First Orphan Basin Oil Exploration for mid-August

Tuesday, August 01, 2006
In mid-August, Chevron Canada will drill the first exploratory well in the Orphan Basin. According to industry experts, the exploration of the Orphan Basin could mean the beginning of a new and potentially lucrative phase of Newfoundland and Labrador’s offshore oil industry. The basin is in an area that has not been explored before, where the weather is harsh and the water is deep. However, the potential is massive — the Orphan Basin could hold more oil than the Jeanne D'Arc Basin on the Grand Banks, which is home to the Hibernia field, the Terra Nova field, as well as the White Rose and Hebron projects. However, some caution that it's too soon to know exactly what the Orphan Basin may hold. The Orphan Basin, which is just north of the Jeanne D'Arc Basin, sits on the edge of the continental self and in water 30 times deeper than on the Grand Banks. According to the Canadian Broadcasting Corporation, the Orphan Basin, however, poses more challenges that just deep water. The area's severe environmental conditions marked by high winds and cold water have prompted Chevron to bring in a drilling rig built for extremely harsh conditions. The massive Eirik Raude rig, one of the largest, toughest and most modern in the world, will sail to the Orphan Basin in a few weeks to drill the well. The project It will cost upwards of $44m to drill just one well. It will take Chevron and its partners four months to know if they find oil in the Orphan Basin, and whether it is commercial. The Orphan Basin first made news three years ago when a consortium of oil companies including Exxon Mobil, Imperial Oil and Chevron bid a record $591.5m for the right to explore it. (Source: Canadian Broadcasting Corporation)
Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

7 Rescued from Sinking Freighter Near Haiti

Seven crewmembers were rescued after their 100-foot coastal freighter began taking on water and sank approximately 45 miles north off of Cap Haitien, Haiti, Friday.

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

China Building Island Big Enough for Airstrip

Satellite images show China is building an island on a reef in the disputed Spratly Islands large enough to accommodate what could be its first offshore airstrip in the South China Sea,

 
 
Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1069 sec (9 req/sec)