Carnarvon Hibiscus' West Seahorse project in the Gippsland basin, offshore southeastern Australia, has been granted access to Federal Government Major Project Facilitation (MPF) services.
Deputy Prime Minister and Minister for Infrastructure and Regional Development Warren Truss said Carnarvon Hibiscus, a wholly-owned subsidiary of Hisbiscus Petroleum, will now have access to MPF services to help advance the project.
West Seahorse is in Block Vic/P57, offshore Gippsland. Carnarvon Hisbiscus' AUZ$140 million plan is to drill two production wells in Commonwealth waters and produce the wells through a mobile offshore production unit (MOPU), the GSP Britannia. The GSP Britannia is undergoing work in Tuzla, Turkey, to reactivate ABS class and enable long term use on West Seahorse.
Oil is to be transported through a subsea flowline, via a catenary anchor leg mooring (CALM) buoy and offloading hose, to a floating storage and offloading (FSO) vessel, before offloading via tankers to oil refineries.
First production from West Seahorse is expected in 2Q or 3Q 2015.
Background:
In January 2013, Hibiscus Petroleum acquired a 13% stake in Australian–listed 3D Oil and a 50.1% stake in the latter’s Vic/P57 permit. The VIC/P57 permit contains a proven discovery of 8MM boe in the West Seahorse field as well as a number of exploration prospects, says Hisbiscus.
In November 2013, the Australian National Offshore Petroleum Titles Administrator approved the field development plan for West Seahorse. On 5 December 2013, NOPTA awarded CHPL (on behalf of the Vic/P57 Joint Venture) Production License VIC/L31 over the West Seahorse oilfield.
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