36-month contract.
In a further series of agreements with Esso and Larsen Oil & Gas Ltd. on behalf of Venture Drilling A/S, Ophir has secured the use of the dynamically positioned deepwater drillshipDeep Venture. Ophir will have use of the Deep Venture for 135 days as part of an 18-month contract between ExxonMobil and Larsen.
TheDeep Venture will be novated to Ophir for a continuous drilling program beginning in early 1Q 2008. The West Polaris will be assigned to Ophir for three extended programs of approximately 100 days each, beginning in 1Q 2009 and finishing in 1Q 2011.
Ophir operates 12 deepwater exploration licenses in Africa and is a participant in an additional two licenses. The of the drilling program timetable and the number of wells to be drilled will depend on initial drilling results and the ongoing analysis of seismic surveys across Ophir's deepwater portfolio. The company expects the first drilling program to be in the Gulf of Guinea.
In addition to completing its initial drilling obligations and appraising any discoveries, the company might also consider assigning available rig slots from both programs to other operators where this generates further opportunities for Ophir, the company says.
"A global shortage of deepwater drilling rigs is causing a bottleneck for many companies involved in deepwater petroleum exploration. There appear to be more commitments to drill than there are rigs to drill with. These agreements give Ophir the ability to go beyond its commitments in evaluating and appraising its extensive portfolio as well as potentially acquiring access to new opportunities by way of rig assignments. We now have the capacity to drill somewhere in the region of 12 to 15 deepwater wells over the next four years across a variety of plays and petroleum provinces, where each well has the potential to make a significant difference to the company," says Alan Stein Ophir's managing director.
5/15/2007
