Providence hires Senergy for Druid well support, slashes cost estimate

Providence Resources, an Irish based oil and gas exploration company, has appointed Senergy Wells Limited, a subsidiary of Lloyds Register, to provide integrated well management services for the upcoming planned 2017 Druid drilling program offshore Ireland. The oil and gas company also announced new well costs estimates for the proejct.

Providence said on Wednesday that Senergy was appointed following a recent public procurement process.

The company added that, under the terms of the contract, Senergy will provide management and well-engineering services for the design and construction of the Druid deep-water well under the LR Global Management System – Well Project Delivery Process.

The exploration well currently being planned for the Druid prospect in June 2017, is subject to regulatory consents.

Well costs slashed

Providence also said that it was able to reduce well cost estimates by $11 million. Based on updated market rates and definition of the preliminary well basis of design obtained through the well management tender process, the latest cost estimate for the Druid exploration well is now at approximately $35 million. The final cost is subject to the relevant service contracts being put in place and approved well design. The previous estimate of $46 million was based on provisional internally generated estimates.

Druid is located in Frontier Exploration License (FEL) 2/14 which also contains the Lower Cretaceous Drombeg exploration prospect. It is located in a water depth of 2,500 meters some 220 kilometers off the west coast of Ireland in the southern Porcupine Basin. It is operated by Providence with an 80 percent share with Sosina Exploration as its partner with a 20 percent share.

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