All systems go: Aussie JV locks in offshore rig for large wet...

All systems go: Aussie JV locks in offshore rig for large wet gas prospectSasanof prospect in proximity of Scarborough and Jansz-Io fieldsRELATED NEWSNext round of Australian LNG projects poised to restartLNG9 December 2020 17:13 GMTAustralian M&A: up to $15bn-worth of potential deals in the pipelineFinance18 September 2020 6:46 GMTQueue forms for North West Shelf gas supplyLNG8 July 2020 23:06 GMTEquus project powers alongField Development11 September 2019 2:27 GMT25 November 2021 2:44 GMT UPDATED 25 November 2021 15:19 GMTBy Russell Searancke Privately owned Australian operator Western Gas has finalised a contract with offshore drilling giant Valaris to drill a large gas prospect off Western Australia in March and April.Western Gas said the formal drilling contract covers the use of the semi-submersible rig MS-1 to drill the Sasanof-1 exploration well in Block WA-519-P in the Carnarvon basin.The Sasanof-1 exploration well has the potential to contain 7.2 trillion cubic feet of gas and 176 million barrels of condensate on a prospective resource basis, with a 32% geological chance of success.Aussie junior steps up for big deep-water exploration wellRead moreThe operator also said a transaction has been completed for Australia's Global Oil and Gas to provide 50% of the well funding to earn a 25% interest in the permit.Drilling costs are estimated at US$20 million to $25 million.“We are delighted to award Valaris this contract given its global expertise backed by its extensive knowledge of operating offshore Western Australia. With the drilling slot locked in with Valaris and GLV secured as a partner, we are now well on our way to delivering one of the highest impact wells to be drilled on the North West Shelf in decades,” Western Gas' executive director Will Barker said.Global Oil and Gas' executive director Patric Glovac said: “Having the calibre and expertise of Valaris involved as rig operator should provide all our shareholders with an extra degree of confidence."Ready to drill: operator preparing to spud potential gas giant offshore Western AustraliaRead moreWestern Gas is the owner of the nearby Equus gas complex, which comprises multiple medium-size discoveries that, combined, contain a discovered resource of 2 Tcf and 42 million barrels of condensate, said the company.The Sasanof prospect is on trend and updip of one of the discoveries in the Equus complex — Mentorc — and is near the giant Scarborough and Jansz-Io fields.Read moreAustralia gears up for development drive - and it's not just gasEquus owner revives talk of Australian transcontinental gas pipelineLooming gas shortage: Western Australia faces tightening domestic supplies from 2028Stay a step ahead with the Upstream News appRead high quality news and insight on the oil and gas business and its energy transition on-the-go. The News app offers you more control over your Upstream reading experience than any other platform.Download NowRigs and VesselsNewsWestern GasAustraliaWestern AustraliaAsia & OceaniaOceania Alert me about these topicsManage My AlertsShare: EmailTRENDING TODAYExclusivePetronas awards dual FEED contracts for world