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Odfjell Drilling Chosen for Breidablikk Drilling

Gasoil News - Published on Mon, 12 Oct 2020

Image Source: Odfjell Breidablikk
A letter of intent has been issued to Odfjell Drilling and the Deepsea Aberdeen rig for drilling of 15 wells for the Breidablikk group, for which the partnership recently submitted the plan for development and operation. Drilling is scheduled to start in the spring of 2022, and the campaign is estimated to last until the autumn of 2024. The agreement includes options for drilling additional nine wells before continuous optionality apply. The estimated value of the fixed part of the agreement is USD 290 million. Additional costs include a number of integrated services, maintenance, modifications, mobilization and demobilization.

The contract is estimated to create 200 man-years in Norway connected to the rig, and an additional 20-40 man-years related to support functions.

At the end of September, Equinor and its partners submitted the PDO for Breidablikk. Several contracts have been awarded and Norwegian companies are expected to account for around 70% of the value creation in the development phase. Estimated field recovery is around 200 million barrels and investments will be around NOK 18.6 billion.

The licence partners in Breidablikk are Equinor (operator), Petoro AS, Var Energi AS and ConocoPhillips Skandinavia AS.

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Posted By : Yogender Pancholi on Mon, 12 Oct 2020
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