Significant Gas Resource Found Offshore Australia
Santos revealed Tuesday that the Corvus-2 appraisal well has discovered a “significant” gas resource in the Carnarvon Basin offshore Western Australia.
The well, located in petroleum permit WA-45-R, in which Santos has a 100 percent interest, is approximately 55 miles northwest of Dampier in Commonwealth waters and reached a total depth of 13,116 feet.
“Corvus-2 has delivered a fantastic result and has opened up a number of additional exploration opportunities in the region,” Santos Managing Director and Chief Executive Officer, Kevin Gallagher, said in a company statement.
“It’s a great start to our 2019 offshore drilling campaign, and it also highlights the value of the Quadrant acquisition and our strategy of pursuing upstream brownfield growth opportunities around existing infrastructure,” he added.
Commenting on the find, Wood Mackenzie Senior Analyst Daniel Toleman said, “based on limited information, our initial estimate is a 2.5 trillion cubic feet gas and 25 million barrel condensate resource”.
“This will be the largest gas discovery in the Carnarvon basin since the Satyr-4 exploration well drilled by Chevron in 2009,” he added.
"Quadrant's exploration portfolio is shaping up to be a good buy for Santos. Dorado was the third largest oil discovery in Western Australia's history and Corvus is likely to be Santos' largest offshore gas discovery ever,” Toleman continued.
Santos is an Australian natural gas company, which was founded in 1954. Back in August 2018, Santos announced the acquisition of 100 percent of Quadrant Energy for $2.15 billion plus potential contingent payments.
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