Woodside, as operator of the North West Shelf Venture, announces that North West Shelf Venture participants have taken a final investment decision for the development of the North Rankin 2 (NR2) Project off the north-west coast of Australia.
The NR2 Project will recover remaining low pressure gas from the North Rankin and Perseus gas fields.
The project will include the installation of a second platform (North Rankin B) which will stand in about 125 metres of water and include gas compression facilities, utilities and new living quarters.
The North Rankin B platform will be connected by a 100 metre bridge to the existing North Rankin A platform. The NR2 Project will also include necessary tie-ins and refurbishment of North Rankin A.
Upon completion, both platforms will be operated as a single integrated facility.
The NR2 Project total investment is approximately A$5 billion (100% cost; Woodside share: 16.67%) with project start-up expected in 2013. Woodside Chief Executive Don Voelte said the development project would continue to maximise the value of Australia’s largest resource project.
“This project will extend the field life of the North Rankin and Perseus fields and will support the venture’s onshore gas commitments to supply customers post 2013,” Voelte said.
The six equal participants in the North West Shelf Venture are: BHP Billiton Petroleum (North West Shelf) Pty Ltd 16.67%); BP Developments Australia Pty Ltd (16.67%); Chevron Australia Pty Ltd (16.67%); Japan Australia LNG (MIMI) Pty Ltd (16.67%); Shell Development (Australia) Pty Ltd (16.67%); and Woodside Energy Ltd. (16.67% and operator).
CNOOC NWS Private Limited is also a member of the North West Shelf Venture but does not have an interest in North West Shelf Venture infrastructure.