The exploration and appraisal beat moves to eastern Indonesia, where Petronas has secured the Deep Value Driller for the Redha 1 wildcat. The contract covers one well and carries an estimated value of about USD 58 million, including provisional sums for added services.
Petronas operates the Bobara production sharing contract with a 51 percent interest. TotalEnergies and Pertamina Hulu Energi each hold 24.5 percent after joining the block, which lies in the Arafura Sea off West Papua.
Ventura Offshore will market and manage the seventh generation drillship for owner Eldorado Drilling. Ventura said it will receive operating fees from the Petronas contract, though it did not disclose its share of the total value or the campaign duration.
The Redha 1 well is Petronas first operated deepwater exploration well offshore Indonesia. Earlier project information placed the Bobara area at 8,444 square kilometres, with maximum water depth above 3,000 metres, making the campaign a test of both frontier geology and deepwater execution.
A discovery could improve the case for further drilling in an underexplored part of Southeast Asia, but the contract commits only to one well. For rig owners, the award also adds evidence that national oil companies are still funding selective frontier wells where large resource potential can justify high deepwater costs.