Maersk Drillship Booked for a Three-well Campaign

Denmark based offshore drilling contractor ‘Maersk Drilling’ has secured a three-well contract from South Korea based E & P company ‘POSCO International’ for Offshore Myanma

Maersk Drilling announced that it has secured a contract for the 7th generation drillship Maersk Viking which will be employed by the POSCO International Corporation, a Korean operator, for a three-well campaign offshore Myanmar.

PDC (POSCO Daewoo Corporation), proposes to drill up to 05 exploration/ or appraisal wells in Block A-3, according to EIA (Environmental Impact Assessment)for Exploration Drilling in Block A-3, offshore Myanmar, according to an earlier released document in March 2019.

It is mentioned in the same document that, the closest areas to the Project site are Rakhine Capital Sittwe (70 km away) and Kyauk Phyu on Ramree Island (105km away).

Offshore drilling contractor stated that, the contract is expected to commence at the end of 2019, with an estimated duration of 154 days.

The value of the firm contract is USD 33m, including a mobilization fee. An additional one-well option is included in the contract for POSCO to exercised, said Maersk Drilling.

“We are very excited about having the opportunity to work together with the POSCO International Corporation and helping them achieve their goals. This campaign will enable us to showcase the nimbleness of our deepwater fleet, including the ability to move our floaters from one region to another and quickly start up new operations. We look forward to demonstrating the capabilities of our 7th generation drillships in the Asian-Pacific market,” says Morten Kelstrup, COO of Maersk Drilling.

Furthermore, POSCO International has recently awarded the FEED (Front End Engineering Design) contract for the Shwe Phase 3 gas field development project to DORIS Engineering.

In September, U.S. based EPCI Technology company ‘McDermott’ awarded a front-end engineering design contract by POSCO International Corporation for the Shwe Phase 3 gas field development, Offshore Myanmar.

Moreover, POSCO DAEWOO Corp. selects McDermott and BHGE for SURF and subsea contract for Myanmar gas field development worth between USD $50 million and USD $250 million, on 27th June, 2018.

Maersk Viking is a 7th Generation high-spec ultra-deepwater drillship which was delivered in 2013 by Samsung Heavy Industries in South Korea.

Earlier in August this year, Maersk Viking completed its latest campaign in Ghana for Aker Energy, which included a well drilled at an ultra-deepwater depth of 10,125 ft and discovered oil from Deepwater Tano Cape Three Points block.

The Shwe Field is located approximately 44 miles (70 kilometers) offshore Myanmar, within multifield spread on Block A -1 Area & A -3 in the Bay of Bengal and spread across the 5,560㎢ acreage area.

POSCO International is the operator with 51 % equity and other partners include ONGC VIDESH(Oil and Natural Gas Corporation Videsh Limited – 17 %), MOGE (Myanmar Oil and Gas Enterprise – 15 %), GAIL (India – 8.5 %) Limited, KOGAS (Korea Gas Corporation – 8.5 %).

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