Cobalt's team of world-class explorers is supported by a cadre of world-class engineers and operators focused on extracting maximum value from the asset.
The Cobalt operating model is designed to encourage flexibility, innovation and entrepreneurship. At its core is the Cobalt operations team, comprising the right people with the right experience, skills and competencies for right now, with other critical skill sets added when and as needed. Commodity services and expertise are outsourced to the best technology innovators and service providers in the business, leveraging relationships we have forged over many years in the industry.
Through strategic alliances with best-in-class providers and receptivity to unconventional approaches we not only extend our capabilities but also foster innovation. By creating an incubator where breakthrough ideas and alternatives are created, tested and developed, we are creating incremental value and enhancing performance throughout the E&P value chain.
E&P Value Chain Differentiation
As Cobalt continues to develop our strategically focused portfolio in the Gulf of Mexico deepwater sub-salt and West Africa’s deepwater pre-salt geological settings, at each step across the E&P value chain, Cobalt’s approach will differ from traditional industry practice.
Cobalt creates value through continuous learning, minimizing capital investment through the delivery of simple yet effective and timely solutions, leveraging creative partnerships, while moving quickly across the E&P value chain to maximize return to our investors and partners without sacrifice to HSSE principles and practices.
Proving the Portfolio
As per our plan, Cobalt has quickly built an enviable position in the Gulf of Mexico which is one of the worlds most prolific deep water hydrocarbon basins. No differently than our aggressive acreage acquisition plan, Cobalt will move rapidly in proving the prospectivity of our GOM portfolio through the execution of a focused drilling program in both its operated and non-operated leases.
In May 2008, Cobalt secured the ENSCO 8503, a 5th generation drilling rig via a long term contract to execute its operated drilling program from 2011 forward. Between now and then, Cobalt will work closely with its partners to mature its prospects to ‘drill ready’, while at the same time look at early opportunities to prove our acreage via rigs of opportunity for both operated and non-operated leases.
ENSCO 8500 Series Drilling Rig
The ENSCO 8503 is a state-of-the-art, dynamically positioned, semi submersible drilling rig that is the fourth of a line of rigs designed and built by ENSCO International (www.enscous.com). Using the technology and learning’s from the ENSCO 7500 rig, ENSCO has engineered a rig capable of working on some of the most critical and demanding wells in the world: Gulf of Mexico, deepwater, and sub-salt wells that often must reach drilling depths in excess of 35,000 ft in water depths of up to 10,000 ft.
Contracting the ENSCO 8503 fully supports our model of imploring the best technology through strategic partnerships to deliver maximum value at pace. Cobalt sees this rig as both an excellent unit for exploration as well as future development operations. It matches both the deepwater well types and development concepts. ( ENSCO 8503 specifications )
Drilling Our Prospects
Shenandoah:
In May, 2008, Cobalt entered into an agreement providing Cobalt the right to participate in its first exploratory well which will test a Tertiary prospect in Cobalt’s deepwater Gulf of Mexico focus area. The prospect is known as Shenandoah. Cobalt acquired a 20% working interest in the Shenandoah Prospect located in Walker Ridge Blocks 8, 51, and 52 from ConocoPhillips. Anadarko is the operator of the Shenandoah Prospect with partners ConocoPhillips and now, Cobalt. The Shenandoah prospect is located in approximately 5800 ft. of water.
On June 5 Anadarko commenced exploration drilling operations using the ‘Paul Romano’ rig. This first exploration well on the Shenandoah prospect is expected to take approximately 120 days to drill. Cobalt has worked closely with the partners to support the planning and execution of a safe drilling program.
( Assets Map )
The Cobalt operating model is designed to encourage flexibility, innovation and entrepreneurship. At its core is the Cobalt operations team, comprising the right people with the right experience, skills and competencies for right now, with other critical skill sets added when and as needed. Commodity services and expertise are outsourced to the best technology innovators and service providers in the business, leveraging relationships we have forged over many years in the industry.
