add energy | Awarded substantial international Well Management projects
add energy Well Management operations in Perth, Australia, has been awarded three Well Management projects in respectively Australia and offshore Philippines. In total, these projects will provide substantial work over the next two years and generate a combined estimated gross revenue of AUD 15-20 mill (NOK 90-120 mill).
- The Queensland Government has a very important Carbon Geostorage Initiative underway for Greenhouse Gas Storage onshore in Australia. add energy has been appointed as Operator for the project, and will design, plan, procure equipment and drill/complete/test three to four evaluation wells initially under a total well management contract. The project has an estimated duration of up to two years.
- Otto Energy Ltd has experienced significant growth since it was listed on the ASX in 2004. The Company has assembled a balanced portfolio of highly prospective onshore and offshore oil and gas projects in The Philippines. Otto Energy has engaged add energy to provide well management services for the Galoc oil field Phase 2 development project, which involves the planning and drilling of two subsea horizontal development wells offshore Philippines
- Ahava Energy has awarded add energy a one well total well management contract onshore South Australia. Ahava Energy is an independent Australian oil & gas operator based in Adelaide.
Stig H. Christiansen, CEO in add energy says; After a longer period of modest activity in the Australasian Well Management market, we are very happy and proud to be working with these clients to ensure success in their ventures towards both exploration and production of oil and gas as well as storage of CO2. These projects enable us to pull across our combined competence and experience base in add energy, and thus to apply our combined competitive strengths in full.
Dermot O’Keeffe, Senior Vice President and head of add energy’s well management operations says; All of these projects are very important to add energy, and the fact that we have been awarded these contracts against fierce and highly respected competition in the market proves the strong reputation that add ips has earned over the years. In particular, being awarded an Australian Government contract, indicates a strong belief in our well management capabilities. With carbon storage initiatives increasing in importance, and with add energy being appointed Operator for this project, the company will be the leader and company of choice for such projects being tendered in the future.