Vincent Project Produces First Oil

Source: www.gulfoilandgas.com 8/28/2008, Location: Not categorized

Production has begun from the Woodside-operated Vincent oil project off North West Cape, Western Australia. Vincent is in production licence WA-28-L and has estimated recoverable reserves of about 73 million barrels of oil. It was discovered by Woodside in 1998 and is being developed in phases.

The hook-up, testing and commissioning of Maersk Ngujima-Yin floating production storage and offloadingfacility has been completed and over the coming weeks production is expected to increase steadily.

Field production rates are expected to ramp up to 50,000 barrels of oil a day and naturally decline to about40,000 barrels of oil a day by year end, after which production from additional wells is expected tosupplement the decline in production.

Maersk Ngujima-Yin is about 50 kilometres north of Exmouth. Water depth at the location is about 350metres.Joint venture participants are Woodside Energy Ltd. (60% and operator) and Mitsui E&P Australia Pty Ltd(40%).


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