Woodside’s $1.9billion Greater Enfield Oil Development has been given the green light.
The joint venture with Mitsui E&P Australia is located 60km off Exmouth in Western Australia within Commonwealth waters.
Chief executive Peter Coleman said: “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.”
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.
The project is targeting development of gross (100%) 2P reserves of 69 MMboe (net Woodside share of 41 MMboe) from the area.
First oil is expected in mid-2019.