Wedoany.com Report-Apr. 14, The Transocean Equinox rig has reached the Otway Basin, advancing the Otway Exploration Drilling Programme (OEDP) set for 2025. This initiative, led by ConocoPhillips Australia (COPA) with 3D Energi as a partner, aims to explore natural gas reserves in the offshore Otway Basin to support Australia’s energy needs.
The rig is contracted for a minimum 16-well drilling campaign through a consortium of four operators including COPA.
ConocoPhillips Australia operates the VIC/P79 and T/49P exploration permits, holding an 80% stake, while 3D Energi retains a 20% interest. The rig is secured for a 16-well drilling campaign under a consortium of four operators, including COPA. Phase one of the OEDP is scheduled to start in the third quarter of 2025, pending regulatory approvals and operational readiness.
Noel Newell, 3D Energi Executive Chairman, said: “The arrival of the drilling rig marks another step towards unlocking significant gas resources in the offshore Otway Basin through the Otway Exploration Drilling Programme (OEDP). The OEDP will play a vital role in addressing east coast gas shortages, targeting low-risk gas prospects with direct hydrocarbon indications (DHIs), situated proximal to infrastructure.”
The National Offshore Petroleum Safety and Environmental Management Authority approved the environment plan on February 28, 2025. The plan covers drilling up to six wells in water depths of 53–200 meters across the two permits. The programme is divided into two phases: two confirmed wells in 2025 and up to four additional wells from 2026 to 2028. COPA will fund up to $65 million in drilling costs for the initial two wells.
Seabed surveys are planned for April 2025, expected to take four weeks. Final well locations will be confirmed after analyzing 3D seismic data, guiding both phases of the drilling campaign. Preparations continue for Well Operations and Safety Approvals, including submitting a Well Operations Management Plan and Safety Case Revision.
The OEDP targets low-risk gas prospects in the Otway Basin, a region with a history of successful discoveries. Its proximity to existing infrastructure and the east coast gas market enhances the potential for commercial development. The programme addresses forecasts from the 2025 Gas Statement of Opportunities, which highlight possible supply challenges starting in 2028.
By focusing on reliable gas prospects, the OEDP aims to bolster energy security for southern Australia, supporting power generation, industrial activities, and residential heating. The collaboration between COPA and 3D Energi underscores a commitment to sustainable energy solutions, with potential discoveries poised to contribute to long-term regional energy stability.
