Woodside Brings Okha FPSO Online

Production commenced on Saturday, September 24, 2011, from the Woodside-operated Okha floating production storage and offloading (FPSO) vessel, 135km north-west of Karratha in Western Australia.

The hook-up, testing and commissioning of the Okha facility has been completed. The Okha is expected to produce around 30,000 barrels per day when reaching steady state operations towards the end of October 2011. The first offtake is scheduled for November 2011.

At a total investment of about A$1.8 billion (Woodside share A$600 million), the North West Shelf Oil Redevelopment Project included the conversion and installation of the Okha FPSO as well as the replacement of associated subsea infrastructure.

As at December 31, 2010, Proved plus Probable reserves from the Cossack Wanaea Lambert and Hermes (CWLH) fields were 88.2 million barrels of oil (Woodside share 29.4 million barrels of oil). The company's 2011 production target remains between 62 and 64 million barrels of oil equivalent.

The CWLH Joint Venture participants are: Operator Woodside Energy Ltd (33.33%); BHP Billiton Petroleum (North West Shelf) Pty Ltd (16.67%); BP Developments Australia Pty Ltd (16.67%); Chevron Australia Pty Ltd (16.67%); and Japan Australia LNG (MIMI) Pty Ltd (16.67%).