07/07/2008 - 09:01

Woodside starts production at Neptune

07/07/2008 - 09:01

Bookmark

Upgrade your subscription to use this feature.

Following a structural glitch that halted the project in March, Woodside Petroleum Ltd has announced that first production has started at its $1.2 billion Neptune project in the Gulf of Mexico.

Following a structural glitch that halted the project in March, Woodside Petroleum Ltd has announced that first production has started at its $1.2 billion Neptune project in the Gulf of Mexico.

The platform has a capacity of up to 50,000 barrels of oil a day and 50 million cubic feet of gas a day.

Perth-based Woodside, which holds a 20 per cent interest, said production will initially be from one well and will increase sequentially as other producers are brought on line.

First production from Neptune comes after the Power Play development was brought online in June, giving Woodside its first two deepwater producing fields in the Gulf.

BHP Billiton has a 35 per cent interest and is operator of the project, while Marathon Oil Company holds a 30 per cent stake and Maxus (US) Exploration company holds a 15 per cent interest.

The project was temporarily stalled in earlier this year following the indentification of a structural glitch which back then was estimated to impact the company by 0.15 million barrels of oil equivalent per month until it was resolved.

First production was originally scheduled for December last year.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options