Woodside Petroleum Ltd’s wholly-owned subsidiary, Woodside Energy Ltd, has approved capital expenditure for the first phase of the Vincent oil field development, off North West Cape in Western Australia. Vincent is about 50km north-west of Exmouth and is in production licence WA-28-L. Vincent will be developed in phases and is subject to government approvals. Estimated capital cost for the project’s first phase is about US$720 million (A$1 billion). Woodside, who is operator, has a 60 per cent interest in Vincent and its share of the first development phase is expected to run to about $600 million. Mitsui E&P Australia Pty Ltd holds the other 40 per cent share.
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