SINGAPORE — Jadestone has completed its acquisition from bp of a non-operated 16.67% interest in the Cossack, Wanaea, Lambert and Hermes (CWLH) oil fields development offshore Western Australia, otherwise known as the North West Shelf Oil Project.
In line with the original agreement, Jadestone has paid an initial $41 million into the North West Shelf Oil Project’s Abandonment Trust Fund.
Its interest in the CWLH oil fields includes the subsea infrastructure, Okha FPSO and full abandonment liabilities estimated at about $82 million. The deal nets the company 10.4 MMbbl of reserves and resources, as of the effective date of Jan. 1, 2020.
Recently, production from the CWLH fields was averaging 14,196 bbl/d.