Beach Energy has deferred a final investment decision for its Trefoil development project in the Bass basin offshore Tasmania in favor of drilling an infield opportunity at nearby Yolla West field.
Recent reprocessing of existing 3D seismic data over Yolla gas field has revealed a previously unidentified fault block (Yolla West) which can be drilled from the Yolla production platform, the company said in a release May 20.
If successful, Yolla West could be quickly connected to the Lang Land gas plant onshore eastern Victoria, thus its potential as a lower-cost, nearer-term, and higher-returning investment opportunity, the company said.
Deferral of Trefoil development (planned as subsea tiebacks to the Yolla infrastructure 38 km to the east) will enable more time to complete interpretation of the 2021 Prion 3D seismic survey which is expected in mid-financial year 2023, Beach said. It also will provide more time to refine the most cost-effective development option and benchmark the investment case against other opportunities in the company’s portfolio, it continued.
Rig negotiations are in progress to drill a Yolla West well between December 2022 and March 2023.
The prospect has potential to return the underutilized Lang Lang gas plant to capacity production rates of 67 terajoules/day and extend the life of Yolla field, which was brought on stream in 2006 via a 147-km undersea pipeline from the Yolla platform to the Victorian coast. From there connecting to the gas plant by a 32-km onshore pipeline.