Woodside advises that Daewoo International Corporation has accepted an offer by Woodside to farm-in to the Production Sharing Contract for Block AD-7 in the Rakhine Basin, located in the western offshore area of the Republic of the Union of Myanmar.
The offer is for a 40% participating interest in the Production Sharing Contract, and is subject to execution of fully-termed agreements, completion of due diligence, and necessary government and other approvals. Daewoo will remain operator of the PSC.
The proposal provides the opportunity for Woodside and Daewoo to undertake a 3D seismic acquisition program during the period 2013-2014. The transaction also provides the option to drill an exploration well in a subsequent exploration period.
Woodside CEO Peter Coleman said the offer demonstrated the company’s commitment to secure international growth opportunities in frontier and emerging basins that leverage Woodside’s core capabilities, especially in deepwater exploration.
“The Rakhine deep water basin is an exciting frontier exploration area and Block AD-7 is adjacent to the Daewoo-operated Shwe field development,” Coleman said.
“We are looking forward to finalising this opportunity and building a new partnership with Daewoo.”
- Woodside strikes agreement in Burma (news.com.au)
- Woodside Plans to Join Daewoo in Myanmar Exploration Venture – Bloomberg (bloomberg.com)
- Myanmar army may get invite to US-Thai exercise (kansascity.com)
An ambitious exploratory well project has entered the record books – with AGR’s Riserless Mud Recovery (RMR™) system from their Enhanced Drilling Solutions division helping to make it possible.
Woodside called a total section depth of 1,905m (6,250ft) on the Tidepole East-1 exploration well off Western Australia. It was the first time that Woodside had used the Casing While Drilling (CWD) method on one of its wells and the depth reached sets a new world record for the technique.
RMR™ enabled Woodside to use the type of drilling mud needed to maximize the wellbore smearing effect that CWD provides, which helps keep the wellbore stable.
The system allows top-holes to be drilled using weighted mud, with fluid and cuttings returned to the rig and no discharge. It is also able to supply the low pump rates and good hole-cleaning capability required to drill efficiently, despite the relatively narrow annulus that was a feature of this project.
Thanks to RMR™ and the casing being run during the drilling process, there were no losses to the formation during that stage – an all-too-common occurrence with conventional drilling method.
AGR’s ingenuity solves the challenge
Standard internal or external wellhead adapters could not be used on this project for the RMR’s™ Suction Module (SMO) without extensive modification to the Permanent Guide Base, or without causing difficulties when it came to landing the High Pressure Well Head (HPWH) on the Low Pressure Well Head (LPWH) later on in the operation.
AGR’s ingenuity provided the solution, with an internal adapter being devised that could be split. This meant that the casing could be drilled down with the SMO in place.
General Manager EDS Asia Pacific, Bernt Eikemo, said: “When it was time for the HPWH to be landed on the LPWH, the SMO could simply be lifted off the LPWH using two ‘tugger’ winches on the rig, with an ROV performing the split.
“This of course has never been done before but, with a simple design and good communication with the ROV Company, it proved to be a great solution and it took next to no time for the ROV to release the locking pins and split the adapter.”
The operation went smoothly, with an impressive Rate of Penetration (ROP) achieved of some 60m (197ft) per hour. Bernt added: “This would have been impressive even with conventional drilling. To be able to drill these kinds of wells and others in a quick, simple way like this can potentially create great savings for operators.
“Working within areas with challenging geotechnical conditions, a proper mud system and the ability to have full returns are vital for success. RMR™ is perfect for this application.”
AGR recently surpassed the 500-well landmark for its Cutting Transportation System (CTSTM) and RMR™. Next year will see the first deployment of the company’s EC-Drill™ Managed Pressure Drilling system.
- AGR Signs Deal to Supply RMR to Woodside for Use on Australia’s North West Shelf
- UK: Aquaterra Wins Drilling Riser Contract
- Norway: Eni Norge Chooses AGR ‘s Technology for Multi-Well Projects in Barents and Norwegian Sea
- Norway: AGR’s Drilling Technology Break Through 500 Wells Milestone
- Norway: NPD Announces Oil Discovery East of Ula Field
- Milestone Achievement for AGR’s Drilling Technology in Chirag Field, Azerbaijan (mb50.wordpress.com)
- USA: Aker Solutions to Open Hi-Tech Drilling Equipment Simulator in – Houston (mb50.wordpress.com)
Woodside Petroleum Ltd., Australia’s second-biggest oil producer, faces delays at its liquefied natural gas projects because of challenges in obtaining funding, customers and regulatory approvals, UBS AG said.
The company may defer a decision on its proposed Browse LNG venture “materially beyond” the third quarter of 2012, Gordon Ramsay and Cameron Hardie, UBS analysts in Melbourne, wrote in a report dated Nov. 25. They cut their rating on the shares to “neutral” from “buy” after Woodside’s 2012 output forecast, which was less than estimated by UBS.
Chief Executive Officer Peter Coleman, who took control of Woodside in May, aims to develop an estimated A$75 billion ($74 billion) in LNG projects with partners including Chevron Corp. The company may sell stakes in its Browse and Pluto ventures in Australia to help fund the developments, he said Aug. 18.
Talks on how to develop the Sunrise LNG venture are at an impasse, and the delays may prompt partner Royal Dutch Shell Plc to focus on other opportunities, the analysts wrote.
Woodside fell the most in more than a year in Sydney Nov. 25 after saying production may range from 73 million barrels of oil equivalent to 81 million barrels next year, compared with a UBS forecast of 91 million barrels.
Shares of the Perth-based oil and gas producer extended their losses today, falling 2.3 percent to A$32.60 at the 4:10 p.m. close in Sydney. The benchmark index rose 1.9 percent.
- Petronet in Talks to Buy Capacity at US, Australia LNG Terminals (mb50.wordpress.com)
- Woodside 2012 production to rise 27% (news.theage.com.au)
- Asia Stocks to Watch: Australia’s gas ambitions face major hurdles (marketwatch.com)
- InterOil Seeks Strategic Partner for Papua New Guinea LNG Project (mb50.wordpress.com)
- Woodside Petroleum: To Shell or Not to Shell? (blogs.wsj.com)
- Soc Gen Says China May Look for US LNG Deals in Future (mb50.wordpress.com)
Woodside is Australia’s largest publicly traded oil and gas exploration and production company and one of the world’s leading producers of liquefied natural gas. As the Browse Operator, Woodside leads a group of veteran oil and gas organizations (BHP Billiton, BP, Chevron, and Shell).
MODEC will utilize its proprietary Ring Pontoon (RP) Tension Leg Platform (TLP) design for the Browse DTUs, which will be deployed to the Calliance and Brecknock fields. The FEED is scheduled for completion by the end of August 2011.
MODEC Director and Executive Officer Shashank Karve said, “This is an extremely important project for MODEC and further solidifies MODEC as the premier TLP designer and global supplier. MODEC continues to endeavor to bring innovation to the oil and gas marketplace and has staffed this challenging project with a strong focus on safety, cost, and operational efficiency. Should MODEC be selected for the supply of the Calliance and Brecknock TLPs, they will be MODEC’s sixth and seventh TLPs and the first to be designed and installed in Australia. MODEC has a strong history of industry first innovation and looks forward to providing Woodside and its partners with the very best TLP technology. We will execute the FEED with proven and experienced TLP personnel, with the target to be the company selected to provide Woodside and its partners with the very best in TLP technology.”
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Source:Modec , April 13, 2011
( Original Article )