Cooper: Subsea Development for Manta Gas Field

Cooper Energy, Operator of BMG Joint Venture, informed that the Cooper Energy BMG Business Case analysis has concluded that the development of the Manta gas field is technically feasible.

A subsea gas development of the Manta gas field is the preferred option for a capital efficient, low operating cost project that can deliver gas within two years of FID, the company said.

The Business Case is subject to joint venture partner review and endorsement.

The Manta Gas Project has the potential to produce 23 PJ of gas per annum for supply to eastern Australian gas users, with additional revenue from the condensate production.

The preferred development of the field is subsea gas development, which, according to Cooper, is a simpler, lower risk, lower cost and more rapid development than the alternatives evaluated, which included floating facilities or a fixed platform to cater for oil production.

Cooper said that an alternative scenario has been retained involving subsea development with an FPSO vessel in the event that appraisal drilling indicates the subsea gas option is no longer the most suitable.

The estimated capital cost for the preferred option is approximately $560 million, including appraisal drilling.

Cooper Managing Director David Maxwell said: “The Business Case outcome is very encouraging. It identifies a compelling business opportunity offering competitively priced gas with robust payback and returns for development. It is especially encouraging that the project works with the simplest, lowest risk and lowest capital development option. We are looking at a project which we believe has outstanding prospects, given successful drilling results from the limited drilling required.”

The Business Case outlines an indicative schedule which would see Development Feasibility confirmed on the results of the Manta-3 appraisal well towards the end of 2017, for an entry into FEED early in 2018, with FID approximately 12 months later early in 2019.

Based on this schedule, first gas is anticipated from around May 2021.

The Manta gas field is located in the licences held by the BMG Joint Venture (VIC/L26, VIC/L27 and VIC/L28) in the Gippsland Basin approximately 57 km offshore Victoria in water depths of approximately 130 metres.

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