Seapulse, a recently launched global oil and gas exploration vehicle, has announced its strategic partnership with Maersk Drilling to drill 12 oil and gas exploration wells over coming two years.
The partnership of Seapulse and Maersk Drilling targets production over four billion barrels of oil equivalent (boe) from the 12 oil and gas exploration wells.
Seapulse said that it is implementing a investment strategy by taking up a low-cost, high-impact approach to exploration in order to raise value creation and diversify risk.
The wells are expected to be testing prospects with estimated retrievable resources in excess of four billion boe.
As per the design, the exploration wells are expected to be drilled in diverse types and basins in both frontier and established areas.
Maersk Drilling joins the collaboration to provide drilling services and serve as integrated well services provider. This will allow a strong focus on program synergies and cost management to increase success outcomes.
The targeted portfolio has been developed over few years by several selected major E&P companies using latest generation seismic data and interpretive technologies in conjunction with their operators and license partners.
Seapulse co-founder and CEO Scott Aitken said: “The business model we have established has the promise to be transformational for the oil and gas industry, by optimizing the risks and rewards associated with exploration drilling.
“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.”
Maersk Drilling CEO, Jørn Madsen, commented: “This alliance is a key example of a fully integrated service delivery model aimed at eliminating inefficiencies by aligning incentives and removing complexity across the entire value chain.
“This allows Maersk Drilling to leverage our proven track record of delivering wells safely and efficiently – thereby mitigating operator cost risk whilst sharing in the commercial upside of the program. The ambitious global drilling program will utilize Maersk Drilling’s young and versatile fleet of drilling rigs to explore an extensive prospect portfolio.”