New player launches global drilling program

New player launches global drilling program

Seapulse and Maersk Drilling has entered into an alliance and plan to drill 12 offshore oil & gas exploration wells over the next two years targeting prospects with estimated recoverable resources in excess of four billion barrels of oil equivalent (boe). 
The targeted prospects in the programme span diverse play types and basins in both frontier and established areas. The size and diversity of the portfolio provides a significant de-risking element, Seapulse and Maersk write in a press release. Maersk Drilling will be delivering drilling services and act as integrated well services provider.  

The target portfolio has been developed over a number of years by several selected leading E&P companies using latest generation seismic data and interpretive technologies in conjunction with their operators and licence partners.
Seapulse has secured the right to participate in this extensive and diverse range of potentially high-impact wells. By focusing investment specifically on providing the necessary capital for drilling, Seapulse is addressing a significant gap in the market, addressing the inherent industry inefficiencies associated with the traditional Farm-in/out processes.

Seapulse Co-founder and CEO, Scott Aitken, commented: 
“The business model we have established has the promise to be transformational for the oil and gas industry, by optimising the risks and rewards associated with exploration drilling. Our strategy leverages Maersk Drilling’s technological and operational expertise, whilst giving access to a cherry-picked global prospect portfolio, creating a sustainable approach to offshore exploration. Seapulse’s strong financial backing gives us the critical advantage of being able to drill and test a statistically de-risked exploration portfolio normally only associated with super-major oil companies.” 

Read full press release here.