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Friday, August 14, 2015
Dayrates have caused Freeport-McMoRan and Pura Vida Energy to cancel their contract for use of the Atwood Achiever rig, although there is talk that there is a possibility of renegotiating that dayrate. The Atwood Achiever was to drill a well for the pair in Morocco.
Currently the rig is under contract to Kosmos Energy until November 2017.
Freeport-McMoRan and Pura Vida, are considering drilling a second well in Morocco on the Mazagan Permit following their unsuccessful MZ-1 well but are looking for a cheaper rig.
“Rates for deep water drillships have fallen sharply since the Atwood Achiever was contracted and the operator has cancelled the second slot under the rig-share agreement in order to contract another vessel to take advantage of the current weakness in market conditions for rigs with the aim to reduce the cost of the second well,” Pura Vida said in the update.
The MZ-1 exploration well offshore Morocco has drilled through the three prognosed Jurassic fans and the well has reached a final depth of 6,150 meters, with preliminary results showing no oil was found.
Pura Vida said drilling of the second well must begin by no later than September 2016, under the farm-in agreement between the two firms.
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