MELBOURNE, Aug. 28 -- Oil production has started from Vincent field in the Carnarvon basin production licence WA-28-L off Western Australia, reported Woodside Petroleum Ltd., the field's lead joint venture partner.
The company says that hook-up, testing, and commissioning of the Maersk Ngujima-Yin floating production, storage, and offloading vessel has been completed and that the field is now on stream. The vessel has a storage capacity of 1.2 million bbl.
Initial field production is from six subsea wells and the flow rate is expected to increase steadily to 50,000 b/d within the next few weeks before a natural decline to about 40,000 b/d by yearend.
This first stage of development has cost $1 billion (Aus.).
The second stage will begin early in 2009 to bring at least two additional wells on line to maintain a steady flow.
Vincent field, discovered by Woodside in 1998, has estimated reserves of about 73 million bbl. The field lies 50 km northwest of Exmouth in 350 m of water.
Woodside, operator, holds 60% interest. Mitsui E&P Australia holds the remaining 40%.