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 July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Odfjell Drilling in Tighter 2Q North Sea Market

Odfjell Drilling reports second quarter 2014 financial results showing a profit of US$29-million. Profit & loss Q2 2014 Operating revenue for Q2 2014 was USD 272 million (USD 289 million),

Brazil AHTS Contract Breakthrough for Havyard

Havyard says it is to deliver the ship design and equipment for four anchor handling tug supply (AHTS) vessels that are to be built and operated by the Brazilian

EOC Takes Full Ownership of OSVs

On 26 August 2014, EOC Limited agreed to acquire 50% of the entire issued share capital of Lewek Antares Shipping Pte. Ltd. (the "Target") , a company incorporated under the laws of Singapore,

 
 
Maritime Contracts Maritime Security Maritime Standards Pipelines Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.1028 sec (10 req/sec)