Oil & Gas News

Woodside Announces Greater Enfield Oil Development Approved

Woodside announces that with Joint Venture participant Mitsui E&P Australia, the Greater Enfield Project has been approved for development.

Located 60 km off Exmouth in Western Australia within Commonwealth waters the project will develop the Laverda Canyon, Norton over Laverda (WA-59-L) and Cimatti (WA-28-L) oil accumulations. These reserves will be produced via a 31 km subsea tie-back to the Ngujima-Yin floating production storage and offloading (FPSO) facility, located over the Vincent oil field.

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Photo credit: Woodside

Woodside CEO Peter Coleman said that monetizing Greater Enfield was made possible by breakthroughs in the development concept, technology and contracting.

“We have achieved investment spend at the low end of our guidance range by leveraging the latest technologies and using existing FPSO infrastructure. This allows us to accelerate the development of previously stranded resources.

“Greater Enfield is a demonstration of our phased and sustainable approach to growth,” he said.

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

The project is targeting development of gross (100%) 2P reserves of 69 MMboe (net Woodside share of 41 MMboe) from the Laverda Canyon, Norton over Laverda and Cimatti oil accumulations. Woodside reserves will increase by 41 MMboe in conjunction with the approval of the project for development.

The total investment for the project is approximately US$1.9 billion total cost (approximately US$1.1 billion Woodside share) with first oil expected in mid-2019.

The Greater Enfield Project is a joint venture between Woodside Energy Ltd (Operator, 60%) and Mitsui E&P Australia Pty Ltd (40%).

Reserves and Resources as at 31 December 2015

In conjunction with this release, the Woodside reserves presented in the Reserves Statement dated 31 December 2015 (included in the 2015 Annual Report) will increase by 41 MMboe at the 2P confidence level to 1549 MMboe. Woodside Best Estimate Contingent Resource (2C) will decrease by 41 MMboe to 4439 MMboe as a result of booking the new reserves.

Reporting of Laverda Canyon, Norton over Laverda and Cimatti (oil) reserves

1. At the date of this release, the Laverda Canyon, Norton over Laverda and Cimatti oil accumulations reserves (at the 2P confidence level) are gross (100%) 69 MMboe recoverable oil, of which Woodside’s net economic interest is 41 MMboe. The reserves estimate has been calculated using probabilistic methods and based on a deterministic development scenario (a subsea tie-back to the Ngujima-Yin FPSO facility utilising existing technology).

2. Woodside holds a 60% interest (Operator) in Petroleum Production Licences WA-59-L and WA- 28-L covering the three accumulations.

3. The reserves for the three accumulations are undeveloped and the reserves estimate has been calculated on the basis of statistical aggregation of uncertainty distributions for the three accumulations, as part of the technical and assurance work undertaken to support the final investment decision to proceed with the project.

4. First oil via the Ngujima-Yin FPSO facility is expected in mid-2019. Marketing arrangements as part of the existing operations on the FPSO facility will be utilised for the project. Primary environmental approval for the Greater Enfield (Vincent) Development is in place. Secondary environmental approvals will be obtained by Woodside (as Operator) in due course to support project activities.

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