Maersk Drilling Rig Sets Off To The North Sea

Published at 02:51PM - 30/06/16

Maersk Drilling has announced that its Maersk Highlander jack-up drilling rig has set off to the Culzean gas feld, in the UK sector of the North Sea.

The newbuild harsh environment jack-up drilling rig is to work for Maersk Oil on the Culzean gas field, operated by Maersk Oil, the company informed on its Twitter page.

“Maersk Highlander is on its way to the Culzean gas field in the North Sea to work for Maersk Oil and its partners”, the company said.

Maersk Drilling Rig Sets Off To The North Sea

According to Maersk, the rig is being transported by a Dockwise heavy transport vessel to the project located 250 kilometres (155.32 miles) east of Aberdeen.

Maersk Highander has been acquired from Hercules Offshore in the end of May this year, from Jurong Shipyard in Singapore.

 

At the time, the acquisition entailed a five-year drilling contract on the Culzean field valued at US$420 million (£311.9 million) which includes a mobilisation fee of US$9 million (£6.68 million).

Maersk now owns a 49.99% interest in the field, with partners JX Nippon and Britoil, which recently doubled its stake in Culzean by acquiring 16% from JX Nippon (with a total of 32%).

Additionally, last month, BP also raised its stake in Culzean as part of its £7 billion investment programme in the region, from 16% to 32%.

The Largest UK North Sea Field For A Decade

The Culzean gas condensate field, the largest to be discovered in the UK North Sea for a decade, was discovered in 2008 by Maersk Oil and its partners. It has resources estimated at 250-300 million barrels of oil equivalent.

The drilling of the first of Culzean’s six production wells is expected to start in 2019 and continue for at least 13 years, with plateau production of 60,000-90,000 barrels of oil equivalent per day.

Overall, the development is expected to produce enough gas to meet 5% of total UK demand by 2021.

The development concept consists on a wellhead platform, a central processing facility platform and separate utilities and living quarter platform, with capacity for more than 100 people.

Last updated on 03:08PM - 01/07/16