Cal Dive pursuing new development for Telemark
Offshore staff
(US, GoM) - Energy Resource Technology, Inc., (ERT) a wholly owned subsidiary of Cal Dive International, Inc. says it plans to draft a new development plan for the Telemark field located in Atwater Valley block 63.
ERT reports that it was advised by Norsk Hydro USA Oil and Gas, Inc., that the company will not pursue their development plan for the deepwater discovery, situated in 4,300 ft of water.
ERT says "it did not support Hydro's development plan and is now screening its own plans based on the marginal field methodologies that were envisaged when the working interest was acquired." The company acquired a 30% working interest in Telemark in 1Q 2005.
"Cal Dive regards this situation as an exciting potential opportunity to showcase our unique approach to the development of deepwater marginal fields," said Owen Kratz, Cal Dive chairman and CEO.
"ERT intends to take up the designation of operator and present the MMS with a new development plan that will hopefully meet with their approval. This announcement has no impact on the 2006 earnings guidance released earlier this month."
Hydro currently serves as operator and 70% owner of the field.
12/28/05