28/08/2008 - 09:42

Vincent starts production: Woodside

28/08/2008 - 09:42

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A day after delivering a record first half profit, Woodside Petroleum Ltd has started production at its Vincent oil project off the North West Cape in Western Australia.

Vincent starts production: Woodside

A day after delivering a record first half profit, Woodside Petroleum Ltd has started production at its Vincent oil project off the North West Cape in Western Australia.

The project, discovered in 1998, is a joint venture between operator Woodside and Mitsui E&P Australia Pty Ltd, which holds 40 per cent.

Vincent will be developed in phases with an initial project cost of about $US720 million.

On its website, Woodside said the project is expected to produce about 100,000 barrels a day through eight production subsea wells connected to a floating production, storage and offloading vessel.

The hook-up, testing and commissioning of the vessel 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 about 40,000 barrels of oil a day by year end, after which production from additional wells is expected to supplement the decline in production," Woodside said in a statement today.

Yesterday the petroleum company delivered a first half net profit of over $1 billion, 67 per cent higher than the previous corresponding period.

The company is aiming for a 2008 production target of 80-85 million barrels of oil equivalent.

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