Woollybutt field partners purchase FPSO for further development

Partners in the development of the Woollybutt oil field project off Western Australia have inked an agreement to lease a floating production, storage, and offloading vessel from Vanguard Floating.

By OGJ editors

HOUSTON, July 3 -- Partners in the development of the Woollybutt oil field project off Western Australia have inked an agreement to lease a floating production, storage, and offloading vessel from Vanguard Floating Production Ltd. subsidiary Vanguard Floating Production (Australia) Pty. Ltd.

Partners in the project earlier offered a preliminary reserves estimate of 100 million bbl of oil in the North West Shelf discovery (OGJ, Jan. 3, 2000, p. 31).

The vessel, formerly the 94,000 dwt Four Lakes tanker, will be converted into an FPSO. The Vanguard unit also will connect the vessel to the offshore field and operate it for the partners.

The vessel, now called Four Vanguard, will develop the Woollybutt field on behalf of its operator, Agip Australia Ltd., and other field partners ExxonMobil Corp. and Tap Oil Ltd, Perth.

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