Cobalt International Energy Inc. is preparing to drill its first company-operated well in the deepwater Gulf of Mexico (GOM) since the drilling moratorium was lifted, the Houston-based independent said late Wednesday.

With the required U.S. Coast Guard certificate of compliance and permit approval from the Bureau of Safety and Environmental Enforcement, Cobalt said it is preparing to spud the Ligurian No. 2 exploratory well by year-end.

“Obtaining the approved [permit to drill] for Ligurian No. 2 represents another significant milestone for Cobalt,” said COO Van P. Whitfield. “Ligurian No. 2 will be our first company-operated well drilled in the Gulf of Mexico since the deepwater drilling moratorium was enforced in May 2010…[W]e look forward to obtaining the additional permits required to drill and evaluate the multiple other significant world-class prospects we have in our Gulf of Mexico portfolio.”

The Ligurian prospect in Green Canyon Block 814 is operated by Cobalt with a 45% stake. Partners are Total E&P USA Inc. (30%) and Sonangol E&P International Ltd. (25%).

According to Cobalt, Ligurian is adjacent to the Heidelberg prospect in which it is a part owner. Anadarko Petroleum Corp. in early 2009 announced the Heidelberg discovery in Green Canyon Block 859 (see Daily GPI, Feb. 3, 2009). The discovery well encountered more than 200 feet of net oil pay in several Miocene sands.

Cobalt has contracted the Ensco 8503 to drill the Ligurian well. Once drilling is completed the rig would be moved to the North Platte No. 1 well in the Garden Banks area of the GOM, the company said. Each well is expected to take about six months to drill.

Cobalt in the coming year plans to spend $500-550 million for its capital program, which it said is “consistent with previous guidance for 2011-2013 cash expenditures of $1.3-1.4 billion and compares with $170-190 million recently estimated for 2011.” The increased spending in 2012 relative to 2011 “anticipates increased U.S. Gulf of Mexico and offshore Angola drilling activity…” Cobalt’s net expenditures for 2012 exploration and appraisal drilling are forecast at $250-300 million.

Cobalt was formed in 2005 by a team led by former Unocal Corp. and BP plc executives to focus on deepwater GOM and “high potential” global basins (see Daily GPI, Dec. 2, 2005). The initial launch was backed with $500 million in financing by Carlyle/Riverstone and Goldman Sachs Capital Partners.

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