By OGJ editors
HOUSTON, Mar. 27 -- Woodside Energy Ltd. has approved capital expenditure for its share of the first development phase of Vincent oil field off North West Cape in Western Australia.
Subject to Australian government approval, Vincent will be developed in phases. Total estimated cost for the first phase is $720 million. Woodside operates Vincent with 60% interest. Mitsui E&P Australia Pty Ltd. holds 40% share.
Production is expected to start in 2008 at an initial rate of 100,000 b/d.
Oil will be produced through subsea wells and processed and stored in a disconnectable, double-hull floating production storage and offloading facility.
Vincent is 50 km northwest of Exmouth in Production License WA-28-L (see map, OGJ, Oct. 17, 2005, p. 35).
