Diversified company BPH Energy Ltd (ASX:BPH) has signed a Preliminary Well Services Agreement with Advent Energy Ltd, through wholly-owned subsidiary Asset Energy Pty Ltd, in a milestone development that should further concretize the Baleen well program.
Headquartered in Stavanger, Norway, Add Energy is a specialized consultancy service and solutions company offering drilling and well engineering services to the energy industry globally. The global provider runs operations across 15 locations, including Europe, the Middle East, the Americas, and Australia.
Under the Agreement, Add Energy will undertake an initial review of Baleen’s rig availability and engagement terms.
Having submitted an application to the National Offshore Petroleum Titles Administrator (NOPTA) to enable drilling of the PEP11 Baleen drill target, Advent, through its subsidiary Asset, holds 85% interest and operatorship of the permit.
Shareholders Bounty Oil and Gas NL (ASX:BUY) holds the remaining 15%.
Furthermore, the investee subsidiary will develop a scope of study for regulatory and environmental compliance and review the drilling campaign program for further geosequestration drilling research.
“The Offshore Sydney Basin offers the potential opportunity for NSW to make deep cuts in its CO2 emissions through CCS – Carbon Capture and Storage (geosequestration of CO2 emissions),” the announcement stated.
The CCS will be undertaken in hopes of mitigating greenhouse gas emissions and help address climate change concerns.