Carnarvon Petroleum Picks Valaris Rig for Buffalo-10 Well
Oil and gas firm Carnarvon Petroleum has hired the Valaris JU-107 jack-up for the drilling of the Buffalo-10 well offshore Timor-Leste.
Carnarvon Petroleum said on Thursday that the drilling of the Buffalo-10 well was expected to start once the rig has completed its current operations.
The rig is currently operating in the Timor Sea, around 185 miles from the Buffalo location, and is expected to be completing those operations in around 8 to 10 weeks. Once these operations are complete, the rig will mobilize to the Buffalo location to start drilling the Buffalo-10 well.
The final well timing will be subject to securing the remaining drilling support services and equipment, and joint venture and regulatory approvals, all of which, according to Carnarvon, are well progressed.
“We are delighted to have signed the contract with Valaris to drill the highly anticipated Buffalo-10 well later this year. Having secured a rig that is currently in operation is hugely beneficial in terms of the direct continuation of drilling and associated services,” Carnarvon Managing Director and CEO Adrian Cook said.
“The Carnarvon team has previous experience with this drilling unit as it drilled the transformational Dorado-1 discovery for Carnarvon in 2018. Carnarvon is looking forward to similar success for the Buffalo-10 well,” he added.
It is worth pointing out that Carnarvon signed a letter of intent for a rig to drill the Buffalo-10 well in late June but at the time did not disclose the name of the driller or the rig. According to data from Bassoe Analytics, the dayrate for the Valaris JU-107 will be $115,000 while the operations should last 31 days.
“The signing of the rig contract marks another significant milestone for the company as we move towards drilling and subsequent redevelopment of the Buffalo field. The Carnarvon team looks forward to working closely with Valaris to deliver the Buffalo-10 well safely and efficiently,” Cook further stated.
The Buffalo field was discovered in 1996 by BHP and was developed using four wells drilled from a small, unmanned wellhead platform which was tied back to an FPSO. It was decommissioned in 2005 due to low oil prices and limitations on seismic processing capability. All facilities were removed and wells plugged.
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