Titan reaches rig deal with Diamond Offshore
Saturday, June 16 2012 - 03:17 AM WIB
Mitra Energy Limited (Mitra) announced that its majority owned subsidiary, Titan Resources (Natuna) Indonesia Ltd. (Titan), has entered into a rig contract with Diamond Offshore Drilling International for the semi-submersible drilling rig ?Ocean General?.
The company said in a press statement on Friday that the rig would be used to drill the Durian Besar Deep-1 exploration well in the NE Natuna PSC, located in the Natuna Sea area of Indonesia.
Titan has also entered into a rig sharing agreement with four other companies who will use the rig subsequent to Titan for further exploration drilling activities in Indonesian waters.
The Indonesian upstream authority BPMIGAS has approved the contracting of drilling rigs through such a consortium, as it will allow operators to reduce costs of mobilization-demobilization, supply chain, shorebase warehouse, waste management and attract better quality rigs. The rig will be on contract to the rig sharing consortium for a period of outfitting from July 1st. Drilling on the Titan well is due to commence around September 1st.
Titan Resources (Natuna) Indonesia Ltd. is 66.67% owned by Mitra Energy Limited and 33.33% by GS Caltex Corporation.
Titan is the operator of the NE Natuna PSC and holds a 90 percent working interest in the PSC. The remaining 10 percent is owned by Indonesian company, PT Binatek Reka Natuna.
Editing by Benget Besalicto Tnb.