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.
