Woodside and joint venture partner Mitsui have been approved for the development of the Greater Enfield project.
The project, 60km from Exmouth in WA, will develop the Laverda Canyon, Norton over laverda, and Cimatti oil accumulations. They will be produced though a 31km tie-back to the Ngujima-Yin floating production storage and offloading (FPSO) facility over the Vincent oil field.
It involves the development of six subsea production wells and six water production wells, with the production supported by subsea multiphase booster pumps in Laverda and Cimatti areas.
Woodside’s reserves are expected to increase by 41 million barrels of oil equivalent (MMboe) with the project’s approval.
Total investment is approximately US$1.9 billion, with first oil expected mid 2019.
Woodside CEO Peter Coleman said funding the project was made possible due advances in 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,” he said, adding that the project demonstrates their “phased and sustainable approach to growth”.
Woodside signed a contract with Indonesia’s Pertamina in April this year to supply up to one million tonnes of LNG annually for 15 to 20 years.