Cooper plans pivot to gas in offshore Gippsland basin

Cooper Energy Ltd., Adelaide, is looking to develop a gas hub at Manta field in the offshore Gippsland basin of Bass Strait with plans for an exploration program in retention leases Vic/RL13, 14, and 15, and exploration permit Vic/P80.

The operator also has commenced planning for abandonment of its Basker, Manta, and Gummy (BMG) oil fields in the same region.

Retention lease prospects Manta and Chimera have combined unrisked prospective resource potential of about 1 tcf, Cooper said in its latest quarterly report.

The main prospect in nearby Vic/P80, Wobbegong, has a mean unrisked prospective resource potential of about 236 bcf.

A 2020 3D seismic survey by CGG produced excellent quality data, which Cooper has licensed. Interpretation and results will be used to plan an exploration program to begin in the mid-term future.

The BMG abandonment project involves decommissioning seven wells and associated subsea infrastructure at the three oil fields. Detailed planning and the ordering of long-lead time equipment has begun.

Intervention vessel Helix Q7000 has been contracted for abandonment work which Cooper estimates will cost $165 million (Aus.) on a 100% gross basis.

Cooper holds 90% interest in BMG abandonment. Indonesian company PT Pertamina Hulu Energi holds the remaining 10%.

The plan is to plug the BMG wells by Dec. 31, 2023, and remove the remaining infrastructure by Dec. 31, 2026, in accordance with the regulatory requirements.