3D Energi has announced the semi-submersible drilling rig Transocean Equinox has arrived in the Otway Basin in preparation for the upcoming Otway exploration drilling program (OEDP).
The exploration campaign will begin with two wells in 2025, with the potential to drill up to four additional wells between 2026 and 2028 across permits VIC/P79 and T/49P in Commonwealth waters off Victoria and Tasmania.
3D Energi holds a 20 per cent interest in both permits.
3D Energi executive chairman Noel Newell said the arrival of the drilling rig marks another step towards unlocking significant gas resources in the offshore Otway Basin through the OEDP.
“Operational sequencing with the consortium will see the Joint Venture commence its Phase 1 drilling campaign in 2025, with ConocoPhillips Australia (COPA) carrying up to US$65 million in gross costs,” he said.
The company says seabed surveys are scheduled to commence this month in VIC/P79, with a view to finalising well locations after subsurface seismic interpretation studies.
“The OEDP will play a vital role in addressing east coast gas shortages, targeting low-risk gas prospects with direct hydrocarbon indications, situated proximal to infrastructure,” Newell said.
“Amid tightening gas supply, the arrival of the Transocean Equinox reinforces the company’s role in meeting future energy demand and unlocking long-term growth opportunities.”
Drilling approvals for the program were granted by NOPSEMA in February.
The OEDP will take place in water depths of 53–200 metres, with Phase 1 set for 2025 and Phase 2 spanning 2026–2028.
Preparations are also underway for safety and operations documentation required under federal offshore regulations.