Through strategic alliances with best-in-class providers and receptivity to unconventional approaches we not only extend our capabilities but also foster innovation. By creating an incubator where breakthrough ideas and alternatives are created, tested and developed, we are creating incremental value and enhancing performance throughout the E&P value chain.
E&P Value Chain Differentiation
As Cobalt continues to develop our strategically focused portfolio in the Gulf of Mexico deepwater sub-salt and West Africa’s deepwater pre-salt geological settings, at each step across the E&P value chain, Cobalt’s approach will differ from traditional industry practice.
Exploration
|
Appraisal
|
Development
|
Production & Operation
|
Focus on two areas (GOM, WA)
Focused data acquisition Best team of explorers ‘Coal Face’ analysis and decision making by experts Small staff, play big |
Accelerated integrated team based analysis
Standardized approach agreed prior to drilling of exploration well Operational control dictates timing Accelerated learnings via the drill bit Move through in weeks/months |
Bias toward subsea completions
Creative, repeatable solutions to maximize value Control exercised through third party agreements Leased facilities/tolling agreements whenever possible Small project management teams Minimize capital outlay Accelerated delivery of commercial solution. |
Outsource services as preference
Small operating organization Focus on optimizing recovery and reducing lifting cost Enhance value through infrastructure optimization Accelerate timing 3-5 years. |
Cobalt creates value through continuous learning, minimizing capital investment through the delivery of simple yet effective and timely solutions, leveraging creative partnerships, while moving quickly across the E&P value chain to maximize return to our investors and partners without sacrifice to HSSE principles and practices.
Proving the Portfolio
As per our plan, Cobalt has quickly built an enviable position in the Gulf of Mexico which is one of the worlds most prolific deep water hydrocarbon basins. No differently than our aggressive acreage acquisition plan, Cobalt will move rapidly in proving the prospectivity of our GOM portfolio through the execution of a focused drilling program in both its operated and non-operated leases.
In May 2008, Cobalt secured the ENSCO 8503, a 5th generation drilling rig via a long term contract to execute its operated drilling program from 2011 forward. Between now and then, Cobalt will work closely with its partners to mature its prospects to ‘drill ready’, while at the same time look at early opportunities to prove our acreage via rigs of opportunity for both operated and non-operated leases.
ENSCO 8500 Series Drilling Rig
The ENSCO 8503 is a state-of-the-art, dynamically positioned, semi submersible drilling rig that is the fourth of a line of rigs designed and built by ENSCO International (www.enscous.com). Using the technology and learning’s from the ENSCO 7500 rig, ENSCO has engineered a rig capable of working on some of the most critical and demanding wells in the world: Gulf of Mexico, deepwater, and sub-salt wells that often must reach drilling depths in excess of 35,000 ft in water depths of up to 10,000 ft.
Contracting the ENSCO 8503 fully supports our model of imploring the best technology through strategic partnerships to deliver maximum value at pace. Cobalt sees this rig as both an excellent unit for exploration as well as future development operations. It matches both the deepwater well types and development concepts. ( ENSCO 8503 specifications )
Drilling Our Prospects
Shenandoah:
In May, 2008, Cobalt entered into an agreement providing Cobalt the right to participate in its first exploratory well which will test a Tertiary prospect in Cobalt’s deepwater Gulf of Mexico focus area. The prospect is known as Shenandoah. Cobalt acquired a 20% working interest in the Shenandoah Prospect located in Walker Ridge Blocks 8, 51, and 52 from ConocoPhillips. Anadarko is the operator of the Shenandoah Prospect with partners ConocoPhillips and now, Cobalt. The Shenandoah prospect is located in approximately 5800 ft. of water.
On June 5 Anadarko commenced exploration drilling operations using the ‘Paul Romano’ rig. This first exploration well on the Shenandoah prospect is expected to take approximately 120 days to drill. Cobalt has worked closely with the partners to support the planning and execution of a safe drilling program.
( Assets Map )
