MEO seeking partners for Beehive offshore Australia

MEO Australia continues farm-out efforts for the WA-488-P permit offshore Western Australia, which contains the potentially giant Beehive oil prospect.

Sep 12th, 2016

Offshore staff

MELBOURNE, AustraliaMEO Australia continues farm-out efforts for the WA-488-P permit offshore Western Australia, which contains the potentially giant Beehive oil prospect.

Results from recent 2D seismic reprocessing and inversion have revived interest in the project, with four companies reviewing the technical data.

MEO hopes to secure response from these parties by the end of October, but timing remains subject partly to ongoing market conditions.

MEO managing director and CEO Peter Stickland said: “Beehive is potentially a multi-billion barrel, oil-prone prospect in the Bonaparte basin located in 40 m [131 ft] water depth next to the producingBlacktip field. It is potentially the largest undrilled oil prospect offshore Australia, developable by either FPSO or pipeline.

“The Carboniferous age objective is a 180 sq km [69.5 sq mi] isolated carbonate build up with 400 m [1,312 ft] of mapped vertical relief, analogous to the giantTengiz field in the Caspian basin. This play type is new and undrilled in the Bonaparte basin.”

Beehive is defined by a tight grid of pre-existing 2D seismic data, which MEO has reprocessed in order to further de-risk the prospect.

09/12/2016

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