Drilling will occur from an existing satellite pad that is part of BP’s Endicott oil field. The rig will be owned by BP, and drilling is anticipated to start in 2010.
Although the Liberty field is nearly six miles offshore, the rig’s ultra extended-reach drilling capability will reportedly enable development of the field with the least environmental impact, as the wells will produce directly into existing facilities without the need for an offshore platform, artificial drilling island or sub-sea pipeline.
The ultra extended-reach wells, guided by 3D seismic imagery, will extend nearly two miles deep and as far as eight miles out, some with measured depths exceeding the current record.
The construction and commissioning contract with BP is the second phase of the Liberty field development project. Parker anticipates that gross margins through phase two will be in the $14 million and $18 million range.
