Fletcher Finucane oil project off W. Australia gets FID

Santos Ltd. said its $490 million Fletcher Finucane oil field offshore Western Australia has received a final investment decision.

The project, which lies on permit WA-191-P, will be developed through three subsea wells tied back to a Santos-operated floating production, storage, and offloading vessel at Mutineer Exeter field.

Initial gross production is expected to be 15,000 b/d of oil from second-half 2013.

Santos reached FID after buying out Tap Oil’s 8.2% interest in the project for $21.7 million (Aus.).

Tap later said it could not generate sufficient revenue from the sale of oil processed at Mutineer Exeter to warrant the new expenditure.

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