Woodside sheds Timor Sea oil fields

Australian company Woodside Petroleum will sell its stake in Laminaria and Corallina oil fields in the Timor Sea.

In its report for 3Q 2015 published on Thursday, Woodside said it had entered into a conditional agreement on Septemeber 29, to divest the Timor Sea assets, including the FPSO in place, without disclosing the buyer or any financial details.

Woodside did disclose that the average daily production from its Timor Sea fields was lower in the third quarter 2015 when compared to the same period of 2014, due to reduced facility reliability and natural field decline.

The Laminaria and Coralina fields are run by a Joint Venture between Woodside and Talisman, with Woodside being the operator. The fields, located in petroleum production licence areas AC/L5 and WA-18-Llocated are linked to the the Northern Endeavour, is a 273 m double-hulled permanently moored FPSO. The FPSO is moored some 550 km north-west of Darwin in the Northern Territory of Australia.

The Laminaria oil field was discovered in 1994 and Corallina oil field was discovered in 1995. The current Laminaria-Corallina development consists of 6 production wells for the Laminaria field, two production wells for the Corallina field and a gas reinjection well. These wells are tied back to the Northern Endeavour FPSO via three subsea manifolds and associated flowlines. The production started in 1999.

“Completion of the transaction is subject to customary conditions, including regulatory approvals. Completion and transfer of ownership is expected to occur in Q2 2016. The expected impact on 2015 profit will be advised in the fourth quarter report,” Woodside said in the quarterly statement.

Offshore Energy Today Staff

[mappress mapid=”2768″]