Faroe hires Transocean rig for Brasse East well

Oil and gas company Faroe Petroleum has made a commitment to drill the Brasse East exploration well off Norway and awarded an associated rig contract to a Transocean semi-submersible.

The Brasse well is located in the North Sea in the PL740 license, which is operated by Faroe with a 50% interest and the other 50% is held by Point Resources.

Faroe said on Wednesday that drilling operations for the Brasse East exploration well are expected to start in 4Q 2018.

According to the company, recent seismic reprocessing and reinterpretation work has identified significant hydrocarbon potential in the vicinity of the eastern flank of the Brasse field, which was discovered in 2016. Success could add further incremental volumes to the existing 2P reserves of 30.7 mmboe (net to Faroe) for the Brasse field development.

This new Brasse East exploration well demonstrates the progressive approach being adopted by the Brasse Joint Venture towards derisking the wider prospective areas both to the east and the north east of the Brasse field, which includes the Brasse Extension prospect. It is envisaged that any additional volumes proven by the Brasse East exploration well may be developed in conjunction with the planned Brasse field development.

 

Rig contract 

 

Faroe has entered into a contract for the use of the Transocean Arctic semi-submersible rig for drilling of the Brasse East well, back-to-back and immediately following drilling of the Rungne exploration well in PL 825 (Faroe 40% and operator), for which the Transocean Arctic is already on contract.

To remind, the Transocean Arctic was awarded a one-well contract, plus a one-well option in the Norwegian North Sea, with Faroe Petroleum earlier this year. The contract will run from August until September 2018.

Faroe said that both wells are expected to be drilled in H2 2018.

The Brasse discovery is located immediately to the south of the Brage field and to the south east of the Oseberg field. At the end of 2017, the Brasse field development feasibility study phase was completed, confirming several economically attractive development solutions and export routes. Concept studies are currently progressing according to plan. The co-venturer in the Brasse PL 740/PL 740 B/PL 740 C licenses is Point Resources (50%).

Graham Stewart, Faroe Petroleum CEO, commented: “I am pleased to announce the addition into our 2018 exploration drilling program of the Brasse East exploration well, which brings the total number of exploration and appraisal wells planned for the year to six.

“The Brasse development program continues apace as we work towards concept selection by year end. If successful the Brasse East well could contribute significant additional hydrocarbons, thereby potentially adding further value to this attractive flagship development project.

“Meantime we await results of the ongoing side-track and potential flow testing operations at the Fogelberg field. We are also preparing for drilling of the exciting, high impact Faroe-operated Rungne exploration well, our next exploration well, scheduled to spud in late summer.”

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