ConocoPhillips moves closer to control of offshore Tasmania exploration permit
March 26, 2020
3D Oil has executed a joint operating agreement with ConocoPhillips for the offshore Tasmania Permit T/49P, satisfying a key condition of their farm-out agreement signed last December.
(Map courtesy 3D Oil)
Offshore Tasmania Permit T/49P.
Offshore staff
MELBOURNE, Australia – 3D Oil has executed a joint operating agreement with ConocoPhillips for the offshore Tasmania Permit T/49P, satisfying a key condition of their farm-out agreement signed last December.
Completion of the farm-out should follow government approvals.
ConocoPhillips Australia will hold an 80% interest in the permit, become operator, and will commission a 3D seismic survey over an area of no less than 1,580 sq km (610 sq mi) in the permit area, at no charge to 3D Oil.
The latter will contribute 10% of the joint operation expenses until ConocoPhillips Australia has completed an exploration well or spent at least $30 million for drilling of a well.
That decision could follow processing and interpretation of the 3D seismic survey.
