Transocean Equinox rig arrives to embark on Otway Basin exploration

The Transocean Equinox rig has arrived in the Otway Basin, marking a significant step for the Otway Exploration Drilling Programme (OEDP) scheduled for 2025.

The focus of the programme is to explore viable natural gas reserves in the Otway Basin, with ConocoPhillips Australia (COPA) and 3D Energi key players in the venture.

ConocoPhillips Australia, the operator of the VIC/P79 and T/49P exploration permits, holds a joint venture with 3D Energi, which retains a 20% interest in both permits.

The rig is contracted for a minimum 16-well drilling campaign through a consortium of four operators including COPA.

The OEDP is set to begin its phase one drilling campaign in the third quarter of 2025, subject to regulatory approvals and operational delays.

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 Otway Exploration Drilling Programme (OEDP). Operational sequencing with the consortium will see the joint venture commence its phase one drilling campaign in 2025, with ConocoPhillips Australia (COPA) carrying up to $65m in gross costs.

“The OEDP will play a vital role in addressing east coast gas shortages, targeting low-risk gas prospects with direct hydrocarbon indications (DHIs), situated proximal to infrastructure. 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. Potential discoveries in this campaign could underpin many years of gas exploration in the region, providing a long-term solution to the East Coast gas shortage.”

The environment plan (EP) was accepted by the National Offshore Petroleum Safety and Environmental Management Authority on 28 February 2025.

The EP outlines plans for drilling up to six exploration wells in water depths of 53–200m across the VIC/P79 and T/49P permits.

The OEDP will be executed in two phases, with two firm wells in phase one (2025) and up to four optional wells in phase two (2026–28).

3D Energi is supported by COPA for up to $65m (A$103.53m) in gross drilling costs for the two firm exploration wells in phase one.

Following the EP acceptance, seabed surveys are scheduled to commence in April 2025, taking approximately four weeks to complete.

Final well locations will be determined after 3D seismic interpretation studies are completed across the permits.

These locations will influence the firm and optional phases of the drilling programme.