Telemark Development Plans Set Aside

Energy Resource Technology, Inc., (ERT) a wholly owned subsidiary of Cal Dive International, Inc. has been advised by Norsk Hydro USA Oil and Gas, Inc., that they will not pursue their development plan for the deepwater discovery known as Telemark in Atwater Valley Block 63 in the U.S. Gulf of Mexico.

ERT did not support that development plan and is now screening its own plans based on the marginal field methodologies that were envisaged when the working interest was acquired. Any revised development plan will have to be approved by the Minerals Management Service (MMS).

Owen Kratz, Chairman and Chief Executive Officer, stated, "Cal Dive regards this situation as an exciting potential opportunity to showcase our unique approach to the development of deepwater marginal fields. ERT intends to take up the designation of operator and present the MMS with a new development plan that will hopefully meet with their approval. This announcement has no impact on the 2006 earnings guidance released earlier this month."

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Gas Storage Reservoir Engineer
Expertise: Petroleum Engineering
Location: Houston, TX
United States Odessa: Sr Field Engineer - Directional Drilling
Expertise: Directional Driller|Drilling Engineering
Location: Odessa, TX
Project Manager, Oil and Gas
Expertise: Petroleum Engineering|Project Management
Location: West Chicago, IL
search for more jobs

Brent Crude Oil : $51.46/BBL 0.61%
Light Crude Oil : $50.52/BBL 0.64%
Natural Gas : $2.83/MMBtu 5.35%
Updated in last 24 hours