Project Profile
Location: Central North Sea
Depth: 5,597 metres
Faraday is a High Pressure / High Temperature (HPHT) prospect located on the Eastern margin of the main HPHT gas condensate region of the UK Central Graben.
26th Round Licence P1818 was awarded on the 10th January 2011 as a Traditional Production Licence. Terms of the licence include a firm commitment to drill a well on the Faraday Prospect by the end of the Initial Term (10th January 2015). Prior to the 26th Round award the block was held by a consortium including RWE Dea on a drill-or-drop option but was relinquished following the withdrawal of one of the other licence partners.
Licence P1818 carries a firm commitment to drill one well on the Faraday Prospect to 5,569m TVDSS or 100m into the Jurassic Pentland Formation, whichever is the shallower. The estimated gross dry hole well cost for Faraday is US$60.54 million. An additional US$9 million is estimated for testing in the success case.
Operators:
GDF Suez: Operator with 30% interest
Maersk: 30% interest
RWE Dea: 25% interest
Nippon: 15% interest
Contractors:
Transocean: Drilling rig