Buccaneer Energy Ltd., Sydney, signed a binding agreement to acquire a 12,000-ft depth capacity land rotary rig on Alaska’s Kenai Peninsula from Marathon Oil Corp.’s Glacier Drilling Co. unit for $7.5 million.
The rig was built in 2000 with input from Kenai Peninsula drillers and is designed for pad drilling near residential areas. Buccaneer has received inquiries from operators about contracting the rig and also expects to use it to drill wells for the company.
Alan Petzet is Chief Editor-Exploration of Oil & Gas Journal in Houston. He is editor of the Weekly E&D Newsletter, emailed to OGJ subscribers, and a regular contributor to the OGJ Online subscriber website.
Petzet joined OGJ in 1981 after 13 years in the Tulsa World business-oil department. He was named OGJ Exploration Editor in 1990. A native of Tulsa, he has a BA in journalism from the University of Tulsa.
