Offshore staff
Anzon Australia Ltd. and Beach Petroleum have jointly spudded an appraisal well in the Basker oil field, which will start producing oil in October 2005, as part of the A$250 million (US$192 million) Basker Manta project development in the Gippsland Basin offshore Australia.
Basker-2, to initially produce 8,000 b/d, is located 90 km southeast of Lakes Entrance.
The project is the first application of FPSO technology in The Bass Strait. The FPSO Crystal Ocean's oil storage and distribution tankerBasker Spirit is part of the development.
The Basker Manta project is located in Victorian Retention Leases VIC/RL's 6, 9, and10.
The Basker and Manta fields have proven and probable recoverable oil reserves of 23.3 MMbbl. A contingent gas-condensate resource of 19.2 MMbbl of oil has been identified in the Manta and Gummy fields.
The semisubmersible,Ocean Patriot, is expected to take up to 40 days to drill and complete Basker-2 to its total depth of 3,360 m.
The joint venture has received approval for a six-month extended production test using The Crystal Ocean, which is due to arrive in Melbourne later this month. The Crystal Ocean has been contracted until January 2008 with an option for three extensions for an additional four years.
Production is expected to increase to 20,000 b/d by 2006 from initial test rates of 6,000-8,000 b/d. Oil produced during the extended test would be transferred to the 650,000-bbl. capacityBasker Spirit for storage and subsequent sale. The Basker Spirit has been contracted by the joint venture for three years and is due in Victorian waters in October.
Anzon and Beach Petroleum are currently negotiating sale arrangements for Basker Manta oil, with several options, including offtake into shuttle tankers at sea, or for the Basker Spirit to offload direct at a Victorian or New South Wales coastal refinery.
Anzon has 62.5% stake and operatorship of the field, while Beach has 37.5% stake with the right to acquire a further 12.5%.
08/15/05
