Helix hits commercial pay at Noonan

Offshore staff

HOUSTON -- Helix Energy Solutions Group Inc. has completed drilling an exploration well and two appraisals on its 100%-owned Noonan prospect, confirming commercial pay.

Noonan is on Garden Banks block 506 in 823 m (2,700 ft) of water, about 233 km (145 mi) from Galveston, Texas.

According to Helix, "sufficient pay was encountered to point to reserve potential of at least 100 bcfe."

Development plans being considered include a fast-track subsea tieback to existing infrastructure in shallower water. First production is expected in the second half of 2008.

"We are obviously very pleased to have made a commercial discovery with the first prospect drilled from the deepwater inventory acquired as part of the Remington Oil and Gas transaction last year," says Martin Ferron, Helix president and CEO.

"This demonstrates the considerable potential value of our deepwater resources, especially since we have over 20 high-quality prospects left to drill and the highly skilled personnel necessary to identify and secure more prospects in the future."

"The drilling of the deepwater prospect inventory, particularly with the Q4000, should create significant production returns and provide incremental contracting backlog to supplement an already buoyant medium-term deepwater service outlook," says Ferron.

"All of the development work for Noonan will be performed using Helix assets and services, and we estimate that this work will generate around $100 million of revenue at market rates."

"We may sell up to 50% of our interest to cover development costs and provide cash for possible debt reduction and/or stock repurchase," adds Ferron.

2/27/2007

Related Articles

Petrobras finds heavy oil at Basilisco in Campos basin

Feb 5, 2015

Petrobras has discovered heavy-oil accumulations in the BM-C-35 concession in the postsalt Campos basin. 

Chevron acquires deepwater exploration interests offshore Mauritania

Feb 4, 2015 Chevron Corp. subsidiary Chevron Mauritania Exploration Ltd. has reached an agreement to acquire a 30% non-operated working interest in blocks C8, C12, and C13 offshore Mauritania from Kosmos Energ...

Anadarko proves more pay in offshore Mozambique, Côte d’Ivoire wells

Feb 3, 2015

Anadarko has issued an update on its exploration and development operations offshore Mozambique.

More deepwater WDDM wells go onstream offshore Egypt

Feb 3, 2015

BG Group’s Egyptian oil and gas production increased to 68,000 boe/d during 4Q 2014, up from the previous two quarters.

Petrobras finds new reservoir at Farfan in deepwater Sergipe basin

Feb 3, 2015

Petrobras has confirmed an extension of a light oil and gas discovery in the ultra-deepwater Sergipe basin’s Farfan area.

Trending News

KrisEnergy gears up to spud Rayrai exploratory well in Gulf of Thailand

Apr 24, 2015

KrisEnergy has announced that the Key Gibraltar jackup has commenced drilling of the Rayrai-1 exploratory well in block G10/48 in the Gulf of Thailand.

CNOOC provides update on offshore assets

Apr 24, 2015

CNOOC Ltd. has announced that total net production in 1Q 2015 increased 9.4% year-over-year to 118.3 MMboe.

Cameron unveils Letourneau Jaguar class self-elevating drilling unit

Apr 24, 2015

Cameron has introduced a new drilling unit to the market, the Letourneau Jaguar class self-elevating mobile offshore drilling unit.

Test lab to simulate deepwater reeled installation techniques

Apr 24, 2015

Element Materials Technology is preparing a joint industry project to test subsea pipeline installation techniques.

Caley, Hampidjan form fiber rope venture

Apr 24, 2015

Offshore handling system specialist Caley Ocean Systems has teamed up with Icelandic rope manufacturer Hampidjan to offer “steel-like” fiber ropes to the offshore sector. 

  Offshore
Digital Magazine
Look Inside
Cover
Current Issue

Oil & Gas Jobs

Search More Job Listings >>