Petronas Re-Tenders Drillship for Redha-1 Well Offshore Indonesia

Malaysia's Petronas has launched a second tender to secure a drillship for its first operated deepwater wildcat well, Redha-1, offshore Indonesia. The initial prequalification exercise in March received a lackluster response, prompting subsidiary Petronas E&P Bobara to issue a new notice for a one-well charter, with potential commencement as early as the third quarter of this year.

Contract Scope and Requirements

The contract seeks a contractor to supply a drillship along with personnel, consumables, spare parts, and related engineering services. The rig owner must provide technical services for various operations, including drilling, completion, side-tracking, pilot holes, well testing, workover, intervention, stimulation, deepening, suspending, plugging, and abandoning, as per Petronas' requirements.

Bobara PSC and Resource Potential

The Bobara production sharing contract (PSC) covers 8,444.49 square kilometers in the Arafura Sea off West Papua province. It holds potential resources of 6.8 billion barrels of oil equivalent, though the specific contribution of the Redha prospect is undisclosed. Petronas operates the 30-year PSC with a 51% interest, while co-venturers TotalEnergies and Pertamina Hulu Energi each hold 24.5%.

Timeline and Strategic Importance

Petronas aims to spud the Redha-1 well by September or October this year, pending successful drillship procurement. The company has not commented on contingencies if a rig is not secured in time. Petronas previously described the block as representing a key frontier in ultra-deepwater growth opportunities, highlighting its strategic significance.