Oil & gas exploration player Finder Energy has awarded Japanese ENEOS Drilling a contract to provide a semi-submersible drilling rig for the development of its offshore oil field in Timor-Leste.
ENEOS Drilling's Hakuryu-5 semi-submersible drilling unit will perform the drilling campaign at the Kuda Tasi and Jahal (KTJ) project, including three firm development wells, with options for two additional wells. The Japanese player will also provide the associated equipment and personnel.
The contract is conditional upon receipt of the required joint venture, government and Finder board approvals by December 31, 2026, together with ENEOS parent company and board approvals by November 16, 2026.
The campaign will begin on December 1, 2027, and has an estimated duration of approximately 150 days to drill and complete the wells for production, including running completion assemblies and installation of the wellheads and Christmas Trees ready for hook-up to the Petrojarl I FPSO.
"Securing the Hakuryu-5 is a major milestone for the KTJ Project which brings us a step closer to FID and providing clear visibility on the timing of the development drilling program," said Damon Neaves, Finder Energy CEO. "This is also a strong signal of the progress being made towards delivering Timor-Leste's next offshore oil development."
According to Finder Energy, the two optional drilling slots provide flexibility to accommodate participation by other operators or to undertake exploration or appraisal drilling targeting potential tie-back opportunities within PSC 19-11.
As for other contractors selected for the project, Finder Energy reported that Sumitomo will manufacture, supply and deliver oil country tubular goods (OCTG) including casing, production liner and completion tubing, three Christmas Trees are under fabrication by OneSubsea, and that wellheads have been acquired from another joint venture.
AGR will provide integrated drilling management services to support the planning, management and execution of the development drilling program on behalf of Finder, with Finder retaining overall responsibility as operator, and SLB will supply upper completion equipment for the development wells, including downhole flow-control valves, gauges, chemical-injection equipment, packers, subsurface safety valves, control lines, cables, protectors, splices, contingencies and spares.
The final investment decision (FID) for the project is anticipated by November 30.