Subject: Re: BHP Press Release
Date: Tue, 21 Jul 1998 18:25:54 +1000
From: "Geoff McKee" <gamckee@ozemail.com.au>Subject: BHP Press Release
- Elang/Kakatua/Kakatua North Fields - Commencement of Production Date: Tuesday, 21 July
1998 9:48
20 July 1998 Ref: rp880/98:hs
COMMENCEMENT OF PRODUCTION FROM ELANG/KAKATUA/KAKATUA NORTH FIELDS
The Broken Hill Proprietary Company Limited (BHP), on behalf of its joint venture
participants today announced the start of oil production from the Elang, Kakatua and
Kakatua North oil fields.
The fields are located in contract area 91-12 of the Zone of Co-operation Area A (ZOCA)
in the Timor Sea.
The oil fields have been developed using a Floating Production Storage and Offloading
facility (FPSO), the Modec Venture 1, connected to four subsea production wells. The
vessel is owned by Modec, Inc. and leased to the joint venture. It carries a mixed
Australian and Indonesian crew.
The combined reserves in the fields are 29 million barrels of light, low sulphur crude
oil. The reserves are intended to be produced over a four year period and a peak flow rate
of 32,500 barrels per day is expected to be achieved.
Philip Aiken, BHP Petroleum's Chief Executive Officer said, "This production is
the first from ZOCA and it represents an important milestone in the development of the
area. The development of these fields has been executed within budget and on schedule, and
this is a tribute to the combined achievements of BHP Petroleum and its joint venture
participants, Modec, Inc., and the Australia-Indonesia Joint Authority for the Timor Gap
Zone of Co-operation."
"I would also like to announce that BHP Petroleum and its joint venture
participants have established a partnership with World Vision Australia to explore
prospects for cooperating in a community development project in East Timor. The first
phase is to prepare recommendations on the best way to give direct support to local
communities. This program will supplement our existing community activities there."
The joint venture participants are:
BHP Petroleum (91-12) Pty Ltd (Operator) 42.417% Santos (ZOCA 91-12) Pty Ltd 21.426%
Inpex Sahul, Ltd. 21.209% Petroz (Timor Sea) Pty Ltd 13.371% Emet Pty Ltd 1.577% (wholly
owned subsidiary of Petroz N.L)
For further information, please contact:
Dr Malcolm Garratt Manager External Affairs - BHP Petroleum Melbourne Phone: +61 3 9652
6872 Mobile: +61 419 582 255
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