Woodside Consortium to Make Decision on Chinguetti Soon

Next month Woodside Petroleum and its partners in the Chinguetti field offshore Mauritania will make a decision on when to declare the project commercial. The field is operated by Woodside and was discovered in 2001. The estimated reserves for the field are over 140 million barrels of oil. The announcement is expected to made once the joint venture has certified the reserves. However, a final investment decision is not expected until 2004. "A decision will come from the joint venturers when they meet in June as to when they will actually make that declaration of commerciality to the Mauritanian government," said a Woodside spokesman.

Currently, development plans call for a 10-well program, which would produce around 75,000 bpd from late 2005 to early 2006 utilizing and FPSO.

Other partners in the Chinguetti field are Hardman Resources, ENI Agip, Fusion Oil & Gas and Roc Oil.