Husky Energy to Drill Oil Well in South China Sea

Wednesday, March 15, 2006
Canadian company Husky Energy will drill an oil well at a water depth of 1,500 M in the South China Sea at the end of April, reported sources with Husky on Tuesday. The well is in block 29/26, one of the 12 deepwater blocks for which the China National Offshore Oil Corporation (CNOOC) invited public bidding in 2002. Covering an area of 3,965 sq km, the contract block has a water depth between 300 and 2,000 meters. According to contract between Husky and CNOOC, the exploration will be divided into three phases. Husky will drill one well in each phase and all expenditures incurred during the exploration period will be borne by Husky. CNOOC will command up to a 51 percent interest in the event of any commercial discovery in the block. The well may be the first real deepwater well in China, said a senior manager of Husky who refused to disclose his name. As the charter for the deepwater drilling vessel of Husky was signed at the end of 2004, the daily fee was about $200,000 dollars. Now, with soaring oil prices, the current rent charge has been doubled. The drilling will be finished in 45 days. "We hope to find oil here. And if we do, more companies would come to the region," he said. The South China Sea has become a hot spot for deepwater oil exploration in recent years and the new move of Husky has attracted much attention from its rivals around the world. (Source: www.chinaview.cn)
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Coast Guard tactical air squadron holds change of command ceremony

Capt. Kevin P. Gavin relieved Capt. Donna L. Cottrell as commanding officer of Coast Guard Helicopter Interdiction Tactical Squadron Jacksonville during a change of command ceremony at HITRON Friday.

Shell Commited To Russia Expansion Despite Sanctions

Royal Dutch Shell is committed to expansion in Russia, Chief Executive Ben van Beurden told Russian President Vladimir Putin at a meeting on Friday amid sanctions

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 0.2121 sec (5 req/sec)