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3D Oil & Hibiscus Decide on Development for West Seahorse

Source: www.gulfoilandgas.com 4/16/2013, Location: Not categorized

3D Oil Limited is pleased to advise that, together with its joint venture partner in VIC/P57, Carnarvon Hibiscus Pty Ltd (Hibiscus), it has finalised the development concept for the West Seahorse oilfield and that Front End Engineering Design (FEED) has commenced.

Following a comprehensive review of a variety of alternatives, the joint venture has selected an offshore solution for the exploitation of West Seahorse based on a cost effective approach and minimum time to first oil. The development will consist of production via a leased Mobile Offshore Production Unit (MOPU) in to a leased tanker serving as a Floating Storage and Offloading (FSO) Vessel which will enable crude oil sales both locally and internationally.

The field life is anticipated to be 4 to 5 years, dependent on a number of factors including operating costs and oil price. Initial production rates are expected to be as high as 12,000 barrels of oil per day.

The Final Investment Decision (FID) is expected to occur immediately following Regulatory Approval which is expected in the fourth quarter of 2013 with oil production commencing in the first quarter of 2015. The Production Licence application is expected to be submitted to the National Offshore Petroleum Titles Authority (NOPTA) this month.

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