US-based Noble Energy has made a significant oil discovery at the Big Bend exploration prospect in the deepwater Gulf of Mexico.
The well, located in 7,200ft of water depth on Mississippi Canyon Block 698, was drilled to a total depth of 15,989ft, where preliminary open-hole logging identified about 150ft of net oil pay in two high-quality Miocene reservoirs.
Noble Energy chairman and CEO Charles Davidson said the new discovery is an interesting follow-up to the company’s recent success at Galapagos.
"The well results appear at least as good as our pre-drill mean resource expectations and de-risked our offset prospect Troubadour," Davidson added.
"The combination of excellent reservoir properties, fluid characteristics and our high working interest in this project will contribute significant production and cash flow for our business."
Noble Energy maintains a 54% working interest as operator of the Big Bend prospect, while its partners W&T Energy VI, a subsidiary of W&T Offshore, owns 20%, Red Willow Offshore holds 15.4% and Houston Energy Deepwater Ventures V owns the remaining 10.6%.
Noble Energy also provided an update over the drilling of the Scotia exploration well in the offshore Falkland Islands, where it has a 35% stake.
Falklands Oil and Gas (FOGL), the present operator of the well, drilled it to a depth of 18,226ft and identified 164ft of low quality reservoir as part of the primary log analysis.
Plans are underway to plug and abandon the well since it reached the Cretaceous objective as expected on 2D seismic, said Nobel Energy.
Noble Energy Exploration and Business Innovation senior vice president Susan Cunningham said: "Following our imminent acquisition of 3D seismic, we will integrate well results and assess the economic viability of this particular prospect."
FOGL holds 40% interest and Edison International owns a 25% share in the Scotia exploration well, and Noble Energy is likely to act as operator of Northern Area licenses from 1 March, 2013.