About a third of the world’s oil production occurs offshore and by 2015, that share could be half.
In East Timor, a joint venture led by India’s largest private conglomerate, Reliance, will create a test well about 1,200 meters, or 4,000 feet, below the surface in a nearby region known as Block K. environmental approval for the projects came on Sept. 20.
Of particular concern to environmentalists is that the project is to be carried out by the Deepwater Frontier, a ship belonging to Transocean, the same drilling contractor that owned the Deepwater Horizon. The April 20 explosion on that rig happened while it was drilling an exploratory well at about 1,500 meters.
Much of East Timor lives off subsistence agriculture, and there is negligible industry nor many exports. Many roads outside Dili, the capital, are barely passable by most cars.
The one exception is billions of dollars earned from offshore oil and natural gas production — money that is being used to build infrastructure and subsidize basic food needs. East Timor’s Petroleum Fund, which holds money in foreign investments, was worth $6.3 billion as of June 30, according to the latest quarterly report.
Deepwater Frontier IMO 9170224
- Drillship - Dynamic Positioning
The offshore drilling rig Deepwater Frontier is a Drillship type rig. It is currently owned by Deepwater Drilling LLC
Design: Samsung/Reading & Bates
Built: Samsung Heavy Industries at the Kyungnam, South Korea shipyard
Water Depth Rating: 10,000 ft
Drilling Depth: 30,000 ft
Classification: ABShere moreread see
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