ConocoPhillips starts exploration in Australia’s Otway Basin

Core Insights - ConocoPhillips, in partnership with 3D Energi, has initiated drilling at the Essington-1 gas exploration well in the Otway Basin, Victoria, Australia, as part of the Otway exploration drilling programme (OEDP) aimed at exploring natural gas reserves for the East Coast market [1][2] Exploration Details - The Essington-1 well is targeting a total of 262 billion cubic feet (bcf) of mean prospective resources across the Waarre C and Waarre A reservoirs, with the Waarre C reservoir having a 76% chance of success and an estimated 76 bcf of resources, while the Waarre A reservoir, the primary target, is believed to contain 186 bcf of resources with a 68% chance of success [2] - The drilling operation is expected to last approximately 32 days, reaching a total depth of 2,650 meters true vertical depth subsea (TVDSS), depending on operational conditions [3] Strategic Importance - The drilling of Essington-1 is seen as a significant milestone for 3D Energi, with the potential to enhance the resource base and support the future energy needs of the East Coast's domestic gas supply [4] - Following the completion of Essington-1, further evaluations, including wireline logging, will be conducted to assess hydrocarbon presence and reservoir quality [4] Future Plans - Essington-1 is the first of two wells planned in the initial phase of the OEDP, with a total of up to six wells proposed to identify commercially viable gas reserves [5] - After completing the Essington-1 drilling, the Transocean Equinox rig will proceed to drill the Charlemont-1 exploration well, located 20 km northwest within the same permit area [5]