$1.9bn Offshore Oil Project Approved

Published at 09:20AM - 27/06/16

Woodside Energy and Mitsui E&P Australia announced that the Greater Enfield Project offshore Australia has been approved for development.

According to Woodside’s CEO Peter Coleman, monetising Greater Enfield was made possible by breakthroughs in the development concept, technology and contracting.

“We have achieved investment spent at the low end of our guidance range by leveraging the latest technologies and using existing FPSO infrastructure”, he stated.

Australian Offshore Oil Project Approved

The project will develop the Laverda Canyon, Norton over Laverda and Cimatti oil accumulations through a 31 kilometre (19.26 mile) subsea tie-back to the Ngujima-Yin floating production storage and offloading (FPSO) facility, located over the Vincent oil field.

“This allows us to accelerate the development of previously stranded resources”, the CEO explained.

“Greater Enfield is a demonstration of our phased and sustainable approach to growth”, Coleman stated further.

The Greater Enfield project requires the development of six subsea production wells and six water injection wells and production will be supported by subsea multiphase booster pumps in the Laverda area and gas lift in the Cimatti area.

$1.9bn Invested In Greater Enfield

The project is targeting the development of gross (100%) 2P reserves of 69 million barrels of oil equivalent (boe), where Woodside will hold a net share of 41 million boe, from the Laverda Canyon, Norton over Laverda and Cimatti oil accumulations.

Woodside’s reserves will thus increase by 41 million boe following the approval of the project for development.

Approximately US$1.9 billion (£1.41 billion) has been invested in the project, in total cost, where Woodside holds a share of approximately US$1.1 billion (£817.6 million). First oil is expected in mid-2019.

The project is located 60 kilometres (37.28 miles) off Exmouth in Western Australia within Commonwealth waters.

The Greater Enfield project is a joint venture between Woodside Energy Ltd and Mitsui E&P Australia. As the operator, Woodside holds a 60% stake, while Mitsui holds the remaining 40%.

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