Buccaneer hopes to drill Cosmo in March

Petroleum News

Buccaneer Energy Ltd. anticipates spudding its first well at the Cosmopolitan prospect in late March, but the timeline depends on the company getting final approvals in place.

A local subsidiary of the Australian independent said that the American Bureau of Shipping recently certified its Endeavour jack-up drilling rig as “seaworthy,” but before Buccaneer can begin drilling at the offshore Cook Inlet prospect it must also get the rig certified by the U.S. Coast Guard and the Alaska Oil and Gas Conservation Commission.

The rig is currently undergoing work in Homer.

Even once those regulatory certifications are in place, Buccaneer must get two key permitting documents approved before it can begin its two-well exploration program.

First, Buccaneer must get Alaska Department of Environmental Conservation approval for its oil spill contingency plan. Buccaneer proposed an amendment to the plan in October 2012 and in January 2013 the department requested additional information, including a third-party engineering study only recently completed and submitted, according to Buccaneer. The company said it expects a response within 30 to 45 days.

Second, Buccaneer must get Alaska Department of Natural Resources approval of its plan of operations, which the company expects to get on a similar timeline as its C-plan.

—Eric Lidji