Valaris will drill the highly-anticipated Buffalo-10 well offshore East Timor that if successful could unlock more than 30 million barrels of oil.
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.
Australia’s Carnarvon Petroleum is one step closer to seeing what BHP and Nexen left behind at the historic Buffalo field offshore East Timor. An exploration well is set to be drilled in late 2021 following the completion of a farm-out deal with UK-listed Advance Energy.
UK-listed Advance Energy has successfully raised the capital to acquire a 50% stake in the Buffalo project off East Timor. Drilling at the redevelopment project later this year is targeting a potential oil bonanza.