Project Profile
Value: Undisclosed
Location: Vic/P57 in Gippsland Basin
Estimate Reserves: 9.2 million barrels
Start-up Year: 2020
The West Seahorse oil field is located in permit Vic/P57 in the Gippsland Basin, offshore Australia. 3D Oil Limited wholly owns and operates the field.
Hudbay Oil Australia Limited drilled the West Seahorse-1 discovery well in 1981. The well intersected three separate oil accumulations with a potential fourth sand untested. The uppermost zone of the reservoir, within the top of Latrobe Group, flowed 1,800 bopd. In 2008, 3D Oil drilled an appraisal well, West Seahorse-3, using the West Triton jackup. The well reached a total depth of 5,938 feet (1,810 metres), encountering the primary target, the Latrobe Group, and the well established that the oil column extended below the lowest known oil in West Seahorse-1.
In April 2010, 3D Oil began Front End Engineering and Design work with WorleyParsons. Vic/P57 is home to the West Seahorse discovery, with a best estimate of 9.2 million barrels.
In 2017 Malaysian independent Hibiscus Petroleum delayed its West Seahorse offshore oil project in Australia for at least three years. West Seahorse contains 8 million barrels of proven and probable oil reserves, and was initially identified as a fast-track development. Hibiscus had intended to bring the field on stream in 2015 but the low oil prices made it necessary to defer the project until oil prices stabilised and capital was more readily available.
Operators:
Hibiscus Petroleum Berhad: Operator with 50.1% interest
3D Oil Ltd: 49.9% interest
Contractors:
Hudbay Oil: Drilling contract
Seadrill Ltd: Drilling contract
WorleyParsons: FEED contract