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Advance Energy

Asia

Rig arriving for big exploration well offshore East Timor

The Valaris JU-107 jack-up drilling rig is mobilising to drill the highly anticipated Buffalo-10 well offshore East Timor that if successful could unlock more than 30 million barrels of oil. Operator Carnarvon Energy said yesterday that drilling will start within a week and is expected to take 35 days to complete.

Asia

East Timor could bag $600 million as driller gets set for Buffalo

East Timor could pocket just over $600 million if the Buffalo-10 exploration well, due to be drilled late October, is successful. The operator, Australia’s Carnarvon Petroleum, as well as UK partner Advance Energy, said yesterday that they have secured a jack-up drilling rig for the probe at the historic Buffalo field offshore East Timor.

Opinion

Looking through the fog of energy transition

This current “oil crash” is the 6th that has occurred since the start of the 1980s. Some were deeper, some were longer, but on average these events have occurred every 5 years one way or the other.