Senergy Expands Operations of New Wellshare Model

Following the launch of a new Wellshare product last year, Aberdeen-based Senergy Limited has signed additional deals with Operators forecast to be worth around £75 million for the delivery of well programs using semi submersible drilling rigs contracted from Dolphin Drilling and Stena Drilling.

The semi-submersible drilling rig, Byford Dolphin, has commenced work in the UK North Sea and over coming months will drill for a number of Senergy clients including Granby Oil and Gas, Chrysaor and Century. This comes after a very successful contract with Ithaca Energy and Petrofac Energy Developments in 2007.

This new contracting model is proving so attractive to operators that Senergy has extended its reach in this area with a further Stena Drilling contract due to commence in June on a multi-client program with the newbuild Stena Carron. As well as sub-contracting the rigs, Senergy teams are operating them, combining geological, reservoir and well engineering and operations expertise to optimize production and realize asset value

Dave Reed, managing director of Senergy Limited, summed up the success of the Wellshare program by saying: "This is an extremely effective way of the industry working in partnership to increase productivity in the North Sea. From our perspective, we are not only able to offer an additional service to our existing clients, we are also engaging with new companies, unlocking unrealized potential in their existing wells. Our own capabilities are enhanced by all of our disciplines working together to best effect, and the business model is proving to work for all concerned.

"To that end we have plans to expand in this arena, assisting more operators to increase productivity by realizing greater reserves at reduced overall costs."

Senergy’s Wellshare contracting model links payment terms to overall project performance, including seismic acquisition, subsurface analysis and well construction design, and execution management.

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