Apache’s subsidiary, Apache Julimar, will continue with development of the Balnaves oil field in Production License WA-49-L offshore Australia.
Balnaves is a light, sweet oil accumulation in a separate reservoir in the Triassic Mungaroo formation, located next to the large gas reservoirs of the Brunello gas field. Production is scheduled for 2014, with gross peak production of about 30,000 barrels of oil per day.
Balnaves , projected to cost US $438 million to develop, is estimated to hold 17 MMbbl of oil and 30 Bbbl of cubic feet of gas. The field will be developed through two horizontal production wells connecting to an FPSO via subsea tie-backs. One water injection well will be used to maintain reservoir pressure, while gas will be re-injected into another reservoir to produce through the Wheatstone LNG project.
Apache will lease the Armada Claire FPSO, owned by Bumi Armada, for Balnaves' development. The vessel has a production capability of 80,000 barrels of oil and 50 MMcm/d of natural gas and storage capacity for 750,000 barrels.
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