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The impact Brazil's subsalt play will have on the worldwide deepwater rig market was illustrated in mid-July 2008 by contracts signed by Petrobras for four Transocean rigs. Meanwhile, a new-build drillship began making its way to Brazil to fulfill a drilling assignment for ExxonMobil. Seadrill's "West Polaris" D/S has been contracted to drill an ultra-deepwater wildcat on ExxonMobil's Ogum prospect in the BM-S-022 Contract in the Santos Basin. With a capacity to drill to a depth of 10,668m in 3,000m of water, the rig is under a four-year contract to ExxonMobil, which also plans to utilize it at prospects offshore West Africa. ExxonMobil assumed operatorship of the Santos Basin block when it acquired a 40% interest in 2004. Partners are Hess (40%) and Petrobras (20%). The following year, ExxonMobil acquired 1,667 sq km of 3D seismic over the acreage.
Petrobras has reached an agreement with Transocean to contract four deepwater rigs for a total of 22 rig years. The "Sedco 707" S/S, capable of operating in up to 2,000m of water, will begin a five-year contract in December 2009. In addition, the "Transocean Driller" and "Sedco 710" have been contracted for six-year terms, beginning in August and November 2010, respectively. The semisubmersibles have respective water depth capabilities of 1,200m and 1,050m. In March 2011, the "Deepwater Navigator" D/S, which is capable of drilling in up to 2,000m of water, will begin a five-year contract for Petrobras. Transocean says it expects a combined US$ 3 billion in contract revenues.
This article is extracted from International Oil Letter, Vol 24 issue 29 dated 21st July 2008.
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