Hibiscus Petroleum has announced that the National Offshore Petroleum Titles Administrator (NOPTA) of Australia has on 5 December 2013, awarded the VIC/P57 joint venture, a Production Licence VIC/L31, over the West Seahorse oil field in the offshore Gippsland Basin, Victoria, Australia.
“The Production Licence award provides greater certainty to the West Seahorse project. A Final Investment Decision is currently expected in the first half of 2014, with production targeted a year later,” Hibiscus said in a statement.
The VIC/P57 joint venture comprises Hibiscus Petroleum‘s subsidiary, Carnarvon Hibiscus Pty Ltd (50.1%) which is Operator for the VIC/P57 permit and ASX-listed 3D Oil Limited (49.9%).
The development of the field will consist of production via a leased Mobile Offshore Production Unit (MOPU) in to a leased tanker serving as a Floating Storage and Offloading (FSO) Vessel which will enable crude oil sales both locally and internationally.
The field life is anticipated to be 4 to 5 years, dependent on a number of factors including operating costs and oil price. Initial production rates are expected to be as high as 12,000 barrels of oil per day.
[mappress] December 06, 2013