MercoPress. South Atlantic News Agency

Enarsa/Enap/YPF oil exploration rig arrives in South Atlantic

Ocean Scepter oil rig

This Wednesday an oil exploration platform is scheduled to arrive in the South Atlantic contracted by Argentine state energy company Enarsa, Chilean state oil company Enap Sipetrol international branch and Argentine oil major YPF.

The specially constructed Ocean Scepter platform, which will be supplied from Comodoro Rivadavia and will be operating in the San Jorge Gulf area is part of a joint operation involving in excess of 150 million US dollars Enap Sipetrol operates the Hélix E2 project in Argentina's Austral offshore basin and YPF the Aurora project in the Golfo de San Jorge basin. The three companies have stakes in the Hélix E2 project. YPF has 100% in the Aurora project, according to a statement released by Enap Sipetrol. Two exploratory wells are planned for the 14,000km2 Hélix E2 block between the cost of Santa Cruz province and the Straights of Magellan. Initial drilling should begin 35km offshore once the Ocean Scepter offshore rig is on place. The wells will be drilled to a depth of 1,600m. YPF, meanwhile, will drill four exploratory wells on the Aurora prospect to 2,500m. According to the agreement the three partners will invest 50 million US dollars on Hélix E2, while YPF will finance the 100 million US dollars needed for Aurora. Enap Sipetrol has a 23% stake in Hélix E2. The Ocean Scepter, operated by Diamond Offshore Drilling and built by Keppel AmFELS, was mobilized to Argentina on August 20. Diamond has signed a 300-day term contract through July 2009 for the platform. The day rate is around 190,000 US dollars according to the rig status report posted on Diamond's website.