Otto Energy takes over BHP Billiton’s stake in SC55

Otto Energy Ltd.

Otto Energy Ltd. has executed final binding agreements with BHP Billiton Petroleum (Philippines) Corp. (BHPB) to terminate the farm-out agreement between the two parties over Service Contract 55 (SC55), offshore the Philippines.

Otto has submitted a request to the Philippines Department of Energy (DOE) for reassignment of BHPB’s 60% working interest to Otto, taking Otto’s working interest in SC55 to 93.18%.

Otto plans to submit a Sub-Phase 4 work program and budget with the DOE, to drill the Hawkeye-1 exploration well, which is a turbidite clastic reservoir target in 5,542 feet (1,690 meters) of water, with top reservoir determined to be at 8,963 feet (2,732 meters). Drilling could begin as early as the fourth quarter of 2014.

Otto has also begun a farm-out process to introduce a new partner into the joint venture to participate in the drilling of the Hawkeye-1 exploration well.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...