Woodside, Mitsui to Invest $1.9bn on Greater Enfield Oil Project

Woodside and its joint venture partner Mitsui have approved development of Greater Enfield project.

The project will develop the Laverda Canyon, Norton over Laverda (WA-59-L) and Cimatti (WA-28-L) oil fields located offshore Western Australia. The total investment for the project is approximately $1.9 billion with first oil expected in mid-2019. These reserves will be produced via a 31 km subsea tie-back to the Ngujima-Yin floating production storage and offloading (FPSO) facility, located over the Vincent oil field.

The project is targeting development of gross 2P reserves of 69 MMboe from the Laverda Canyon, Norton over Laverda and Cimatti oil accumulations. Woodside reserves will increase by 41 MMboe in conjunction with the approval of the project for development.

Woodside CEO Peter Coleman said that monetising Greater Enfield was made possible by breakthroughs in the development concept, technology and contracting.

The Greater Enfield project requires development of six subsea production wells and six water injection wells. Production will be supported by subsea multiphase booster pumps in the Laverda area and gas lift in the Cimatti area.

The move is the first major development activity announced by Woodside after it shelved the Browse FLNG project in March this year due to low energy prices. It also indicated initial signs of revival in oil and gas exploration space.