Woodside approves Stybarrow development

WOODSIDE’S oil production off the North West Cape will receive a boost following the approval by Woodside Energy Ltd, a wholly-owned subsidiary of Woodside Petroleum Ltd, of $US300 million in capital expenditure for its share of the Stybarrow oil field development. Woodside has a 50 per cent interest in Stybarrow, about 65 kilometres north-west of Exmouth. BHP Billiton holds the remaining 50 per cent share and is the operator. First oil from Stybarrow is planned for early 2008, with production capacity of about 80,000 barrels per day. Oil will be produced through a sub-sea development and processed and stored in a disconnectable, new-build, double-hulled floating production storage and offtake facility that will be provided through a service agreement.