ConocoPhillips is set to commence drilling its second exploration well off the coast of Victoria this week. This initiative targets a potential gas discovery intended to mitigate anticipated gas shortages during peak winter demand in southeastern Australia. The drilling of the Charlemont-1 well follows the recent Essington-1 discovery, announced last month by ConocoPhillips and its partner, 3D Energi. Korea National Oil Co. also holds a stake in the project.
3D Energi’s executive chairman, Noel Newell, stated that preliminary data suggests Essington could signify a materially significant discovery within the basin, pending further evaluation. 3D Energi reported that the Essington-1 well encountered two gas columns, measuring 62.6 metres and 33.2 metres, respectively. The company noted that the gas composition is favourable, characterised by condensates and a low carbon dioxide content.
According to Newell, the upcoming Charlemont well is considered a low-risk prospect, with an estimated 81 per cent chance of success. The well is targeting a resource of 93 billion cubic feet. ConocoPhillips is a multinational corporation engaged in hydrocarbon exploration and production. 3D Energi is an Australian energy company focused on discovering and developing offshore gas resources.
