Jadestone finalizing transfer of Montara operatorship

Australia’s National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) has accepted Jadestone Energy’s safety case for the Montara oil project located in Australia. 

Montara map; Source: PTTEP
Montara map; Source: PTTEP

Jadestone entered into a deal to take over a 100% stake in the Montara field from PTTEP back in July 2018, satisfied all conditions precedent to the proposed acquisition of the Montara oil project in September, and completed the acquisition also in September 2018.

With completion, PTTEP transferred a 100% legal and beneficial interest in the Montara assets and a 99% legal and 100% beneficial right, title, and interest in the associated production licenses AC/L7 and AC/L8. The remaining 1% legal interest in Montara titles was held on trust by PTTEP until NOPSEMA gave all regulatory approvals.

Jadestone said on Tuesday that the acceptance of the safety case was the last remaining requirement before Montara operatorship could be transferred from PTTEP to Jadestone.

Paul Blakeley, president and CEO, said: “I am delighted to have our Montara safety case accepted by NOPSEMA. Australia is a tier-one regulatory regime which requires operators to demonstrate a very high standard of care in the oil and gas industry.

“Having our Montara safety case in force, both validates our credentials and our capabilities as an operator and completes an important aspect of our own internal governance practices with regards to safe and environmentally sound operations.”

Jadestone is now completing the transfer of operatorship and is working with the National Offshore Petroleum Titles Administrator (NOPTA) to finalize the transfer of the remaining 1% legal interest in the Montara titles.

It is worth reminding that Jadestone said in late June that improvements in uptime performance on the field were still underway. Jadestone’s RLWI campaign on Montara was continuing as planned, to restore gas lift to the Skua-11 and Swift-2 wells, perforating additional sands in the Swallow-1 well, and unlocking new heel volumes in the Skua-11 well.

As for the field itself, Montara is located in the Timor Sea off Australia some 690 kilometers west of Darwin. It comprises three separate fields which are Montara, Skua, and Swift/Swallow, produced through a centralized FPSO, the Montara Venture.

Offshore Energy Today Staff

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